Startups in Bengaluru are with the new medical device policy
The National Medical Devices Policy 2023 announcement by the Centre has delighted city-based biomedical device manufacturers, especially the startups. They are confident that the strategy will greatly increase the production of medical devices, notably in Bengaluru. Startups are optimistic that the new regulation will contribute to the industry's independence. According to Leo Mavely, CEO of the medtech business Axio Biosolutions, "this is a significant step in the right direction for the medical device ecosystem of India."
Only robust local manufacturing would enable India's medical device industry avoid becoming heavily dependent on imports, according to the expert. Significant firms Siemens and GE have already built their corporate headquarters and R&D facilities in Bengaluru.
Through six policy interventions, including the streamlining of the regulatory system, the strategy is anticipated to enable the medical devices sector grow from its current $11 billion in revenue to $50 billion in revenue by 2030. The strategy, according to Mudit Dandwate, CEO of Dozee, which develops solutions for remote patient monitoring, will strengthen Bengaluru's complete medical device eco-system.
The regulation, according to K Chandrasekhar, founder and CEO of top ophthalmology device manufacturer Forus Health, is a boost for domestic innovation-based medical device companies. The government's concentration on domestic medical gadgets is positive. According to him, India has the potential to rank among the world's top producers of medical devices.
Chandrasekhar emphasised that India's capacity for working with a sizable patient population and availability of a pool of top medical professionals will enable us to advance in the development of next-generation medical equipment that are combined with advanced technological capabilities like artificial intelligence.
