Satish Chandra Je, Vice President-R&D, Site Leader for Bangalore R&D, and Global Renal Care Systems & Hardware, Baxter stresses that R&D can support raising the standard and safety of medical devices. Investing in R&D can help improve the design and manufacturing processes, leading to better quality and efficacy of the products
In the last few years, the Indian medtech (medical technology) sector has grown rapidly. It is expected to grow at a compound annual growth rate (CAGR) of 37 per cent and reach US$ 50 billion by 2025. The growth is expected to be driven by factors such as a rise in the ageing population, favorable government policies, and increasing access to health insurance. Although the sector is booming, there is still a sizable disparity between India and other industrialised nations in terms of research and development (R&D) capacity. Investing in R&D can help boost the Indian medtech sector in several ways, including enhancing product innovation, improving quality and safety, and attracting foreign investment.
First of all, investing in R&D can lead to the development of new products that can meet the unique healthcare needs of the Indian population. For us to leapfrog and increase penetration we need to cater to the significant demand for affordable medical devices and diagnostic tools that can be used in remote areas. Such products can be developed with the aid of R&D and be cost-effective, dependable, and simple to use. Additionally, with the advent of new technologies like artificial intelligence (AI) and the Internet of Things (IoT), there is enormous potential to develop smart medical devices that can provide personalised healthcare solutions.
Secondly, R&D can support raising the standard and safety of medical devices. Investing in R&D can help improve the design and manufacturing processes, leading to better quality and efficacy of the products. Furthermore, it can help develop new testing and regulatory frameworks to ensure that medical devices are safe and effective. Once this happens then the opportunities will start evolving for India to become an exporter of medical devices to the rest of the world.
Thirdly, R&D can help in attracting international capital to India’s medtech industry. India is already becoming a centre for manufacturing in consumer sectors but to compete with other developed nations, the nation’s R&D capabilities must advance. Foreign investors will be more inclined to participate in Indian enterprises if there is a strong R&D ecosystem in place, which will promote the sector’s expansion. Furthermore, a focus on partnerships between Indian and foreign businesses can aid in the transfer of knowledge and technology, benefiting both parties.
To boost R&D in the Indian MedTech sector, several initiatives need to be undertaken. The government must increase funding for such initiatives through grants, tax benefits, and other measures. Universities and research institutions should develop strong partnerships with the industry to promote collaborative research. Finally, more emphasis must be given to training and developing skilled researchers and scientists to conduct high-quality research.
The government must focus on creating specialised facilities for R&D in medical equipment. These facilities can offer a dedicated area to bring together academics, professionals from the scientific community, and businesses to collaborate. Additionally, these centres can also provide training and support for small and medium-sized enterprises (SMEs) to help them develop innovative products and services.
It is crucial to develop a strong regulatory framework for the Indian medtech sector. A robust regulatory framework is essential to ensure that medical devices meet safety and efficacy standards and that companies are held accountable for their products’ quality.
In conclusion, R&D is essential for the growth of the Indian medtech sector. To achieve this, the government, industry, and research institutions need to work together to create a robust R&D ecosystem that encourages collaboration, innovation, and the development of skilled human resources. By taking these steps, the Indian medtech sector can continue to grow and contribute to the country.