Asia Pacific Medical Technology Association (APACMed) in association with KPMG in India has launched a whitepaper titled “From Volume to Value: Fostering research and innovation in India’s medical device industry”.
This whitepaper highlights policies and initiatives taken by the government to promote innovation in the Indian medical device sector, identifies existing gaps, and provides recommendations for stakeholders. It underscores the imperative need for India to build upon the momentum of innovation, address current challenges, and seize opportunities and aims to guide stakeholders through the exciting journey of transformation, with the goal of making healthcare in India more efficient, accessible, and patient-centric.
KEY HIGHLIGHTS FROM THE WHITEPAPER:
- With India expected to become a USD10 trillion economy by 2035, medical device sector is expected to play major role to help realise its aspiration
- Rising focus on ‘Innovate in India,’ could enable India to become a desirable destination for R&D in the medical device sector, through a strategic focus on enhancing the India’s innovation quotient
- India lags in patent filings compared to the US, Japan, and China, which is also opportunity to boost innovation and ascend the value chain. Improving awareness about patent filing processes which could encourage manufacturers to file IPs and further drive innovation
- Extended patient reach lead times and costly cold chain product transport. Prioritizing high-end devices necessitates robust infrastructure for cost-effective, timely deliveries
- Advanced technologies such as IoT, 5G, Generative AI (GenAI), and 3D printing among others will help manufacturers to identify patient points and customise innovative solutions
- Cross-functional collaborative research undertaken by academic research institutions is a key step towards building a medical device research ecosystem in the country that has operated in silos
- Private sector investments are pivotal for fostering an R&D culture, promoting upskilling, and enabling partnerships in the industry
- Government facilitation of dialogues and partnerships among academia, healthcare providers, and private sector medical device companies is essential
Harjit Gill, Chief Executive Officer, APACMed said, “In India, medical device innovation stands at a pivotal juncture. Our members of the medical device ecosystem can partner and work together with all stakeholders to play a major role in India’s innovation journey for accessible and high-quality healthcare.”
Commenting on the whitepaper, Vijay Chawla, Partner & Head – Life Sciences, Head – Risk Advisory, KPMG in India said, “As India takes strides towards a healthier future, medical device sector is poised to play a dominant role. Partnerships between stakeholders – industry, academia, and government will be central in pivoting innovation efforts towards breakthrough research and commercialisation of high-end devices”.