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As one of the fastest developing industries , medical equipments
manufacturing is driven by scientific advancements and government
initiative to support such kind of healthcare programs . Additionally
things like emerging technologies Including the Internet , machine
learning, and artificial intelligence, have enabled medical device
manufacturers to automate their product development and
manufacturing processes. The medical equipments manufacturing
industries are expected to be worth $430 billion by 2020. However,
with the rapid evolution in the medical devices market, increasing
production costs, tighter regulatory environment, very vast licensing
processes and the need for high-value resources and expertise,
medical device manufacturers are challenged to remain competitive.
How India has developed to be one of the most approached medical
device manufacturing hub Throughout the world
The health care industry and medical equipments manufacturing
industries part in India has rapidly progressed in the last few years .
Today, the nation is well situated in the medical devices area for
redistributed agreement plan, advancement, and assembling. The
attention on configuration to-cost and presence of enough resources
makes India as an suitable destination for manufacturing medical
devices .
Here are five reasons why India is an ideal place to manufacture
clinical gears –
1 ) Skilled resources – India has one of the world’s most broad base of
engineers with demonstrated area skill, information on item lifecycle,
recognition with developing plan and specialized apparatuses, just as
the attention to current assembling difficulties alongside bespoke
knowledge of technologies that could help them in operations .
Somewhere between 2009 and 2016, the Indian clinical gear
manufacturing industry developed at a very high CAGR of about
15.8%, which is higher than the worldwide development rate for this
industry . Not only this around 750+ private players, the industry has
seen the establishment of more than 250 tech startups as of now .
Excellent communication and technological skills make Indian teams
easy to work with.
2) Government initiatives and schemes offered to the medical
industry – Schemes like Make in India program are centered around
boosting producing in the nation so that the country itself can become
self reliant , not only this , this also aimed at increasing the exports
which inturn will bring foreign exchange to the country .industries like
clinical gear manufacturing industry is an essential recipient for this .
Special projects and approaches have been set up that makes it simpler
to collaborate with Indian manufacturers , changing the view of the
administration from that of a controller to a facilitator. The nation’s tax
system of Goods and Services Tax (GST) is likewise considered as a
favorable step for medical devices manufacturing units . The
Government of India has also approved medical device parks to be set
up in the states of Telangana, Andhra Pradesh, Tamil Nadu, and Kerala
to offer a plug and play framework to companies looking to set up
manufacturing operations in India. Such dedicated hubs will also enable
easy access to setup a medical devices manufacturing unit in India .
3 ) Cost friendly operations – Assembling of clinical gadgets industries
in India has generous cost points of interest because of lower raw
material and labour cost . As compared to china the nominal wage cost
for labour is $3 in India while it is $9 in China. Apart from this
advancement in new technologies also helps to raise down the cost of
production .
Conclusion
All these things have led India’s medical devices market as the fourth
largest in Asia — after Japan, China and South Korea — at over $10
billion and is projected to grow to $50 billion by 2025.
Currently, India has 750-800 medical device manufacturers, with an
average investment of Rs 170-200 million and an average turnover of
Rs 450-500 million and is expected to grow at a very good rate in future