New Delhi, July 25 (IANS) With proper regulation, India’s medical devices industry is estimated to grow five-fold to $50 billion by 2030, said Drug Controller General of India (DCGI) Rajeev Singh Raghuvanshi on Thursday.
He was speaking at a conference on the classification of health products organised by the PHD Chamber of Commerce and Industry in the national capital.
The DCGI underlined the benefits of regulation, including quality monitoring and international acceptance, which collectively boost industry growth.
“Regulating an industry provides many advantages, the foremost being quality monitoring and standardisation, which is critical in healthcare as it deals with people’s lives. A regulated industry builds international confidence in the products manufactured, boosting growth. Projections indicate that by 2030, the industry could grow to about $50 billion, which is five times its current size,” said Raghuvanshi.
He also warned against compromising quality for profitability and highlighted unethical practices, emphasising the need for industry-wide commitment to high ethical and quality standards, given the healthcare sector’s critical impact on human lives.
India currently imports 80 per cent of its medical devices, with only 20 per cent domestically manufactured. The government has introduced numerous incentives, schemes, and policy interventions to shift this balance.
Raghuvanshi noted the licensing of over 3,200 manufacturing units and 10,000 import licences within one and a half years, showcasing significant progress.
He stressed the need to reverse the import-manufacture ratio and achieve a net positive trade in medical devices.
“For in vitro devices, we currently have about 280 manufacturing licences and around 900 import licences. Despite manufacturing many in vitro devices domestically, almost 100 per cent of the reagents used are imported. This area holds significant business potential and opportunities,” he stated.
Madhur Gupta, Technical Officer at the World Health Organisation (WHO), echoed the need for India to develop in-house reagents for diagnostic kits within the next three to five years.
“This shift would not only reduce costs but also improve access,” Gupta said, while calling for a unified approach to strengthen diagnostic schemes in collaboration with states.
The conference attended by more than 100 industry delegates from the healthcare sector also featured a dedicated session on the definition and categorisation of health products, emphasising their roles in preventing disease, promoting health, managing health problems, and providing rehabilitative, assistive, or palliative care.
–IANS
rvt/svn
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
