Manufacturing Medical Equipments in India
According to investindia.gov.in, There are 750–800 Medical Equipment Manufacturers in India, with an average investment of $2.3 – 2.7 mn and an average turnover of $6.2 - 6.9 mn. Manufacturing is developing in its scale.
Why it is becoming important for India to boost up the production of Medical Equipments:
It is becoming very important for India to boost the production of Medical equipment within the country. India has to depend on other countries for medical goods the covid situation in India highlighted this fact.
India is having a large population and the need for medical equipment is rising with the growing population. Boosting the manufacturing of medical equipment will satisfy the need of the country therefore we don’t have to depend on other countries.
India is a net importer of medical disposals and equipment, with improved manufacturing capabilities India can also target becoming an exporter of medical equipment in future.
Medical Equipment Manufacturers in India:
Historically Indian pharmaceutical companies have done a lot of work in making pharma prices affordable all across the world.
In recent years there has been increasing focus on medical equipment manufacturing. A few select companies have excelled in manufacturing multipara monitors, x-ray machines, etc. Apart from that, there are few MNC’s manufacturers who have set up their manufacturing medical equipment plants in India.
The reason behind the growth of the Medical Equipments industry:
The medical industry is growing rapidly as people are becoming more health-conscious. Due to the rising population, people need more medical care, paying capacity of the people is also increasing.
The government has also realized the importance of healthcare and the private sector has realized the potential of healthcare as a business opportunity.
Here are few more reasons behind the growth of the medical equipment industry-
- Growing demand from increasing population.
- Huge demand but underdeveloped industries.
- Penetration of insurance.
- Improving medical infrastructure.
- Regulatory focus on quality.
- Include rising cases of chronic disease.
- Favourable reimbursement policies.
- Increasing adoption of mobile surgery centres.
- Export opportunities
- Increased life expectancy
Demand from different countries for, Indian made medical equipment:
The demand for the Indian material is increasing because the trust towards the Indian brand is now increasing more, because of the quality products and also because of the US-China trade war.
Many MNC’s are looking for alternatives to China. A few select companies have excelled in manufacturing Chinese products that are of low quality, that is why people don’t trust China and demand Indian made medical equipment.
Because of all these situations, India has a huge opportunity to grow up and become the top most country for medical devices production.
Some ways to grow the medical equipment industry in India:
Find opportunities in the USA and Europe -
India should find more and more opportunities in the USA and European countries to grow the Indian medical equipment industry.
Adopting the digital way of doing business -
Adoption of the digital platform is becoming compulsory to grow in every sector and every industry. Ignoring digital platforms can bring low or no results in the growth factor.
Government schemes -
Government plays a very important role in the growth of the medical equipment industry. For this purpose government has launched some of the schemes listed below:
- Startup India.
- Make in India.
- Promotion of Medical Device Parks.
- Production Linked Incentive Scheme for Promoting Domestic Manufacturing of Medical Devices.
To get more information on the medical devices and all the related terms do read our upcoming blogs and the existing material on the site.