Medical technology industry in India has been saved
Medical technology industry in India
Riding the growth curve
The market for medical technology in India is small, but rapidly expanding. It is nascent and highly fragmented with limited indigenous manufacturing - imports constitute over 75% of the estimated US$2.75 billion market.
Growth prospect and impediments
A transforming medical technology landscape, improving healthcare delivery and financing mechanisms, and changing patient profile are driving growth in the medical technology industry. However, the industry has been stifled by some key impediments to growth. The foremost among these is the lack of - affordability, accessibility, awareness and availability. A key question, therefore, is how to increase penetration of medical technology to improve health outcomes in India?
The answer lies in innovation. Medical technology innovation can be the tool to make modern care accessible, available and affordable to all by lowering the cost of the product or delivery. Innovation need not only be restricted to products. Business model innovation across the value chain (manufacturing, distribution, marketing etc.) and frugality can often generate significant benefits to all stakeholders, including patients/end user.