Medical devices manufacturing has lot of growth potential: Expert

 Jayarama Emani | The Dollar Business “With India importing 70% of its medical devices requirements, the industry provides a great opportunity for entrepreneurs to make it big domestically,” said Dr Babu Thomas, Director, HLL Lifecare Limited. Talking to The Dollar Business, Thomas said, “The current size of the industry is around Rs 30,000 crore of which, the share of the domestic industry is Rs 9,000 crore only, leaving an untapped potential of Rs 21,000 crore.” Thomas went on to add, “China was an importer not long ago, but is an exporter now.” Welcoming the Government of India’s move to set up Medical Devices Parks in the country, Thomas said, “HLL Lifecare Limited is developing a medical devices park in Chennai and the Tamil Nadu Government has allotted 330 acres of land for this purpose. The company is developing a common facility centre and knowledge development park in an area of 100 acres with an estimated cost outlay of Rs 150 crore.” Meanwhile, the Government of India is going to set up Medical Devices Parks in the country, and first such park will come up in Gujarat soon, said a PIB release. The Union Minister of Chemicals and Fertilizers, Ananth Kumar, said this while releasing the recommendations of the Task Force on Promotion of Domestic Production of High End Medical Devices & Pharmaceutical Manufacturing Equipment recently. He said that only 30% of the country’s requirement of Medical Devices is being met through indigenous production, and that of low-end category. The Minister said that the Government is taking several steps to boost the domestic production of high end medical devices & pharmaceutical manufacturing equipment. He said that the Department has already taken up issues of incentives and taxation on such devices with the Finance Ministry so that the indigenously produced medical devices can compete with the imported ones. The Minister said that on the lines of National List of Essential Medicines, there should be a National List of Essential Medical Devices to enable providing affordable, quality products to masses easily. The imports of high-end Medical devices are much higher, going up to around 87% for the category of Medical Electronics, Hospital Equipment, Surgical Instruments. In view of the prevailing scenario, the Task Force on ‘Promotion of Domestic Production of High-end Medical Devices and Pharmaceutical Manufacturing Equipment’ was set up by the Department of Pharmaceuticals as an initiative to implement the PM’s visions of ‘Make in India’.    

This article was published on April 10, 2015.