Messe Frankfurt India plans to launch Medical Device Innovation Summit as a large-format Conference and Exhibition in 2021.
At the first digital session of Medical Device Innovation Summit held recently addressed the need to promote innovation. From challenges like lack of regulatory systems to its new found potential of manufacturing indigenous products on a large scale, the summit successfully addressed discussions on new growth opportunities for the overall development of the sector.
From conducting 1,000 tests per day to 9 lakh tests per day to detect COVID-19, India has showcased immense potential to become the global producer and supplier for quality indigenous medical equipment and technologies, said the Messe Frankfurt India.
At the webinar speakers included Vijay Kumar, head of strategic marketing & innovation, Roche Diagnostics India, Neighbouring Markets, Veena Kohli, CEO, Vanguard Diagnostics & president, Association of Diagnostics Manufacturers of India (ADMI), Dr Uma Nambiar, executive director, Gimcare Hospital and Chairperson, Digital Health India Association (DHIA); Vijay Simha, CEO, Audicor Cardiometrics & Advisory Member-Health Start-up Committee, FICCI and Dr Jitendar Sharma, managing director & CEO, Andhra Pradesh MedTech Zone Limited (AMTZ).
Moderating the was webinar was Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry (AIMED) & managing director, Hindustan Syringes & Medical Device who said, “The current situation where the Indian medical system is latching on to the digital evolution. Homecare, tele-care and telemedicines are a few expansions that hospitals will provide in increasing numbers in the future.
Dr Sharma noted that while India is fairly good t in the diagnostic segment, on the therapeutic side, robotic surgery, gamma knife and linear accelerator are some of the new products currently available on a globally in last five to eight years. This is where Indian entrepreneurship and science can come into picture.
Indian In-Vitro Diagnostics is expected to record 30% growth in 2020. The IVD industry in 2019 was Rs. 7,500 crore and was slated to grow at a CAGR of about 15% before the COVID-19. The pandemic related products have already added Rs. 3,400 crore in the first half and by 2020 end, this is estimated to be Rs. 7,300 crore. Even if the size of non-COVID routine diagnostics products plummet to one third its original value, a base value of Rs. 2,500 crore will still remain, taking the industry size to Rs. 9,800 crore, said Kohli.
Other discussions included future of Indian healthcare, impact on supply chains, manufacturers and hospitals during the lockdown, need for a regulatory system for medical equipment industry and choosing quality over price competency to ensure ethical products and technologies are the medical field.
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