India : The 21st Century Haven for Medical Equipment
The post-pandemic world has healthcare as its top priority. Businesses, Healthcare Facilities and even government organizations across the globe are constantly seeking reliable sources for medical equipment.
India, with its burgeoning medical equipment sector and a history of successful medical tourism, is one of the best options for businesses worldwide looking to import medical equipment. In this article, Hospihawk explores why India is one of the best attractive destination for global businesses seeking to import medical equipment.
Association of Indian Medical Device Industry’s data reveals that in the first Nine Months of financial year 2022-2023, Export of medical devices from India has gone up by 17 Per Cent!
In the Financial year cycle of 2023 (April- December) the value has come up to Rs. 20, 511 Crores from Rs. 17, 557 Crores of the previous financial year.
1. Competitive Pricing
One of the most significant advantages India offers to global businesses is competitive pricing. The cost of manufacturing medical equipment in India is relatively lower compared to many other countries, including developed nations. This cost advantage allows Indian manufacturers to offer high-quality medical equipment at competitive prices, making it an attractive proposition for businesses looking to procure cost-effective solutions without compromising on quality.
2. Quality and Innovation
India's medical equipment industry has come a long way in terms of quality and innovation. Indian manufacturers have invested in state-of-the-art technology and research and development to produce world-class medical equipment. During the Global war against Corona, India played a significant role. Quoting from Press Information Bureau “India supported the domestic and global battle against COVID-19 pandemic through large scale production of medical devices & diagnostic kits, such as Ventilators, Rapid Antigen Test kits, Real-Rime Reverse Transcription Polymerase Chain Reaction (RT-PCR) kits, Infrared (IR) Thermometers, Personal Protective Equipment (PPE) Kits & N-95 masks.”
3. Diverse Product Range
India's medical equipment sector offers a wide range of products, including diagnostic equipment, surgical instruments, imaging devices, and therapeutic equipment. This diversity allows businesses to source a comprehensive array of medical equipment from a single destination, streamlining procurement processes and reducing logistical complexities.
4. Regulatory Compliance
Indian authorities have made significant efforts to align the country's regulatory framework with international standards. The implementation of the Medical Devices Rules, 2017, has streamlined the regulatory process, making it easier for global businesses to import medical equipment from India. This enhanced regulatory compliance offers confidence and assurance to international buyers. Additionally, National Medical Devices Policy, 2023 will bolster and improve the existing safeguards in addition to increasing the quality.
5. Skilled Workforce
India boasts a highly skilled workforce, including engineers, scientists, and technicians with expertise in medical equipment manufacturing. This pool of talent contributes to the development of cutting-edge medical devices, ensuring that businesses receive high-quality products tailored to their specific needs. This combined with India furthering new and better Entrepreneurship Policies, infrastructure and support will present every international buyer with an highly Favorable market.
6. Government Initiatives and Incentives
The Indian government has launched several initiatives to promote exports in the medical equipment sector. Under the "Make in India" campaign, businesses are encouraged to invest in manufacturing facilities in India. Additionally, various export promotion schemes and incentives are available to support international businesses in their endeavors to import medical equipment from India. We have National Medical Devices Policy, 2023 which will regulate streamlining across the nation while creating Single window systems, Enable cost and time effective infrastructure, facilitate research, Attract investment, Train personnel and boost the industry.
Conclusion
India's medical equipment sector is poised for significant global expansion, offering attractive opportunities for businesses worldwide seeking to import medical equipment. The combination of competitive pricing, high-quality products, diverse offerings, regulatory compliance, a skilled workforce, and government support makes India an ideal destination for international businesses looking to procure medical equipment. By tapping into India's thriving medical equipment industry, global businesses can not only meet their healthcare equipment needs efficiently but also benefit from the country's cost-effective and innovative solutions. Importing medical equipment from India may well be a strategic move for businesses looking to thrive in the global healthcare market.
