Indian medical device industry is worth over Rs 60,000 crore
Chief Minister of Andhra Pradesh, Mr Chandrababu Naidu has taken in-principle decision to develop a dedicated 200 acre industrial park for the manufacture of medical devices in his state. The decision was conveyed by Mr Naidu himself following an hour-long tripartite meeting between the CM and his senior officials, senior central government officials with the representatives of Indian medical device industry led by Forum Coordinator of Association of Indian Medical Device Manufacturers (AIMED) and Jt. managing director of Hindustan Syringes and Medical Devices, Mr Rajiv Nath.
The Association was able to impress upon Mr Naidu and the Central government representatives as to why it made tremendous sense to have such a facility. In particular, Mr Nath was able to bring out its criticality for the country as well as its contribution for industrial development and employment generation in the state and huge growth potential.
Indian medical device industry is worth over Rs 60,000 crore. And country's humungous import bill for this segment amounts to over Rs 23,000 crore (approximately $4 billion) while export amounts to only over Rs 7000 crore ($1.1 billion). India's import dependency on high-end medical devices is over 80 per cent and 60-70 percent for other devices And this is where the dedicated medical device park would be of great value - reducing humongous import dependency, increasing export while generating wealth and employment within.
"I am extremely thankful to Chief Minister Shri Chandrababu Naidu for recognizing the opportunity and taking a quick and firm decision to set up India's first medical device park in his state," said Mr Rajiv Nath.
"This will be a wonderful opportunity for the state to increase its industrial footprint, create employment while giving a big boost to import substitution for the country. We are truly excited with the decision," added Mr Nath.