365telugu.com online news,Hyderabad,February 17th,2022: Asia’s largest life-sciences and healthcare forum BioAsia, in its 19 th edition, will focus on the growth of the Medtech and Healthtech industries. The pandemic stricken years have witnessed significant advancements in the comprehensive healthcare system;right from fast-track development of medical technologies to accelerating recovery and working towards sustainable healthcare.
The healthtech industry has showcased great flexibility to support the community.According to IBEF, India has a 75-80% import dependency on medical devices, however, Indian medtech and healthtech companies have digitally evolved magnanimously during the 2 years of the covid pandemic.
The industry had to adopt the best in technology to streamline its business processes. As per the Indian Medical Devices Report 2021,the India medical devices market stood at Rs. 77,539 crore (US$ 11 billion) in 2020. The market is expected to increase at a CAGR of 35.4% from 2020 to 2025, reaching Rs. 352,450 crore (US$ 50 billion).
Though currently there is a significant import dependency, however, at the same time it also offers a huge market opportunity to the Indian manufactu rers.Recognizing this, Government of India and many State Governments like Telangana have taken various measures to promote growth of this sector. The Central Government is also focussing on promoting the domestic industry as it announced incentivisation plans of Rs. 3,420 crore (US$ 4.9 billion) over a period of five years,to the manufacturers setting up manufacturing units for key medical devices to further incentivise investments in manufacturing medical devices. Telangana Government had launched the medical devices park, which has now become the home for more than 50 companies.
The high profile MedTech and HealthTech panel at BioAsia 2022 will deliberate on the global trends in the sector, the challenges and opportunities in the space, and what policies will augment the medtech
fraternity’s future. The session will host nationally and internationally prominent panelists-Mr. Madan R Krishnan, VP & MD, Indian Sub-Continent (South Asia), Medtronic, Mr. Bhargav Kotadia, MD, Sahajanand Medical Technologies Pvt. Ltd.
Mr. Rajiv Nath, MD, Hindustan Syringes & Medical Devices Ltd. and Forum Coordinator, Association of Indian Medical Device Industry (AiMeD), Mr. Pavan Kumar Mocherla,MD India and South Asia, BD and Mr.Wee Yao Ng, Director, Intercontinental Strategy, Edwards Lifescienc es.The panelists would also discuss on the pending clearance to their demands from the Central Government of a predictable tariff policy, graded increase of custom duty, reduction in GST, among others that are required for the growth of the domestic medtech industry and help in the reduction of the current import bill of over Rs. 46,000 crore.
“Medical devices and diagnostics sectors are indispensable tools for quality healthcare delivery, yet India’s heavy dependence on imports is alarming. Telangana has been one of the first states to recognize the importance and ensured progressive policies, skilled talent pool,ultra modern infrastructure etc.that resulted in Hyderabad emerging as a hotspot for Medtech innovation. In this direction, the state has launched country’s largest medical devices park spread over an area of 302 acres wherein over 50
companies are setting up their facilities including 7 of them started commercial production in December. World’s largest medtech company, Medtronic, is also establishing its largest R&D center in Hyderabad with an investment of USD 170 Mn (Rs. 1,200 crores) and a leading Indian Multinational Sahajanand Medical Technologies has chosen Hyderabad to set up the Asia’s largest stent manufacturing facility.
This session in BioAsia 2022 is part of our efforts to offer a platform for the eminent MedTech industry leaders to convene and discuss the opportunit ies,policy interventions, impediments, etc. for the developing the ecosystem ensuring the next wave of growth,” said Mr. KT Rama Rao, Minister for Industries & Commerce, IT and MAUD, Government of Telangana.
“Though the Telangana state has created some momentum, there are still several policy impediments at aNational level, including duty structure correction, regulatory issues, conducive ecosystem to promote this sector of prime importance. We will continue to advocate these issues with the Central Government with the ultimate objective of making the best-in-class medical devices that are available to our citizens at an affordable cost by creating an enabling environment for industry players to develop Made in India products,” added Mr. Rao.
“With BioAsia 2022, we are spearheading deliberations of dire necessity around the pandemic and the digitization which reinventing healthcare during COVID. At the core of the Indian life sciences industry,Hyderabad is rapidly growing and supporting the industry’s growth into global healthtech ecosystem”, said Mr. Jayesh Ranjan, IAS, Principal Secretary, Industries & Commerce Dept., Government of Telangana. The registrations for the virtual BioAsia 2022 are free and open and can be completed at http://2022.bioasia.in/.