Shri Piyush Goyal Encourages Use of Government’s Research Development and Innovation Scheme at Global MedTech Summit
Union Minister of Commerce and Industry, Piyush Goyal, addressed the 17th CII Global MedTech Summit, emphasizing the need for the Indian MedTech industry to set ambitious growth targets. He highlighted the sector’s impressive resilience during the COVID-19 pandemic and its role in advancing India’s self-reliance in healthcare. Goyal called for a shift from reliance on imported medical devices to establishing India as a global manufacturing and innovation hub, urging the industry to focus on research and development to create affordable, high-quality medical devices.
Encouraging Domestic Manufacturing and Innovation
During his address, Minister Goyal urged the MedTech industry to transition from being a market primarily for imported goods to a center for global manufacturing and innovation. He stressed the importance of securing supply chains and targeting export markets to enhance India’s position in the global MedTech landscape. Goyal emphasized that a robust focus on research and development (R&D) is essential to produce affordable and high-quality medical devices that cater to both domestic and international needs. By fostering innovation, the industry can not only meet local demands but also compete effectively on a global scale.
Advancing Trade Agreements and Market Opportunities
Minister Goyal provided updates on ongoing negotiations for comprehensive Free Trade Agreements (FTAs) with several countries, including the European Union, Mauritius, Oman, UAE, Peru, and Chile. He also mentioned discussions with the United States regarding a bilateral trade treaty. These agreements are expected to create new opportunities, open markets, and attract investments, ultimately enhancing the scale, quality, and innovation within the MedTech sector. Goyal’s remarks highlighted the government’s commitment to facilitating these developments, which are crucial for the industry’s growth and global competitiveness.
Government Support and Initiatives
The Minister outlined the government’s commitment to supporting the MedTech industry through various initiatives, including the Production Linked Incentive (PLI) Scheme. He described the PLI scheme as a vital tool for boosting domestic manufacturing of high-value medical devices and reducing dependence on imports. Goyal also noted that the government is working to streamline regulatory processes to create a more business-friendly environment for MedTech companies, ensuring quicker approvals while maintaining safety and quality standards. Increased funding and support for R&D are also part of the government’s strategy to encourage collaboration among industry players, academic institutions, and research organizations.
Focus on Skill Development and Accessibility
In his call to action, Minister Goyal urged the MedTech industry to invest significantly in domestic manufacturing and R&D to develop next-generation medical devices in India. He highlighted the importance of skill development to cultivate a talented workforce capable of supporting the sector’s ambitious growth plans. Goyal also emphasized the need for the industry to prioritize preventive healthcare and patient welfare. He reiterated that innovations in MedTech should be affordable and accessible to all segments of the population, reinforcing the government’s commitment to providing high-quality healthcare solutions for both India and the global market. The summit served as a platform for stakeholders to align on the shared mission of making Indian MedTech synonymous with trust, innovation, and global excellence.
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