In a bid to revolutionize India's burgeoning MedTech sector, Dr. Arunish Chawla, Secretary of the Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers, inaugurated the MEDITECH STACKATHON 2024 in collaboration with the Confederation of Indian Industry (CII) today. The event, held in New Delhi, marks a significant milestone in India's journey towards becoming a global leader in medical technology.

The MEDITECH STACKATHON is a pioneering initiative aimed at instigating transformative changes within India's MedTech landscape. By conducting a comprehensive analysis of select medical devices across the value chain, the initiative seeks to address critical challenges, promote domestic manufacturing, and reduce import dependence. This collaborative effort involves close consultation with industry leaders, policymakers, and experts to drive innovation and foster growth within the sector.

Accompanying Dr. Chawla at the launch were Shri RP Singh, Joint Secretary of the Department of Pharmaceuticals, and Shri Himanshu Baid, Chairman of the CII National Medical Technology Forum, along with other senior officials and industry representatives.

In his address, Dr. Arunish Chawla underscored the immense potential of India's MedTech industry, projecting a remarkable growth rate of 28% annually, with an estimated value of USD 50 billion by 2030. Currently, India stands as the 4th largest market for medical devices in Asia and ranks among the top 20 globally. However, Dr. Chawla highlighted the sector's significant reliance on imports, emphasizing the need for robust policies to promote domestic manufacturing and boost export potential.

Emphasizing the importance of collaborative efforts between policymakers and industry stakeholders, Dr. Chawla stressed the necessity of formulating a robust policy framework to drive growth within the MedTech sector. He emphasized the paramount importance of ensuring quality standards to enhance India's global competitiveness.

Dr. Chawla also noted the positive trend of exports surpassing imports in consumables and disposables, urging the industry to maintain momentum across all pillars of the MedTech sector.

The STACKATHON aims to address various challenges within the medical devices industry through focused discussions across eight thematic groups. These groups will delve into areas such as Cancer Therapy, Imaging, Critical Care, and Surgical Instruments, among others, to identify key issues and opportunities within each segment.

Himanshu Baid of CII echoed Dr. Chawla's sentiments, emphasizing the need for collaborative excellence to drive tangible outcomes within the MedTech industry. He highlighted India's MedTech exports surpassing 4 billion dollars and expressed optimism about capturing 10% of the global market share over the next decade. However, he emphasized the importance of enhancing data collation mechanisms and fostering industry-friendly policies to support the sector's growth trajectory.

Against the backdrop of immense potential, the MEDITECH STACKATHON 2024 sets the stage for a collaborative journey towards innovation and self-reliance in India's MedTech sector.