'India has the Potential to Become Self-sufficient in the Next 10 years'

Dr GSK Velu, Managing Director, Trivitron, discusses how the Indian medical device industry, which is full of opportunities, can be at the forefront with the help of government initiatives, with Arshiya Khan. Excerpts:

 

Please elaborate on the market scenario of medical device technology in India

According to official statistics, the number of clinics and hospitals has increased almost four times from that in the 1950s. This has also increased the demand for medical equipment which has made the medical device sector one of the most promising markets in India. Even more alluring than the size of the market is its projected growth. The demand for medical equipment is rising annually at an impressive rate of 15 per cent. The Indian healthcare sector has seen progressive increase in investments in healthcare infrastructure and facilities, especially hi-tech medical devices.

With input industries to medical technology sector such as electronics industry, biotech industry, IT industry and sheet metal fabrication booming in India, India can easily position itself as an alternate medical equipment and devices manufacturing destination to China, if the Government of India provides right impetus to this initiative.

Can you track the growth and trends in this segment?

Overall, medical equipment forms a promising opportunity within healthcare. An analysis by Ernst & Young pegs the global/domestic medical equipment industry at $2.17 billion (Rs 9,790 crore) in 2006 growing at 15 per cent per year, to reach $4.97 billion (Rs 22,396 crore) by 2012.

Continue Reading: http://www.expresshealthcare.in/200804/market06.shtml