Read the Conversation
Meeting highlights:
- Expanding Healthcare Access: MTaI is focused on improving access to high-quality, affordable healthcare and ensuring MedTech’s contributions are recognized within the healthcare ecosystem.
- Innovation Adoption: Indian doctors rapidly embrace new medical technologies, with hospital outcomes matching top international institutions, thanks to advanced infrastructure and medical equipment.
- Growth Drivers in MedTech: The sector’s growth is fueled by the expansion of hospitals, rising health insurance coverage, and the increasing prevalence of home healthcare as a cost-effective solution.
- Government & Industry Collaboration: The Department of Pharmaceuticals' initiatives like the "Meditech Stackathon" demonstrate growing government involvement in understanding and advancing the MedTech sector.
- Opportunities in Manufacturing and R&D: India’s strengths in medical textiles and AI, along with a strong R&D workforce, present significant opportunities for innovation and investment in the MedTech space
EF: What is the most critical item on MTaI’s agenda today?
PC: We tirelessly strive to improve access to high-quality and affordable healthcare for the patient and maintain viability for the industry. And find a space for the MedTech companies commensurate with their contribution to healthcare.
Additionally, we are committed to the widespread and diligent implementation of the Uniform Code for Marketing Practices of Medical Devices (UCMPMD), which we have helped develop within the industry so that medical devices are promoted in an exemplary manner.
EF: How would you rate the level of adoption of innovation by Indian physicians?
PC: Indian doctors are highly adaptable and quickly embrace better procedures and systems. The Indian surgeon is internationally mobile, and his readiness to adopt new technologies is on par with global standards. This is why state-of-the-art equipment is widely available in India. Hospital outcomes here are comparable to those at top international institutions like Johns Hopkins, thanks to the robust hospital infrastructure, high-quality workforce, and cutting-edge medical technology.
EF: What has been driving growth in India’s medical devices sector?
PC: This growth is driven by several factors: the expansion of hospitals, medical colleges, and nursing institutes, along with rising health insurance coverage. Additionally, the increasing prevalence of home healthcare, a cost-effective alternative to limited hospital beds, is further fueling the medical devices sector's growth, with the potential for even faster expansion.
The government is taking an active role by implementing bespoke strategies. Recently, the Department of Pharmaceuticals organized a "Meditech Stackathon" to gain a deeper understanding of the medical device manufacturing value chain. This initiative is perhaps the first time a policymaker has thoroughly explored the intricacies of the MedTech sector—examining products, production processes, the value chain, and identifying gaps in the domestically produced components space. This growing government involvement reflects a recognition that understanding the industry is essential for catalyzing its advancement.
EF: Where do you see the biggest opportunities in the market?
PC: In manufacturing, India's greatest opportunities lie in sectors adjacent to inherent strengths or emerging capabilities. For example, the country’s robust textile industry presents significant potential in medical textiles. At the same time, its rising expertise in AI and digital technology offers avenues for growth in tech-driven meditech products.
Despite India representing only 1.5% of the global MedTech market, it accounts for 6% of $50B of the global R&D spend and 10% of the worldwide R&D workforce. In R&D, India is on par with China and ranks just behind the US and Germany. This is why many multinational companies are investing heavily in their R&D operations here.
Training also presents a major opportunity. Indian healthcare professionals are in high demand worldwide, with 24% of the global foreign healthcare workforce coming from India. The government’s target to export 300,000 healthcare workers (including doctors) annually underscores the potential for training to meet the growing need in both the domestic and the global market.
EF: Can you share any initiatives or examples of how you are collaborating to shape frameworks for sustainable healthcare market development?
PC: We continuously engage with the government on policy matters and have established our own research and policy initiatives. Our aim is to conduct cutting-edge research and introduce new facts or insights, which we then share with relevant stakeholders. This represents a significant area of collaboration between government and private sector initiatives.
Additionally, we bring in our experts to train both domestic and international companies on topics like medical device packaging, etc. In these efforts, we collaborate with esteemed organizations such as CDSCO to ensure we reach the right audience. We also participate in regulatory discussions, fostering a constructive public-private partnership with the government.
EF: Could you elaborate on your members’ footprint?
PC: MTaI members are research-based medical technology companies with global experience in innovation and manufacturing. They operate 13 large manufacturing plants and 15 state-of-the-art Research & Development centers across India. Each year, MTaI members train more than 250,000 physicians and healthcare workers, ensuring they are well-prepared to deliver high-quality patient care.
EF: As we look ahead, what two key trends are emerging in the Indian MedTech sector?
PC: Previously isolated technologies have become more affordable and can now be integrated to revolutionize healthcare. For instance, some reports suggest that nurses spend up to 21% of their time just searching for products. Today, tiny and affordable voice sensors can be attached to every device, enabling nurses to simply ask, e.g., "Where is the 1French catheter?" and receive an immediate vocal response from the device. Because the nurse has a pivotal role in healing, increasing her efficiency means faster bed turn-around times, too. This could globally redirect billions of dollars toward more efficient patient care.
The other trend is of empowering the patient. For example, you can now download an app on your phone to measure blood pressure, making traditional BP instruments increasingly obsolete. This shift allows patients to become more self-sufficient, demystifying healthcare through advances in medical technology and a more digitally fluent consumer base. In Japan, a group known as "Hikikomori" prefers interacting with machines over people to avoid stress and judgment. Such empowerment appeals to their tribe.
Another cyclical trend is how medical technology becomes the hero after every pandemic. When the pandemic comes, there will be no pharmaceutical antidote, and the patient will have to be saved by medical technology. Historically, pandemics have spurred advancements, from streets paved in Europe to prevent the bugs from rising from the soil, as per the then prevalent miasma theory, to modern innovations like ventilators and oxygen concentrators. This trend continues, giving medical technology the center stage for several years after the pandemic. This mirrors the rise of telemedicine, which gained immense popularity during COVID-19 in India. Beyond convenience, telemedicine offered patients more dignity by allowing them to avoid stressful hospital visits. Some even reported more accurate results, such as avoiding "white coat hypertension" when measuring blood pressure at home.
EF: What final message would you like to convey about how MedTech contributes to GDP growth?
PC: While our sector's direct contribution might seem small, we are a keystone sector—essential, like a linchpin that holds everything together. I even highlighted to the Niti Aayog (chaired by our Prime Minister) that our impact goes beyond healthcare and extends into national defense. For instance, hostile actors/supplying nations could compromise medical devices by planting bugs in them, turning them into weapons that can be activated at will. This makes our sector vital to national security.
Trust plays a crucial role here, and India has excelled in building global trust, especially in the pharma sector, which it should sustain. This trust will remain a cornerstone of our continued success, too.
