CHANGING LANDSCAPE OF MEDICAL DEVICES INDUSTRY IN INDIA

Currently, India imports 80 percent of its medical devices and efforts need to be made to encourage manufacturing of medical devices locally.

- Anand Srinivasan

The Healthcare Industry in India is one of the most important sectors not only for its social significance, but also in terms of generating revenue and employment. Due to increasing health awareness, penetration of health insurance and government healthcare schemes like Ayushmaan Bharat, the Indian Healthcare Sector is experiencing a new wave of opportunities. There are, however, some important challenges that the sector needs to address in order to make healthcare accessible, affordable and of consistent quality. As per a FICCI-KPMG report, India’s healthcare sector is poised to touch a whopping US$280 billion in size by 2025 and grow at a compound annual growth rate of 16 percent. Medical Devices industry is one of the most important industries in the healthcare sector to ensure safety and well-being of patients across the world. Currently, India imports