Introduction
India’s healthcare sector stands at the brink of a significant shift. The untapped potential for the production of medical devices in the country is ‘almost unlimited,‘ according to Chaitanya Sarawate, President and CEO of GE HealthCare South Asia. India, with its booming healthcare industry and government-backed initiatives, provides a fertile ground for global manufacturers looking to expand their operations. Sarawate foresees a future where the healthcare sector could generate millions of jobs each year, increase foreign exchange earnings, and extend access to quality care.
A Paradigm Shift in the Indian Healthcare Industry
Two substantial changes have catalyzed this shift in the Indian healthcare industry. Firstly, the pandemic has highlighted the importance of a robust healthcare infrastructure, leading to increased public and private investment. Secondly, the government’s ‘Make in India‘ initiative has radically changed how the Indian business ecosystem perceives the medical devices industry.
India’s healthcare industry is witnessing an expansion due to these changes, with increased investments pouring into manufacturing and component production. Sarawate notes that this will enhance access to quality healthcare and boost export revenues. The Production Linked Incentive (PLI) scheme, a government initiative to boost domestic manufacturing and attract substantial investments, is one such factor driving this transformation.
Harnessing the Power of Technology
Incorporating new-age technologies, such as artificial intelligence (AI), into the healthcare sector is significantly improving the quality and accessibility of care. GE HealthCare, a leader in this field, believes in the power of integrating the logic-driven world of software with the digital world of devices, creating solutions that are linked, responsive, and predictive.
The company has utilized Amazon Web Services to enhance the scalability of its infrastructure for both R&D and production. This integration allows for seamless development and production processes, leading to more effective and efficient manufacturing of medical devices.
The Road Ahead: Opportunities and Challenges
With about 70 per cent of the medical devices industry depending on imports, there is an almost unlimited opportunity to boost domestic production. This potential is translating into incremental investments in medical device manufacturing from global players. Sarawate points out that the opportunity for growth in this sector is immense.
Despite these promising prospects, India still faces challenges. The medical device industry requires significant investment, technical know-how, and strict regulatory compliance. Overcoming these hurdles will require a concerted effort from both the public and private sectors.
Embracing the ‘Make in India’ Dream
India’s dynamic market has attracted numerous MedTech companies. Among the pioneers is Wipro GE Healthcare, committed to fulfilling the ‘Make in India’ dream. The company has invested over Rs 1 billion (Rs 100 crore) in its fourth manufacturing facility under the PLI scheme.
Approximately a third of the manufacturing and assembly of their products sold in India is driven out of the country, and they have over 30 products made in India being sold in more than 70 countries. These figures underscore the potential for medical device manufacturing in India.
In conclusion, the scope for making medical devices in India is indeed immense. As the country embraces this opportunity, it stands to gain in terms of job creation, foreign exchange earnings, and improved access to quality healthcare. With continued investment and policy support, India is well-positioned to become a global hub for medical device manufacturing, turning the ‘Make in India’ dream into a reality.
