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.

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.)