16th edition of Global MedTech Summit 2024 organized by Confederation of Indian Industry (CII) on August 6th, 2024, in Delhi.
Focus points of Global MedTech Summit-2024
The Global MedTech Summit 2024 is a prominent international conference focused on the medical technology (MedTech) industry.
- The summit aims to explore and discuss the latest trends, innovations, and advancements in medical technology, including emerging technologies, digital health, and new medical devices.
- It provides a platform for professionals from the MedTech industry, including manufacturers, researchers, healthcare providers, and policymakers, to network and collaborate.
- Discussions often cover global regulatory standards, compliance issues, and how different regions adapt to new MedTech developments.
- The summit may also highlight investment opportunities in the MedTech sector, showcasing new startups and innovations seeking funding.
India’s healthcare achievements
Transformation in healthcare brought about the recent times-
India’s emergence as a world-class, cost-effective healthcare destination and a global pharmaceutical leader can be understood through several key factors and trends:
Cost-Effective Healthcare provider
- India is among the top 6 Bio-manufacturers of the world and one of the most cost-effective and efficacy-based Bio-manufacturing as well as cost-effective healthcare destinations. BIRAC-Biotechnology Industry Research Assistance Council as one platform for industry linkage and research.
- India provides high-quality medical services at a significantly lower cost compared to Western countries. This is due to lower operational costs, including salaries for medical professionals, which makes treatments and surgeries more affordable.
- The combination of quality and affordability has made India a hub for medical tourism. Patients from around the world visit India for various medical treatments, including complex surgeries, cosmetic procedures, and specialized care.
Leader as Global Pharmaceutical
- India is one of the world’s largest producers of generic drugs, which are more affordable alternatives to branded medications. Indian pharmaceutical companies have established a strong presence in international markets by providing cost-effective, high-quality generic drug.
- India exports a significant portion of its pharmaceutical products to countries across the globe. The country’s pharmaceutical exports include both generic drugs and active pharmaceutical ingredients (APIs).
- Indian pharmaceutical companies comply with stringent international regulations and standards, including those of the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). This ensures the quality and safety of the drugs produced and sold internationally.
- Many Indian pharmaceutical companies engage in global collaborations and partnerships for research, which enhances their ability to innovate and develop cutting-edge treatments.
- Indian pharmaceutical products are subject to rigorous quality control measures and are often manufactured in facilities that meet international Good Manufacturing Practice (GMP) standards.
Government initiatives for Healthcare sector-
The Indian government supports the healthcare and pharmaceutical sectors through various policies and initiatives, including investments in healthcare infrastructure, incentives for research and development, and support for medical tourism.
Healthcare Vision :- Govt. aims for a healthy India by eliminating communicable diseases, preventing non-communicable diseases, improving health indices and commitment to accessible.
- This reaffirms the Govt firmly believes that accessible healthcare is a right of every citizen.
- Preventive healthcare is a national priority to achieve the vision India @ 2047.
Preventive Healthcare:-
- Govt. Emphasis on addressing metabolic disorders and age-related morbidities like Type 2 Diabetes and heart disease, which pose significant challenges to the nation’s health and productivity.
Space and Bio-technology Success –
- Success in the space and biotechnology sectors exemplifies integrated partnership.
- India opened the space sector led to over Rs 1,000 crore in private investment and a rise in start-ups from 1 in 2022 to over 200, some with global potential.
- Department of Biotechnology for its role in advancing translational health sciences, with bio-manufacturing and bio-foundry growing from $10 billion in 2014 to $130 billion in 2024.
Medical Devices
The medical devices sector is seen as a key growth area, with efforts underway to make India a manufacturing hub. This includes creating benchmarks and action plans.
Technology Integration
- Technology plays a crucial role in ensuring equitable access to healthcare. Technology is revolutionizing the healthcare sector.
Conclusion-
India’s emergence as a world-class, cost-effective healthcare destination and a global pharmaceutical leader is marked by its significant advancements and strategic growth.
The country’s ability to deliver high-quality medical services at lower costs has attracted international attention, while its pharmaceutical sector has become a major player on the global stage, known for its innovation and large-scale production capabilities.
This dual success not only enhances India’s reputation as a hub for affordable and advanced healthcare solutions but also solidifies its position as a pivotal contributor to global health and pharmaceutical markets.
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