Synopsis
Union Health Minister JP Nadda announced on January 18 that India’s medtech industry is projected to expand to $30 billion by 2030. This growth is fueled by advancements in digital health infrastructure and initiatives aimed at enhancing healthcare access and affordability for all citizens.Key Takeaways
- India's medtech sector is projected to reach $30 billion by 2030.
- Advancements in digital health infrastructure are crucial for improving access.
- India is a leading supplier of generic drugs and vaccines globally.
- Collaboration between industry and academia is essential for policy development.
- Focus on innovation will drive the future of healthcare in India.
New Delhi, Jan 18 (NationPress) The medtech sector is experiencing rapid growth, with projections indicating it will reach $30 billion by 2030, stated Union Minister of Health and Family Welfare, JP Nadda, on Saturday.
With advancements in digital health infrastructure, including the Ayushman Bharat Health Account IDs, telemedicine, and the integration of AI, "we are improving healthcare access, nurturing a compassionate and skilled workforce, and making significant progress towards self-sufficiency and affordability in medical solutions for everyone," the minister highlighted at the ‘IIMA Healthcare Summit.’
“India has witnessed a remarkable transformation in healthcare over the last decade, characterized by key milestones such as the expansion of medical infrastructure, which includes a substantial increase in the number of AIIMS and medical colleges; strengthening of public healthcare through initiatives like Ayushman Bharat and Mission Indradhanush, which enhance health outcomes for millions; and the implementation of effective disease control strategies, demonstrated by a significant reduction in malaria cases and the response to the COVID-19 pandemic,” the minister elaborated.
By supplying roughly 20 percent of the global generic drug market by volume and producing 60 percent of the world’s vaccines, India has emerged as a global frontrunner in affordable medicines and vaccines, he noted.
Stressing the importance of incorporating technology into healthcare delivery, Nadda remarked that as we strive for Viksit Bharat by 2047, “let's encourage innovation and collaboration across various fields, be it management, medicine, engineering, or social sciences, to ensure a people-centered approach in providing quality healthcare to every citizen.”
The Union Minister urged the industry and academic sectors to engage in policy interventions through their research, stating, “The research conducted by industry and academia should translate into policy, and we as policymakers are prepared to facilitate this.”
“Provide us with the blueprint for policy interventions, innovations, and collaborations, and we will assist you in every possible way to construct that path,” he said.
