India’s response to the on-going pandemic through building a strong supply chain of test kits, ventilators among other innovative medical and diagnostics tools has shown the nation’s agility in scaling up manufacturing of indigenous products. The Indian medical device industry which is currently estimated at USD 11 billion is poised for significant growth in the next five years. However, it has been largely import-driven with 90% of sophisticated devices being imported from around the world.
With the Prime Minister’s recent clarion call of “Atmanirbhar Bharat”, bolstering domestic manufacturing of medical devices will play a crucial role in empowering the country’s strong healthcare and medical devices industry in the post COVID-19 era. Taking further the objective to highlight growth opportunities and latest developments in this field, Messe Frankfurt India has announced the Medical Device Innovation Summit which will take place on 29 August 2020 through a live virtual session.
Bringing together medical equipment suppliers, consultants, solution providers, hospitals & the medical fraternity on one platform, the webinar aims to enable the stakeholders to work closely together and identify new growth opportunities. While the over-arching theme will bring attention to Indian Medical Device Industry post COVID-19 and opportunities ahead, the sessions will highlight the rise of telehealth and other digital health platforms as well as cohesive strategies to realise universal health coverage.
India is already the largest provider of generic drugs globally and while Indian pharmaceutical sector is expected to grow to USD 100 billion, the growth rate of India’s medical-device industry is expected to double the global industry growth rate to touch USD 25 billion by 2025.
Messe Frankfurt India has been actively involved in tracking industry growth and addressing rising concerns on counterfeit products in the pharmaceutical industry through its Pharmasafe India conference and webinar series. With plans to launch the Medical Device Innovation Summit as a large-format Confex in 2021, Mr Raj Manek, Executive Director & Board Member , Messe Frankfurt Asia Holdings Ltd shared: “The Indian pharma industry has established a leadership position in the global pharmaceutical market. With the support of a robust domestic medical device industry, India can showcase strong competitiveness and gain a renewed focus towards the improvement of its health infrastructure. We hope the discussions can make way for identifying new opportunities and enabling access to safe and affordable healthcare in the country.”
The summit has drawn strong support from Association of Indian Medical Device Industry (AIMED), Association of Diagnostics Manufacturers of India (ADMI), Andhra Pradesh MedTech Zone Limited (AMTZ), Digital Health India Association (DHAI).
For more details, please visit www.in.messefrankfurt.com
