New Delhi: In a significant public-private collaboration aimed at making India a global manufacturing hub of medical devices, the Association of Indian Medical Device Industry (AiMeD) and Invest India have signed a memorandum of understanding (MoU) to promote and facilitate ‘Ease of Doing Business, Promote Manufacturing and provide Hand Holding Services while aiming to transform India into a Global Medical Devices Manufacturing Hub in keeping with ‘Make in India’ mission.
AiMeD is the leading voice of domestic medical device manufacturers while Invest India is the official investment promotion and facilitation agency of the Government of India, mandated to facilitate investments into India.The MoU was signed by Mr Rajiv Nath, Forum Coordinator, AiMeD on behalf of the industry body and Mr Deepak Bagla, Managing Director, Invest India.
According to credible estimates, India imports over Rs 30,000 crores of medical devices, which is nearly 70 percent of its requirement. In addition, there is an equally huge export potential to the tune of INR 50,000 crore!
AiMeD and Invest India will jointly work with various Central Government and State Government Departments & Agencies to establish appropriate policies and regulatory framework to promote manufacturing of medical devices and components on a day to day basis. Both the partners will reach out to all Tier 1, Tier 2 and Tier 3 companies in major medical devices destinations like Taiwan, Japan, South Korea, Italy , Israel , Germany, USA etc with the objective of technology sourcing and manufacturing JVs for India. Both will jointly host international road shows including conferences, seminars, exhibitions to promote manufacturing in India and to apprise potential investors of the policies, investment and manufacturing opportunities available in India related to medical device and component sector.
“We are honoured and delighted to join forces with Invest India to work as their knowledge partners on practical strategies to realize Make in India. This landmark public-private partnership will help India become the top 5 global hub for medical device manufacturing,” said an elated Mr Rajiv Nath, Forum Coordinator, AiMeD.
“We know the roadblocks that need to be addressed for both Indian and Overseas Investors and will focus on getting collaborations and joint ventures with midsized Indian companies with midsized overseas manufacturers and OEM relationships with large overseas companies. This MoU will create basis for implementing a coordinated cooperation in achieving the manufacturing objectives as was recently done for Indian Cellular Industry. I have a vision of India being amongst Top 5 Manufacturing Hubs of Medical Devices and this MoU will help realize it by giving a big strategic push to manufacturing and innovation in Indian medical device industry while promoting Ease of Doing Business in India,” Mr Nath added.
Mr Deepak Bagla, Managing Director, Invest India said “We look forward to work with AiMeD to bring in investment to the medical devices sector in India and convert India into a global Medical Devices Manufacturing Hub.”
Medical device sector is being seen as the next big thing after IT industry and India has the potential to emerge as a major exporter on the lines of pharma products. Government of India has now added medical devices as one of the flagship sector to catapult its ambitious ‘Make in India’ mission. The MoU between AiMeD and Invest India is in tune with realizing these national objectives, mentioned the press release issued by AiMeD.