Piyush Goyal Urges MedTech Industry to Lead Global Innovation and Affordability

Union Minister of Commerce and Industry, Shri Piyush Goyal, delivered a strong call to action at the 17th CII Global MedTech Summit in New Delhi, urging India’s medical technology sector to set bold goals, strengthen research and development (R&D), and transform into a global hub for manufacturing and innovation.

The event, held under the theme “Innovating for a Healthier Future – Advancing MedTech for Global Impact”, brought together policymakers, innovators, researchers, clinicians, and industry leaders to chart the next chapter of India’s healthcare technology growth story.

From Import Dependence to Global Leadership

Commending the MedTech sector for its resilience during the COVID-19 pandemic, Shri Goyal praised its role in helping India achieve self-reliance in critical medical supplies. He reminded participants that the sector must now move decisively beyond being an import-driven market.

"We need to secure our supply chains, build for export markets, and ensure India becomes a global hub for affordable, high-quality medical devices," the Minister said.

He stressed that India has both the talent and the entrepreneurial drive to not only meet domestic healthcare demands but also emerge as a trusted supplier for the world.

Driving Growth Through Research and Innovation

The Minister placed heavy emphasis on research, development, and innovation, urging companies to leverage the government’s Research Development and Innovation Scheme. He called for targeted investments in next-generation technologies and solutions tailored for both local and global markets.

Shri Goyal highlighted the government’s role in enabling this transformation through policy support, streamlined regulations, and direct financial backing for R&D. He stressed that collaboration between industry, academia, and research institutions will be vital to accelerate the innovation pipeline.

Trade Agreements to Unlock Global Markets

Outlining India’s trade diplomacy efforts, Shri Goyal revealed that comprehensive Free Trade Agreement (FTA) negotiations are in advanced stages with the European Union, Mauritius, Oman, UAE, Peru, and Chile. Talks with the United States for a bilateral trade treaty are also underway.

He underscored that these agreements will unlock new markets, attract investments, and strengthen India’s MedTech exports, making Indian healthcare products more competitive on the global stage.

Government Support: PLI Scheme and Regulatory Reforms

Reaffirming the government’s commitment, Shri Goyal pointed to the Production Linked Incentive (PLI) Scheme as a game-changer for the MedTech industry. By incentivizing the domestic manufacturing of high-value medical devices, the scheme aims to reduce import dependence and build capacity for exports.

He further announced that regulatory processes are being streamlined to create a business-friendly environment. Faster approvals, without compromising on safety and quality, will help innovators bring products to market more efficiently.

Workforce and Skill Development

Shri Goyal emphasized that the MedTech sector’s ambitious growth requires a talented and skilled workforce. He urged industry leaders to invest in skill development programs, enabling young professionals and technicians to support cutting-edge manufacturing and innovation.

He also encouraged a focus on preventive healthcare and patient welfare, pointing out that technology should not only treat diseases but also help in early detection and prevention.

Affordability and Accessibility at the Core

Reiterating Prime Minister Narendra Modi’s guiding philosophy, Shri Goyal emphasized that India’s MedTech journey must always uphold the twin principles of affordability and quality.

"MedTech innovations must be accessible to all segments of society. Our mission is to ensure that every Indian, regardless of income, has access to world-class healthcare solutions," he said.

A Global Platform for MedTech Aspirations

The 17th CII Global MedTech Summit provided an important platform for dialogue, knowledge exchange, and collaboration. Its Special Plenary Session, themed “Make in India, Make for the World”, captured the spirit of India’s ambition to become a trusted global MedTech powerhouse.

As the Summit concluded, the industry left with a clear message from Shri Goyal: to aim high, invest in innovation, and build an ecosystem that combines India’s manufacturing strength, R&D capabilities, and values of accessibility and affordability.