Medtech is a strategically important sector for improving citizens’ quality of life and making the country self-reliant
India Growth Story
Healthcare has emerged as one of the fastest growing industry in India.
India is the second fastest growing economy in the world, witnessing GDP growth rates of about 7% (2015-16). It is the third largest economy in terms of purchasing power parity (PPP) with GDP of US$ 3.6 trillion (Rs .162495 billion). Indian healthcare market (including healthcare delivery, pharmaceuticals, medical and diagnostic equipment and supplies) is currently estimated at US$ 77 billion.
The government has accorded high priority to the healthcare sector with increased budget outlays and favaourable policy actions. To encourage investments in medical technology manufacturing in India, fiscal incentives are being provided.
Continued investment in the private sector infrastructure, coupled with increased healthcare funding from the government, is expected to result in a steady increase in the market for medical devices and equipment.
Make In India
The structure of the inter-sectoral convergence makes India a perfect ground for the medical technology industry
Chennai has well-developed biotechnology, micro-electronics, telecommunication, software and precision engineering industries that provide the ideal setting to have manufacturing units engaged in the production of medical devices and equipment
Medical Devices Sector
Owing to growing demand, the medical devices and equipment industry is set to witness a vibrant growth
The medical devices and instrument industry in India is nascent and largely import dependent. The medical devices and equipment supplies market in India is currently estimated at around US$ 6 billion with over 70% as imports.
Tamilnadu A Strategic Hub
Tamil Nadu is one of the foremost industrialised states with a strong pool of technical and managerial manpower
Tamil Nadu has a diversified manufacturing sector and is a home to global leaders in several industries spanning automobiles, hardware manufacturing, engineering, pharmaceuticals, garments, textile products, leather products, chemicals, plastics, etc.