The Medical Devices Sector to Grow from Current US$ 11 Billion to US$ 50 Billion in Next Few Years

As part of the vision to further strengthen India’s position globally in terms of Pharmaceuticals and Medical Devices, the Department of Pharmaceuticals, in partnership with Invest India, will host an Investor Summit on 27^th October 2021 at 10:00 AM – 4:30 PM via video conferencing.

The theme of the summit is “Opportunities and Partnerships in Pharmaceuticals & Medical Devices”. The summit will provide an opportunity for industry participants to engage in detailed technical sessions across the following themes:

• Session I: Unlocking the BioPharma Opportunity: Strengthening India’s Reputation as the Biopharma Hub to the World
• Session II: R&D Investments: Success Stories from Indian Medical Devices Sector
• Session III: Goal Vax: End to End Integration for Enhancing Vaccine Manufacturing Capabilities
• Session IV: Financing startups in Pharma and Medical Devices sector: What is in the future for VC investments?
• Session V: From the Ground Up – Deliberating on streamlining Regulatory processes for Investors approved under Production Linked Incentive (PLI) Schemes for Bulk Drugs and Medical Devices

As regard the Pharmaceuticals sector, the sessions will feature discussions on opportunities in manufacturing of innovative products in bio-pharmaceuticals, including biologics/ bio-similars, cell & gene therapy and enhancing vaccine manufacturing capabilities.The PLI for Pharmaceuticals launched with an outlay of Rs. 15,000 crore has attracted considerable interest with about 278 companies applying to be considered under the scheme. This Summit will encourage investors looking to build global champions in India in these products.

As regards Medical Devices sector, the sessions will feature discussions on how India can develop as a land of opportunities for Medical Devices, and the key learnings from the leading innovators.The medical devices sector is seen as sunrise sector and has the potential to grow from the current level of US$ 11 billion to a size of US$ 50 billion in the next few years. It may be recalled that 13 companies have already been selected under the PLI scheme for medical devices earlier this year which will support their investment in enhancing domestic manufacturing of targeted devices.

Sessions will also cover financing of the burgeoning start-up ecosystem, and it will culminate with a session on providing comprehensive facilitation to applicants selected under the PLI schemes about smooth grounding of investments.