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In a visionary move aimed at propelling India’s healthcare sector towards transformative growth, the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, joined forces with the Confederation of Indian Industry (CII) to launch the MEDITECH STACKATHON 2024.
This groundbreaking initiative, inaugurated by Dr Arunish Chawla, Secretary of the Department of Pharmaceuticals, marks a pivotal moment in India’s journey towards self-reliance and innovation in the medical technology (MedTech) domain. Held in New Delhi, the launch event brought together industry leaders, policymakers, and experts to chart a course for the future of the MedTech sector in India.
The MEDITECH STACKATHON 2024 represents a strategic endeavour to undertake a comprehensive value chain analysis of select medical devices, with the overarching goal of fostering domestic manufacturing, reducing import dependence, and positioning India as a global leader in medical technology. Through close collaboration and concerted efforts, the initiative aims to address critical challenges, stimulate innovation, and unlock the full potential of India’s MedTech industry.
In his address at the launch event, Dr Arunish Chawla underscored the immense growth potential of India’s MedTech sector, citing projections estimating a staggering annual growth rate of 28%, with the industry expected to reach a size of US$ 50 billion by 2030. He highlighted India’s significant position as the fourth-largest market for medical devices in Asia and stressed the need to capitalise on this momentum to drive domestic manufacturing and exports. With net imports reaching US$ 4.1 billion in 2022-23, reducing import dependence has emerged as a critical imperative for India’s healthcare ecosystem.
The Secretary highlighted the pivotal role of policymakers and industry stakeholders in shaping the future of the MedTech sector, underscoring the importance of fostering a conducive policy environment to spur growth and innovation. Dr Chawla stressed the need for a robust policy framework that prioritises quality, competitiveness, and sustainability, laying the foundation for India to emerge as a global hub for medical technology.
The MEDITECH STACKATHON 2024 aims to delve deep into the intricacies of different product segments within the medical devices industry, facilitating in-depth analysis and mapping of value chains to identify key stakeholders, processes, and dependencies. To this end, eight focused groups have been constituted, each tasked with specific objectives related to segment-wise identification of important medical devices, assessment of import-export dynamics, examination of duty structures, and implications across the entire value chain.
Preceding the workshop, group leads and members engaged in extensive virtual discussions and preparatory work to ensure a comprehensive and productive dialogue during the STACKATHON. Despite significant progress in certain areas, challenges persist in the sector, including cost competitiveness, quality assurance, and regulatory hurdles. The STACKATHON provides a platform for stakeholders to collectively address these challenges and devise strategies for overcoming them.
Shri Himanshu Baid, Chairman of CII, highlighted the collaborative spirit and shared vision driving the MEDITECH STACKATHON 2024, emphasising the need for concerted efforts to drive tangible outcomes and propel the MedTech industry towards unparalleled growth. With India’s MedTech exports surpassing USD 4 billion, the industry stands poised for remarkable expansion.
However, Baid stressed the importance of enhancing data collation mechanisms and fostering industry-friendly policies to support Micro, Small, and Medium Enterprises (MSMEs) and ensure India’s emergence as a frontrunner in the global MedTech arena.
As the MEDITECH STACKATHON 2024 unfolds, it seeks to harness the collective expertise and ingenuity of stakeholders to drive innovation, foster collaboration, and unlock the vast potential of India’s MedTech sector. Through strategic initiatives and collaborative partnerships, the initiative aims to position India as a global leader in medical technology, driving sustainable growth, and fostering inclusive development in the healthcare domain.
