Boosting India's Medtech: A Strategic Blueprint for Global Leadership
India's medtech sector, valued at $16 billion, aims to expand its global market share to 10-12% by enhancing the PLI scheme and raw material ecosystem. A CII-BCG report highlights strategies, including import duty rationalization, MNC attraction, and medtech park optimization, to foster growth and reduce import dependency.
- Country:
- India
India's medtech sector, currently valued at USD 16 billion, seeks to amplify its global market share to 10-12%. The CII-BCG report suggests refining the PLI scheme to bolster MSME involvement and developing raw material ecosystems as pivotal strategies.
To reduce import reliance, estimated at 80% in FY2022 but now 60% in FY2024, the report articulates nine strategic initiatives. These include rationalizing import duties for critical materials and encouraging multinational corporations to establish manufacturing and R&D centers in India.
Furthermore, the report emphasizes enhancing medtech parks, aligning regulations with global norms to boost exports, and fostering public-private collaborations. It urges raising global awareness of Indian innovations and building industry-ready skills through advanced training hubs.
(With inputs from agencies.)
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