Mr Vasant G Shah, VP, Medical Electronics Business Unit, Tata Elxsi. The company provides product engineering and regulatory compliance services to medical devices companies
How do you define medical outsourcing? What is its relevance in the Indian context?
Outsourcing is definitely not a new phenomenon and with the healthcare industry experiencing an accelerating growth, medical device outsourcing is the new found appeal. Medical devices outsourcing domain includes services to targeted functions including product design, research and development, production, engineering services, and supply chain management.
With the new technologies, advanced manufacturing processes, intense competitive marketplace and complex regulatory environment, more and more medical device manufacturers are considering outsourcing as a way to help lower costs, reduce time-to-market, increase agility, and boost their return on investment. In addition, product re-targeting for emerging markets like India and Africa is also a factor.
How big is the medical tech sector in India? What can propel growth?
The medical tech sector in India is currently valued at $6.3 billion (CII Report). Growth can be propelled both from the internal and external factors. Improvements in healthcare infrastructure and technology, innovation of low cost medical devices for the emerging markets and establishments of Indian captive centers by global leaders in this business can propel growth internally.