India-US ties in medical device industry has immense potential: India’s envoy

India's medical device industry is estimated to touch USD 50 billion by 2025 from the current USD 11 billion, the country's Ambassador in Washington Taranjit Singh Sandhu has said, asserting that the US-India partnership in the key sector could provide a robust supply chain for others.

Ambassador Sandhu, addressing a webinar, "India-US Partnership: Opportunities for collaboration in Medical Devices", organised by Consul General of India in Houston Aseem Mahajan on Tuesday, said while the US stands as the largest medical device market in the world, India is among the largest within Asia.

"It is fast emerging as a destination for high-end diagnostic services and is a growing market for diagnostic kits, handheld equipment, stimulus equipment of operation rooms," the Indian envoy said.

India has recently put in place a production linked incentive scheme for medical devices and it will provide a total financial incentive of USD 2 billion to select companies over a period of five years, he said.

"We have so far received enthusiastic response to the scheme from a number of US pharma companies, the Production-Linked Incentive scheme would enable production that will facilitate supply chains in zillions," Sandhu said.

"We have also liberalised the foreign direct investment route for companies allowing up to 100 per cent investment in brown field and green field ventures in India.

"I invite the US companies to utilise these opportunities… my message to you today as Ambassador of India to the US will be let us work together and grow together, I am confident that constructed collaborations will emerge from this round table," Sandhu said.

The US-India partnership in the medical devices sector for many years is to be seen as part of the larger bilateral healthcare partnership from essential medicines, vaccines, from research, development and distribution, he said.

The medical device industry has been at the forefront of battling the COVID-19 pandemic from PPEs, testing kits, oxygen concentrators and ventilators.

"Our companies work in each other countries bringing critical resources to strengthen our fight," Sandhu said.

India is facing an extremely challenging situation with the second wave of the pandemic, he said.

"My heartfelt condolences to all those who have lost their family members… We hope to overcome this unprecedented challenge, many of you have reached out to us offering your assistance, we value your support. We appreciate the United States commitment and resources. It is during times like these that we value such partnerships the most," the Indian envoy said.

Consul General Mahajan said India and the US are also cooperating closely in the areas of medical research, healthcare, innovation, technology and for strengthening the partnership in global supply chains to deal with the pandemic.

The webinar's objective was to highlight the immense potential in both the countries to build fruitful partnerships in the medical device sector which includes a range of products like dental equipment and supplies, patient aids such as pacemakers, hearing aids, implants, diagnostic imaging among others, he said.

Houston is home to the largest medical center, leading medical research institutions which have linkages with India, multiple companies and corporations of this region are engaged with Indian companies in different modes including sharing of technologies, manufacturing and partnering in supply chains.

The consulate has been organising several events in different configuration and geometries focusing on areas like energy, healthcare, medical research, information and communication technology, innovation, technology and advanced manufacturing to highlight the immense potential for deepening the economic ties.

India is amongst the largest producers of generic medicines globally and has the largest United States Food and Drug Administration compliant pharmaceutical plants.

The webinar was attended by Jagdip Ahluwalia, Executive Director Indo-American Chamber of Commerce of Great, Susan Davenport, senior vice president and the chief economic development officer with the Greater Houston Partnership, Amy Hariani, Vice President US-India Business Council based in Washington.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)