08 August 2024 | News
India Medtech sector to soar to $50 billion by 2030: 16th CII Global MedTech Summit
At the recently held 16th CII Global MedTech Summit 2024, organised by the Confederation of Indian Industry (CII) on August 6, 2024, in Delhi, Dr Rajeev Singh Raghuvanshi, Drugs Controller General of India, Central Drugs Standard Control Organisation provided an update on the regulatory framework for medical devices in India. He mentioned that India has applied for the International Medical Device Regulators Forum (IMDRF) membership.
IMDRF is a global network of medical device regulators that promotes regulatory convergence and public health and safety.
Dr Jitendra Singh, Minister of State (I/C) of the Ministry of Science and Technology emphasised the need for a collaborative approach to achieve the vision of Viksit Bharat by 2047. He highlighted that working in silos is not an option; instead, fostering collaboration across industry, academia, and government is essential. Looking to the future, he anticipated that Artificial Intelligence (AI) would play a transformative role in the coming years.
Dr Vinod K. Paul, Member, NITI Aayog stressed the importance of a comprehensive approach to advancing India's MedTech sector. He also addressed the potential of AI and IoT in enhancing primary healthcare, specifically through improved screening mechanisms for conditions like eye care in children. Dr Paul advocated for a code of conduct to uphold the highest standards in medical devices. He urged the industry to capitalise on the facilitating ecosystem and policies in place and prioritise innovation.
Dr Arunish Chawla, Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers informed that the Ministry is working towards bring a separate marketing code for medical devices.
Further, Himanshu Baid, Chairman, CII National Medical Technology Forum & Managing Director, Poly Medicure stated that MedTech has come out of shadows of drugs and pharma industry and now standing as an independent industry with regulatory and government support. He called for a uniform code for medical device marketing practices and the fast-tracking of the New Drugs, Medical Devices, and Cosmetics Bill.