Why in News
- The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, in association with Federation of Indian Chambers of Commerce and Industry( FICCI) is organising India Pharma 2020 & India Medical Device 2020 Conference & Exhibition .
- This is the fifth edition, and is being organised for the first time in the State of Gujarat (which is also the partner state for this event) at Gandhi Nagar from March 5-7, 2020.
- Theme- “India Pharma: Meeting Challenges of Affordable and Quality Healthcare and India Medical Device: Promoting Affordable responsible and Quality Medical Device for Universal Health Care”
- To encourage innovations to further reduce the cost of quality healthcare for all and a platform to the global investment community to connect with stakeholders in the Medical Device Sector in India.
- To promote consumer centric manufacturing by involving Medical Electronics, Devices, Health Diagnostics, Hospitals and Surgical Equipment etc.
Indian Pharma Industry
- The Indian pharmaceutical market is the third largest in terms of volume and thirteenth largest in terms of value.
- India is the largest supplier of generic medicines globally.
- From 2018-19, India’s pharmaceutical exports were worth USD 19.13 billion with a growth of 10.72% over USD17.28 billion in pharma exports the previous year..
- The cost of manufacturing in India is approximately 33% lower than that of the US.
- India is also the largest vaccine producer in the world.
- Bio-Pharma is the largest sector contributing to 62% of the total revenue.
Medical Devices Sector in India
- The Medical Devices industry in India is valued at USD 5.2 billion, contributing about 4-5% to the USD 96.7 billion Indian healthcare Industry.
- Medical devices sector in India is very small in size as compared to the rest of the manufacturing industry, though India is one of the top twenty markets for medical devices in the world and is the 4th largest market in Asia after Japan, China, and South Korea.
- India’s medical devices industry is poised for significant growth in the next five years:
- India is among the top-20 markets for medical devices in the world.
- Market size for medical devices expected to reach USD 50 bn by 2025.
- Indian medical devices industry is growing at a CAGR of 15.8%, vis-à-vis a CAGR of 4.1% for the Global medical devices industry.
- India currently imports 80-90% of medical devices of the USD15 billion market, the vast majority of which are unregulated for quality and safety. The U.S., Germany, China, Japan, and Singapore constitute the five largest exporters of high technology medical equipment to India.
Image source: Medgate today