Opportunities in Medical device manufacturing.
Medical device manufacturing industry in India is in nascent stage. Medical device industry encompasses everything from patient monitoring to pain management . As pandemic hits us, industry facing so many challenges at global level in terms of disruption in manufacturing sector. Certain products like oximeter or temperature monitoring measure were not in much demand previously but suddenly there was increase in demand. Eventually medical device manufacturer got the opportunity. To boost the production and to encourage our manufacturer governments also taking initiatives likemedical device parkand launching scheme like PLI .
The vision of Atmanirbhar- bharat “means self-reliant India is to that ,the India should produce the product not just for Indian market but for the world. The advantages with these are like, it will create awareness that we are self- reliant and we can fulfill the market demand. Many industrialist has taken these initiatives positively and they started investing in the medical device manufacturing and we are assisting them asTurnkey project consultantfor their regulatory and manufacturing requirement.
The Make in India move is helpful for the local manufacturer as it focuses on strengthening the economy through own production. As the new disease and the pandemic continue to bob it’s head the demand for new equipment, quality oriented monitoring system increased. Presently medical device manufacturer have significant growth opportunity. Government of India putting efforts in research and development and100% FDIfor medical device to boost the market. India is land of many innovative and technically adapted entrepreneurs which makes India destination of choice for medical device. Bringing innovative medical devices to meet the need of the hour is the biggest challenge for the Indian medical device manufacturing industry. Technological dependency and dependency on international companies for the medical devices ,hassles of importing them are the other challenges in the sector.
These challenges can be turnout into the opportunity for the betterment of health care sector. Local manufacturing of these devices itself is big opportunity to make qualitative diagnosis. The right combination of entrepreneur with the advanced technology can bring world class healthcare and diagnostic facility to the citizens. The self- assessment devices witness heavy growth during pandemic. The devices like home glucose testing equipment, blood pressure monitor ,oximeter etc are the potential growth sector. The pandemic situation brought importance to immunization, many manufacturer consulted with us for thesyringe manufacturingunit as we aremedical device regulatory consultantand providing regulatory guidance to the medical device manufacturer. Medical device manufacturer need to be aware with updated regulations and for that we have launched the regulatoryNewsletter, which spread light on regulatory changes .
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