Partnership with Japan would boost medical devices manufacturing in India: GlobalDataJuly 9, 2020 0 By FM
India’s invitation of Japan to invest in its medical device industry is expected to help the country to build an international standard medical device industry, according to a report by GlobalData, a data and analytics company.
The country’s medical devices market is expected to grow at a compound annual growth rate of 7.5% through 2025.
Amidst the COVID-19 crisis, India intends to shift its focus towards domestic manufacturing. The country is making efforts to attract foreign investments by offering a conducive cost-effective business environment to further boost the domestic medical equipment industry.
The researchers expect that the Japanese investments in India will accelerate the pace at which India is working to transform its medical device industry to achieve global standards by developing new technologies and solutions. The country has accounted for more than 13% of the Asia-Pacific medical devices market in 2019.
The nation has taken several measures including imposing 5% cess on import of medical devices, launching ‘Indian Certification for Medical Devices Scheme’ to promote quality audits, initiatives to start phased manufacturing programme of medical devices and promoting medical device parks to drive the domestic medical device industry,
“The joint cooperation between India and Japan will be very beneficial as this would promote indigenous manufacturing of medical devices, reduce dependency on imported devices and stabilise the supply-chain” comments Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData.
“With such partnerships, India can not only further boost its relationship with foreign countries and become self-reliant by promoting domestic manufacturing but can also strengthen its export capacity,” she added.