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Embracing Innovation and Collaboration: Highlights from the 15th CII Global MedTech Summit
Published on: November 2nd, 2023
On October 6, 2023, a team of enthusiastic members from the Asia Actual India office, including Ashoniya Puri, Sanjay Singh, and Rajat Budhori, had the honor of attending the prestigious 15th CII Global MedTech Summit. Hosted by the Confederation of Indian Industry (CII), one of India’s largest industry bodies, this event brought together key players in the MedTech sector, both from India and abroad. The summit revolved around the central theme, “Paving the way for a USD 50 billion MedTech Industry by 2030,” signifying a collective vision for the industry’s future growth.
Empowering Local Industries: PLI Scheme and Make in India Initiative
Mr. Himanshu Baid, Chairman of CII National Medical Technology, took the stage to shed light on the Production Linked Incentive (PLI) Scheme and its pivotal role in the Prime Minister’s ambitious Make in India program. This initiative aims to boost local manufacturing, not only catering to domestic markets but also fostering the export of medical devices worldwide. His insights underscored the significance of supporting indigenous industries, fostering innovation, and creating employment opportunities within the country.
Government Initiatives Driving Growth
Ms. S Aparna, Secretary of the Department of Pharmaceuticals under the Ministry of Chemicals & Fertilizers, elucidated various government schemes tailored to facilitate the growth of the Indian MedTech industry. Her presentation highlighted the collaborative efforts between the government and the private sector, emphasizing the need for strategic focus to harness the available opportunities. The discussions revolved around identifying key areas of concentration and addressing challenges to leverage the tailwinds propelling the industry forward.
Quality and Patient Safety: A Paramount Focus
Dr. Rajeev Singh Raghuvanshi, the Drugs Controller General of India from the Central Drugs Standard Control Organisation, emphasized the critical importance of enhancing quality standards and prioritizing patient safety. His announcement of a grace period of 6 months for applicants of Risk Class C and D devices, who had applied for import/manufacturing licenses before the September 30, 2023 deadline, was met with resounding approval from the industry attendees. Dr. Raghuvanshi also took pride in India’s achievement as one of the four permanent members of the Pharmacopeial Discussion Group (PDG). India’s inclusion, alongside the USA, Europe, and Japan, in this prestigious group underscores the country’s robust pharmaceutical industry.
A Platform for Networking and Knowledge Exchange
Beyond the insightful sessions and significant announcements, the event provided an unparalleled opportunity for attendees to network with industry peers, share experiences, and exchange best practices. The synergy of ideas and collaborative spirit pervaded the venue, fostering an environment conducive to innovation and progress.
In conclusion, the 15th CII Global MedTech Summit served as a testament to the industry’s resilience, innovation, and collaborative spirit. The discussions, initiatives, and shared vision showcased a MedTech landscape poised for substantial growth. As we move towards 2030, the Indian MedTech industry stands on the cusp of transformative change, driven by innovation, government support, and a collective commitment to improving healthcare outcomes for all.
For more information on registering your medical device in India, please see our dedicated page on the topic here.
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Please contact us if you’d like support from our experienced staff registering your device in India. Asia Actual specializes in helping medical device manufacturers grow their sales in Asia with experienced, bi-lingual commercial and regulatory experts on the ground in each market. Contact Asia Actual today with any questions or support requests.
Asia Actual is a regulatory consulting company specializing in helping manufacturers grow their sales through independent license holding, direct fulfillment, and a variety of sales channel support services.