India’s just announced National Medical Devices Policy 2023 will leapfrog research and development in the segment, and it gives the country a chance to capture nearly 10-12 per cent market share globally, industry participants say.
The policy, announced by the Union Health Minister Mansukh Mandaviya, envisage the sector to grow from $11 billion, at present, to $50 billion by 2030. Reducing India’s import bill in the segment is also seen as a priority.
