Commerce and Industry Minister Piyush Goyal has called on India’s MedTech sector to set bold goals and leverage the government’s Research Development and Innovation Scheme to meet the aspirations of a vibrant, self-reliant nation. Speaking at the 17th CII Global MedTech Summit, Goyal praised the industry’s resilience during the COVID-19 pandemic and urged it to transition from an import-dependent market to a global manufacturing and innovation hub.
He emphasized the need to secure supply chains and build for export markets, highlighting the importance of research and development in producing affordable, high-quality medical devices. Goyal noted that advanced negotiations are underway for Free Trade Agreements with the EU, Mauritius, Oman, UAE, Peru, and Chile, along with discussions for a bilateral trade treaty with the United States. These agreements are expected to unlock new markets, investments, and opportunities for scale and innovation.
The Minister underscored the role of the Production Linked Incentive Scheme in boosting domestic manufacturing of high-value medical devices and reducing import reliance. He also pointed to increased government funding for R&D and streamlined regulatory processes aimed at faster approvals without compromising safety and quality.
Goyal urged the industry to invest heavily in domestic manufacturing and skill development to support next-generation medical devices. He stressed that MedTech innovations must prioritize affordability and accessibility, ensuring that healthcare solutions reach all segments of the population.
The summit, themed “Innovating for a Healthier Future – Advancing MedTech for Global Impact,” brought together policymakers, industry leaders, researchers, and clinicians. It served as a platform to align India’s aspirations with global expectations, reinforcing the shared mission of “Make in India, Make for the World.” Goyal reaffirmed the government’s commitment to supporting the sector’s journey toward global excellence in affordable healthcare.
