Govt launches scheme to boost Medtech startups

NEW DELHI: The government launched the MedTech Mitra platform on Monday as part of a strategic initiative to empower India's MedTech innovators and reduce the country's dependence on imported medical devices.

"MedTech Mitra is a platform that will help the young talents of the country by holding their hands to give final shape to their research and help them in getting regulatory approval," Health Minister Mansukh Mandaviya said at the inaugural event.

Lauding the initiative and efforts of the innovators and youth, Mandaviya said that there is immense power among the innovators, researchers, and youth startups in the country who know how to do Research and Logic Development.

"If one gets help at the approval stage itself, then wonders can be achieved which will take India miles ahead in becoming Atmanirbhar and achieving the vision of Viksit Bharat," he said.

Noting that India's MedTech sector is 80 percent dependent on imports, the minister said that this collaborative initiative will facilitate indigenous development of affordable, quality MedTech devices and diagnostics leading to a considerable reduction in the import dependence of this sector.

"The medical devices sector is an essential and integral constituent of India's healthcare sector. Pursuing the vision of Viksit Bharat, India is taking a holistic approach to health with a vision to transform the health landscape in the country by 2047," he said.

He pointed out that the sector has seen phenomenal progress to ensure medical devices are supplied within the country with the implementation of production-linked incentive schemes and investments for medical drug parks, MedTech research policy, and MedTech research incentive scheme.

Underscoring the growth and potential of this sector, Mandaviya said, "I am confident India will grow to become $50 billion industry by 2030." The minister said that due to the developments taking place in sectors like Robotics, Artificial Intelligence, Big Data, Virtual Reality, Nano Technology, the medical device sector is changing rapidly today.

Elaborating further on the Union Health Minister backed by growing healthcare needs and the government's commitment to facilitate growth, the Indian medical devices industry has the power to emerge as a powerful leader in innovation in the coming years.

Highlighting the challenges facing the innovators in bringing innovations to light, VK Paul underscored the role of MedTech Mitra in handholding the innovators for clinical evaluations and regulatory compliance, emphasizing that MedTech Mitra will empower emerging start-ups and ensure ease of innovation, ease of doing research and development, ease of rendering service in building an Atmanirbhar Bharat.