India’s exports of medical consumables, disposables surged by 60% in 2022-23

Accordint to the data , there is a reduction in imports of medical consumables and durables to USD 1.09 billion in 2022-23 from USD 1.47 billion in 2020-21.

Organized by the Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, in collaboration with the Confederation of Indian Industry (CII), the event aims to decrease import dependence from the current 75 per cent to 50 per cent within the next five years.

Despite these positive trends, India still has a significant distance to cover in achieving self-reliance (Aatma Nirbhar) in the medical industry.

“The sector has witnessed a surge in imports, driven primarily by countries like the US, China, and Germany, however, India’s robust policy ecosystem presents opportunities for export boosts and reducing import dependence through domestic manufacturing” said Dr Arunish Chawla Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers.

The key insights shared during the event included a mission statement for the MedTech sector, aiming for self-reliance, reduced import dependence, and enhanced export competitiveness through value-added manufacturing.

India currently ranks as the 4th largest market for medical devices in Asia and among the top 20 globally….The only sector where India’s exports exceed imports is consumables and disposables.

The Stackathon’s logic model aims to transition from input to impact by understanding the ecosystem, mapping value chains, identifying critical issues, and formulating a right policy framework.

During the event the stakeholders also emphasized the importance of fostering industry-friendly policies, streamlining regulatory frameworks, and extending support to micro, small, and medium enterprises (MSMEs) through targeted incentives and technology funds to realize the sector’s full potential.