Union Minister of Commerce and Industry, Piyush Goyal, has urged the MedTech industry to shift from being a market for imported goods to becoming a global manufacturing and innovation hub.

Addressing the 17th CII Global MedTech Summit, he emphasised the need to secure supply chains and build for export markets, as well as strengthen focus on research and development (R&D) to produce affordable, high-quality medical devices for both domestic and international markets.

Issuing a direct call to action, the Minister encouraged the industry to invest heavily in domestic manufacturing and R&D to produce next-generation medical devices in India. He also stressed the importance of skill development to build a talented workforce that can support the sector's ambitious growth plans.

Furthermore, he urged the industry to have bold goals for growth and use the government’s Research Development and Innovation Scheme to meet the aspirations of a vibrant India. 

Goyal noted that negotiations for a comprehensive Free Trade Agreement (FTA) with the EU, Mauritius, Oman, UAE, Peru, and Chile are in advanced stages while discussions with the US on a bilateral trade treaty are ongoing. He said that all these agreements will open up new agreements, new opportunities, new markets, new investment and usher in scale, quality and innovation.

Reaffirming the government’s commitment to supporting this vision, the Minister pointed to initiatives such as the Production Linked Incentive (PLI) Scheme, which is a “critical tool to boost domestic manufacturing of high-value medical devices and reduce reliance on imports.”

Goyal added that the government is actively working to streamline the regulatory process to create a more business-friendly environment for MedTech companies, ensuring faster approvals without compromising on safety and quality. He also highlighted the increased funding and support for R&D in the MedTech sector to encourage greater collaboration between industry, academia, and research institutions.

The Minister praised the sector's contribution to making India self-reliant in healthcare and urged it to become a global leader in providing affordable, high-quality medical devices.