The Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Dr. Arunish Chawla, launched the MEDITECH STACKATHON 2024 in collaboration with the Confederation of Indian Industry (CII) in New Delhi today. 

This initiative aims to catalyze comprehensive value chain analysis of select medical devices, with the goal of addressing critical challenges, fostering domestic manufacturing, and reducing import dependence, thereby positioning India as a global leader in medical technology.

The launch event was attended by Joint Secretary of the Department of Pharmaceuticals, R.P. Singh, Chairman of CII National Medical Technology Forum, Himanshu Baid, along with other senior officials of the Department and representatives of the industry.

Dr. Chawla emphasized the immense potential of India's MedTech industry, projecting a growth rate of 28 percent annually, with estimates indicating a market size of USD 50 billion by 2030. Currently, India ranks as the 4th largest market for medical devices in Asia and among the top 20 globally, with net imports for 2022-23 standing at USD 4101 million and an import coverage ratio of 0.45.

Highlighting the surge in imports, particularly from countries like the US, China, and Germany, Dr. Chawla stressed India's robust policy ecosystem as conducive to export boosts and reducing import dependence through domestic manufacturing. He stressed the importance of policymakers and industry collaboration in formulating a sturdy policy stack to drive growth in the medical devices industry, emphasizing the critical need to focus on quality to ensure global competitiveness.

The STACKATHON will involve participants delving into different product segments within the medical devices industry to identify challenges and opportunities, analyze value chains, and address issues hindering industry development, such as import dependence and regulatory hurdles. Eight focused groups will deliberate on specific objectives, including segment-wise identification of important medical devices, assessment of import-export dynamics, and examination of duty structures.

The STACKATHON would deliberate in eight focused groups namely Cancer Therapy, Imaging, Critical Care, Assistive Medical Devices, Body Implants, Surgical instruments and Hospital Equipment, Consumables & Disposables, and IVD Instruments and reagents, each tasked with specific objectives including segment-wise identification of important medical devices, assessment of import-export dynamics, examination of duty structures, and their implications across the entire value chain.

Chairman of CII, Himanshu Baid, highlighted a shared vision of collaborative excellence, where stakeholders unite to drive tangible outcomes and propel the MedTech industry towards unparalleled growth. 

With India's MedTech exports surpassing 4 billion dollars, the industry stands poised for remarkable expansion, poised to capture 10 percent of the global market share over the next decade. He emphasized the importance of fostering industry-friendly policies, streamlining regulatory frameworks, and supporting Micro, Small, and Medium Enterprises (MSMEs) through targeted incentives and technology funds.