Indian medtech firms eye exports as established MNCs dominate local market
1 week, 6 days ago

Indian medtech firms eye exports as established MNCs dominate local market

Live Mint  

India’s medical technology industry is poised for rapid growth in the coming years, with several new players entering the segment to meet the rising global demand for a range of medical devices. The Indian medtech industry is relatively young and will take time to earn the confidence of local hospital chains that source most of their devices from established, foreign multinational corporations. As such, Indian medical equipment manufacturers are eyeing regulated global markets like the US and Europe, as well as Asia Pacific and the Middle East regions for business and better revenue realization, industry executives and experts said. The industry has “You will see that a large part of what is produced here will find its way to the global markets," Suresh Subramanian, national lifesciences leader, EY-Parthenon India, told Mint.

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History of this topic

Medical devices maker Poly Medicure to focus on exports amid geopolitical shift
2 weeks, 2 days ago

Medical devices maker Poly Medicure to focus on exports amid geopolitical shift

Live Mint  

Indian medical equipment manufacturer Poly Medicure Ltd. will continue to focus on export markets amid rising demand in the US and as global economies look to diversify their supply chains away from China, a top company official said. The US president-elect is also talking about this…So I think now it's more of a bolder approach," Poly Medicure's managing director Himanshu …

'India fourth largest medical devices market after Japan, China and South Korea': Union Minister Anupriya Patel
3 weeks ago

'India fourth largest medical devices market after Japan, China and South Korea': Union Minister Anupriya Patel

New Indian Express  

NEW DELHI: India is the fourth largest medical devices market in Asia after Japan, China, and South Korea and among the top 20 global medical devices markets in the world, said Union Minister of State of Health and Family Welfare Anupriya Patel on Thursday. Speaking at the 21st Health Summit of the Confederation of Indian Industry, she said the medical …

India's smartphone exports crossed Rs 20K crore mark in November, jumped almost 100% in a year
3 weeks, 3 days ago

India's smartphone exports crossed Rs 20K crore mark in November, jumped almost 100% in a year

Firstpost  

India’s smartphone PLI scheme has been a game-changer, transforming the sector from the country’s 23rd-ranked export in 2019 to the third-largest individual commodity export today Apple emerged as the frontrunner in November, with exports worth Rs 14,000 crore, the highest ever for the company in India. Image Credit: Reuters India’s smartphone exports have reached an unprecedented milestone, crossing the Rs …

More M. Tech seats in medical engineering to be created; trade gap in medical devices to be wiped out in five years
1 month, 2 weeks ago

More M. Tech seats in medical engineering to be created; trade gap in medical devices to be wiped out in five years

Live Mint  

New Delhi: The government will start M. Tech courses in medical engineering at leading institutions like IITs and NITs among measures aimed at creating a pool of skilled talent for testing and operating high-tech medical devices and reducing import dependence in this key sector. Other measures include scaling up the number of seats for this course in National Institutes for …

India: Services Exports to Surpass Merchandise Shipments by 2030
1 month, 2 weeks ago

India: Services Exports to Surpass Merchandise Shipments by 2030

Deccan Chronicle  

Chennai: With a growth rate double that of merchandise exports, services export is set to surpass the former in five years. Between FY2019 and FY2024, India’s merchandise exports grew at a compound annual growth rate of 5.8 per cent, while services exports surged ahead at a robust CAGR of 10.5 per cent. According to GTRI, at this rate, services exports …

Govt unveils new schemes for meditech sector
2 months ago

Govt unveils new schemes for meditech sector

Live Mint  

The government on Friday launched a scheme aimed at strengthening the medical devices industry with an initial outlay of ₹500 crore for three years 2024-2025 to 2026-27. It consists of five sub-schemes—common facilities for medical devices clusters with an outlay of ₹100 crore, marginal investment for reducing import dependence, capacity building and skill development for medical devices and medical device …

Centre launches Rs 500 crore scheme to strengthen India’s medical device industry
2 months ago

Centre launches Rs 500 crore scheme to strengthen India’s medical device industry

New Indian Express  

NEW DELHI: To boost India’s medical device industry, the government on Friday launched a Rs 500 crore scheme aimed at strengthening key areas such as manufacturing, skill development, clinical studies, infrastructure, and industry promotion. Nadda, who also holds the portfolio of Union Chemicals and Fertilisers Minister, stated, “The comprehensive scheme, with an outlay of Rs 500 crore, aims to address …

Economic Survey 2023-24: 14% of global iPhones made in India in FY24, country's electronics export rank up
5 months, 2 weeks ago

Economic Survey 2023-24: 14% of global iPhones made in India in FY24, country's electronics export rank up

The Hindu  

US smartphone major Apple assembled 14% of global iPhones in India in FY24 and the country's ranking in global electronics export improved by four positions, Economic Survey 2023-24 said on July 22. "Apple assembled $14 billion worth of iPhones in India during FY'24, constituting 14% of its global iPhone production," the Economic Survey said citing third-party data. The survey recorded …

Niti Aayog: India’s Electronics Output Can Reach $500 Billion by FY30
5 months, 3 weeks ago

Niti Aayog: India’s Electronics Output Can Reach $500 Billion by FY30

Deccan Chronicle  

Chennai: India can increase its electronics production five-fold to touch $500 billion by FY30, with $200 -$225 billion worth exports of both finished goods and components by becoming an integral part of the global value chain through focused policy interventions, finds Niti Aayog. However, the electronics sector has a very high participation in the global value chain with 75 per …

How is India streamlining the pharma sector? | Explained
7 months, 4 weeks ago

How is India streamlining the pharma sector? | Explained

The Hindu  

The story so far: India’s drug regulator, the Central Drugs Standard Control Organisation, has withdrawn powers delegated to State licensing authorities to issue NOCs for manufacture of unapproved, banned or new drugs for export purposes. This latest announcement covering drugs for export comes at a time when India has been under scrutiny for allegations of supplying substandard drugs causing health …

Govt plans new pricing norms for medical device industry
8 months ago

Govt plans new pricing norms for medical device industry

Live Mint  

The government is exploring new pricing strategies for the medical device industry and also looking at specific regulations to streamline the licensing, trading, and exporting processes for manufacturers, according to officials familiar with the situation. Medical device licences are currently categorized under the Drugs and Cosmetics Act, and industry associations have long advocated for specific regulations, arguing that the criteria …

Apple shows the way for electronics exports
8 months, 3 weeks ago

Apple shows the way for electronics exports

Hindustan Times  

At $10 billion in FY24, exports of India-assembled iPhones have doubled from the previous fiscal. While the iPhone instance is evidence of policies such as the PLI for smartphones working, India must do more to convince the world that it has the makings of a preferred China+1 destination for electronics exports. At present, the world may seem more inclined towards …

India’s healthcare innovation market may hit $60 bn by FY28: Report
10 months ago

India’s healthcare innovation market may hit $60 bn by FY28: Report

Live Mint  

Bengaluru: India's healthcare innovation market may double to $60 billion by fiscal year 2028, according to a report by Bain & Company and HeathQuad. In FY23, the overall Indian healthcare market was around $180 billion with healthcare innovation accounting for $30 billion, or 15% of the market. While the healthcare innovation market is largely dominated by pharma services and healthtech, …

Import duty on mobile phone components cut to 10% from 15%
11 months, 1 week ago

Import duty on mobile phone components cut to 10% from 15%

Live Mint  

The Centre has reduced import duty on parts used for mobile phone manufacturing to 10% from 15%, in a move to push mobile phone manufacturing in India amid the country's larger focus on exports and becoming a player in global supply chains. Building scale, riding on low input tariffs is key to transforming India into a global hub for electronics …

India pharma industry to reach $130 billion by 2030
1 year, 1 month ago

India pharma industry to reach $130 billion by 2030

The Hindu  

The Indian pharmaceutical industry is expected to reach $130 billion mark by 2030 said a top industry executive at the CPHI & PMEC India expo. This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the U.S. and Europe,” said Dr. Veeramani S.V., Chairman, Pharmaceuticals Export Promotion Council of India. Anil …

Indian Defence exports breach Rs 16000 crore mark to reach an all time high
1 year, 4 months ago

Indian Defence exports breach Rs 16000 crore mark to reach an all time high

Op India  

Looking to expand the Make in India in defence sector, India’s defence exports have skyrocketed to an all-time high, touching nearly the Rs 16,000 cr mark in FY 2022-23, Defence Ministry said on Friday. “With a 23-fold increase in exports, Indian design and development capabilities are reaching over 85 countries,” the Defence Ministry announced. The Indian indigenous defence industry has …

Govt orders study to gauge hurdles in producing APIs
1 year, 4 months ago

Govt orders study to gauge hurdles in producing APIs

Live Mint  

NEW DELHI : In order to strengthen the domestic production of Active Pharmaceuticals Ingredients, the Department of Pharmaceuticals is conducting a first-of-its-kind study on the gaps and challenges in the sector. In this regard, all pharma companies and drug manufacturing associations have been asked to share the import and export data of APIs for analyzing the domestic industry, financial gaps …

India to become global hub of medical technology devices by 2050: Mandaviya
1 year, 4 months ago

India to become global hub of medical technology devices by 2050: Mandaviya

Live Mint  

New Delhi: India is poised to become a global center for medical technology and devices, said health minister Mansukh Mandaviya on Thursday while addressing the curtain raiser to India MedTech Expo 2023. With effective implementation of the recently unveiled National Medical Devices Policy 2023, we are confident of fostering the medical devices sector growth from present $11 billion to $50 …

India imposes import curbs on laptops, tablets, PCs to boost local manufacturing
1 year, 5 months ago

India imposes import curbs on laptops, tablets, PCs to boost local manufacturing

Deccan Chronicle  

New Delhi: The government on Thursday imposed import restrictions on laptops, tablets, and certain type of computers with immediate effect, a move that will curtail inbound shipments of these goods from countries like China and boost domestic manufacturing. “Import of laptops, tablets, all-in-one personal computers, and ultra small form factor computers, servers. “Exemption from import licensing requirements is provided for …

Indian pharma industry to hit $57 billion by FY25
1 year, 5 months ago

Indian pharma industry to hit $57 billion by FY25

Live Mint  

New Delhi: Domestic pharmaceutical industry will likely hit $57 billion by FY25, along with expansion in operating margins by 100-150 basis points, according to a report by CareEdge Ratings. During FY18 to FY23, the Indian pharmaceutical industry has logged a a compound annual growth rate of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in …

‘Pharma exports expected to touch $28 billion in FY24’
1 year, 6 months ago

‘Pharma exports expected to touch $28 billion in FY24’

The Hindu  

Indian pharma exports may touch $28 billion during the current fiscal against $25.39 billion in FY23, Udaya Bhaskar, Director General of the Pharmaceuticals Export Promotion Council of India, a body under the Department of Commerce said on Tuesday. When most commodities are not doing so well, India pharma made this and achieved this despite so many headwinds and global challenges,” …

There can be no laxity with the quality of medicine: Health Minister
1 year, 7 months ago

There can be no laxity with the quality of medicine: Health Minister

The Hindu  

If India wants to continue being the pharmacy of the world there can be no laxity on the quality of pharmaceutical products, said Health Minister Mansukh Mandaviya speaking at the 8th international conference on the pharma and medical device sector on Friday. The Health Minister also unveiled the National Medical Devices Policy, 2023, and launched the Export Promotion Council for …

Explained | What is the National Medical Devices Policy, 2023?
1 year, 7 months ago

Explained | What is the National Medical Devices Policy, 2023?

The Hindu  

The story so far: On April 26, the Union Cabinet approved the National Medical Devices Policy, 2023. It is expected to help the domestic medical devices sector market grow from $11 billion to $50 billion by 2030 alongside achieving a 10-12% global market share over the next 25 years. To ensure a skilled workforce and create future ready MedTech human …

Centre notifies National Medical Device Policy
1 year, 8 months ago

Centre notifies National Medical Device Policy

Live Mint  

New Delhi: The Union government on Thursday notified the National Medical Device Policy 2023, aiming to establish India as a global leader in manufacturing and innovation of medical devices by achieving a 10-12% share in the expanding global market over the next 25 years. The policy, detailed in a gazette notification issued on Thursday, outlines a regulatory mechanism, protocol for …

India FY23 exports defy global turmoil to hit record high
1 year, 8 months ago

India FY23 exports defy global turmoil to hit record high

Live Mint  

In a year of uncertainties worldwide, India exported a record $447 billion worth of goods in FY23, up about 6% from the previous year, commerce ministry data showed. At the same time, goods imports rose over 16% to touch $714 billion, widening the goods trade deficit to highest ever mark of $267 billion against the previous year’s $191 billion. “Although …

Medical devices industry distressed over Budget 2023 announcements
1 year, 11 months ago

Medical devices industry distressed over Budget 2023 announcements

The Hindu  

The Indian medical devices industry has expressed disappointment over what they believe is a tokenistic 2023-24 Budget announcement of plans for skilling human resources in the sector. The government has not announced any measures to help end the 80-85% import dependence forced upon India, and an ever-increasing import bill of over ₹63,200 crores,” said Rajiv Nath, Forum Coordinator, Association of …

Domestic pharmaceutical market to reach $130 billion by 2030: Economic Survey
1 year, 11 months ago

Domestic pharmaceutical market to reach $130 billion by 2030: Economic Survey

The Hindu  

India's domestic pharmaceutical market is estimated to reach $130 billion by 2030 and the pharma industry has sustained its growth momentum after the pandemic, according to the Economic Survey 2022-23. On the home front, the Survey said, "India's domestic pharmaceutical market is estimated at $41 billion in 2021 and is likely to grow to 65 billion by 2024 and is …

Budget 2023: An Opportunity To Push India's Pharma Industry Development
1 year, 11 months ago

Budget 2023: An Opportunity To Push India's Pharma Industry Development

News 18  

The Union Budget 2023-24 will be presented on February 1 against the backdrop of a global recessionary fear. Several public sector schemes launched in the past few years, including the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission, have focused on building last-mile infrastructure. Outlining the wishlist for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance Secretary General Sudarshan …

Budget 2023-24 Expectation: Focus should be on affordable medical technology
1 year, 11 months ago

Budget 2023-24 Expectation: Focus should be on affordable medical technology

Firstpost  

India’s health sector is one of the fastest-growing sectors of the country. If we want India to become the health capital of the world then our health system should be more tech-enabled with indigenously developed technologies and medical equipment. How India can become exporter of medical equipments I believe this Budget will not only focus on health but on developing …

India can and will lead in solving global problems
2 years, 1 month ago

India can and will lead in solving global problems

Hindustan Times  

At a meeting in Palo Alto, United States, with biotech leaders on October 14, Rajesh Gokhale, secretary of the department of biotechnology, discussed the advantages that India provided in medical research: A vast population with many needs, an abundance of scientific and technical talent, and the government’s willingness to remove obstacles to innovation. The opportunity for India is twofold: To …

India takes another step towards becoming pharmacy of the world as exports grow by 103% since 2013-14
2 years, 8 months ago

India takes another step towards becoming pharmacy of the world as exports grow by 103% since 2013-14

Firstpost  

India’s top five pharma export destinations are the US, UK, South Africa, Russia and Nigeria. India’s pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID-related medicines, it added. “Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark, with 60 per cent of the …

Manufacturing in India Sees 210% Jump in FY22; Private Investment Picks Up: Goldman Sachs
2 years, 8 months ago

Manufacturing in India Sees 210% Jump in FY22; Private Investment Picks Up: Goldman Sachs

News 18  

New investments and ordering activities have seen a sharp pick-up in the financial year 2021-22, and the manufacturing sector, which has lagged for multiple years, saw a jump of 210 per cent, compared with the previous financial year 2020-21. The sector witnessed a 460 per cent jump in 2021-22 as against 2019-20, according to a report by Goldman Sachs. “Contract …

How India’s exports surpassed the $400 billion mark for the first time
2 years, 9 months ago

How India’s exports surpassed the $400 billion mark for the first time

Live Mint  

“India set an ambitious goods export target of $400 billion and achieved it for the first time. According to data released by the ministry of commerce & Industry on March 14, India's Merchandise exports for the period April-February 2021-2022 Stood at $374.81 billion as against $ 256.55 billion during the April-February 2020-2021, registering a growth of 46.09%. Engineering goods remained …

Govt Plans Booster Shot for Medical Devices Sector to Make India One of Top 5 Global Manufacturing Hubs
2 years, 9 months ago

Govt Plans Booster Shot for Medical Devices Sector to Make India One of Top 5 Global Manufacturing Hubs

News 18  

The Narendra Modi government plans a big boost for India’s medical devices sector, making its first move by releasing a draft policy exclusively for the industry, which until now has been kept under the policy to regulate pharmaceuticals. According to the approach paper on draft National Medical Devices Policy 2022, released by the department of pharmaceuticals that comes under the …

Watch | Why are India’s imports from China rising?
2 years, 10 months ago

Watch | Why are India’s imports from China rising?

The Hindu  

In the wake of COVID-19 and the subsequent disruption to supply chains, many countries, including India, have spoken of the need to reduce reliance on China. India’s trade with China in 2021 reached $125.6 billion. India’s imports from China accounted for $97.5 billion, while exports reached $28.1 billion, both records. India’s biggest imports are: electrical and mechanical machinery a range …

Govt Has Taken Several Measures to Reduce Dependence on Import of Medical Devices: Gowda
4 years, 4 months ago

Govt Has Taken Several Measures to Reduce Dependence on Import of Medical Devices: Gowda

News 18  

The government has taken several measures to reduce the country's dependence on import of medical devices and for the development of domestic capacity in the sector, Minister of Chemicals and Fertilisers D V Sadananda Gowda said on Thursday. However, India is heavily dependent on imports in case of finished medical devices as well as for critical medical device components, Gowda …

Impact of the US-India trade war on the health sector: What lies ahead
5 years, 3 months ago

Impact of the US-India trade war on the health sector: What lies ahead

Firstpost  

Prime Minister Narendra Modi’s visit to the United States comes at a crucial stage with regards to the trade relationship between the two countries. The Modi government Trade tensions between the two countries peaked in May this year when the Trump administration revoked the trade benefits given to India under the ‘Generalised System of Preferences’ programme. Imposing price caps affected …

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