Mr Amitabh Kant, DIPP secretary along with Mr Pavan Choudary, chairman, Medical Technology Division of the CII unveiling the CII-BCG Vision Document - 2025
Speaking at the 7th medical technology conference organised by the Medical Technology Division of Confederation of Indian Industry (CII) in New Delhi on August 20, 2014, Mr Kant said "Therefore it is essential that the sector exploit the cost advantage, if it wants to compete with China in the global market."
Mr Kant, along with other union health secretary Mr Lov Verma and Dr K Vijay Raghavan, secretary, Department of Biotechnology (DBT) and leading captains of medical technology industry were present at the event to unveil the ‘Vision Document - 2025', an extensive report on the Medical Technology sector jointly prepared by CII and Boston Consulting Group.
As per the Vision Document, getting things right could lead to a $30 billion domestic market opportunity as well as setting up the right manufacturing capabilities could spur an additional $20 billion manufacturing opportunity for the Indian medical technology space.
The CII director general, Mr Chandrajit Banerjee, said, "Due to its pleasure and potential, CII is happy to acknowledge the Medical Technology Sector as a sunrise sector"
Expanding on the theme of effective governance, Mr Pavan Choudary, chairman, Medical Technology Division of the CII and managing director, Vygon India, said "Classification of medical devices as drugs, burdens the process of investment with fiscal policy obstacles and regulatory hurdles. It impacts FDI, technology transfer, local investment, manufacturing, operations, innovation and exports."
"The Vision Document - 2025 highlights the need for a dedicated, separate and globally harmonised regulation for medical devices," added Mr Himanshu Baid, co-chairman, CII Medical Equipment Division and managing director, Poly Medicure.