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Revolutionizing India's MedTech Sector: Meditech Stackathon 2024
On May 7, 2024, Dr. Arunish Chawla, Secretary of the Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers (MoC&F), launched the Meditech Stackathon 2024 in New Delhi, Delhi, in collaboration with the Confederation of Indian Industry (CII). This initiative aims to revolutionize India’s MedTech sector through comprehensive value chain analysis of select medical devices, fostering innovation, and reducing import dependence in order to drive innovation and self-reliance in the medical sector.
What is the Meditech Stackathon?
Through the STACKATHON, participants will analyze diverse product segments; identify key stakeholders, and challenges hindering industry development like import dependence, regulatory hurdles, and technological gaps. It consists of 8 focused groups:
- Cancer Therapy
- Imaging
- Critical Care
- Assistive Medical Devices
- Body Implants
- Surgical Instruments and Hospital Equipment
- Consumables & Disposables
- IVD (In Vitro Diagnostic) Instruments and Reagents
Each group is tasked with specific objectives such as segment-wise device identification, import-export dynamics analysis, and examination of duty structures.
Key Points:
- India’s MedTech industry is projected to grow at 28% annually, reaching USD 50 billion by 2030.
- India ranks 4th in Asia and top 20 globally in the medical devices market. Net imports for 2022-23 totaled USD 4.1 billion, with an import coverage ratio of 0.45.
- Quality focus is crucial for global competitiveness.
- Exports have surpassed imports in consumables and disposables in 2023.
Joint Exercise: Gagan Strike-II
On May 7, 2024, the Ambala, Haryana-based Kharga Corps, under the Indian Army (IA)’s Western Command, and the Indian Air Force (IAF) concluded Gagan Strike-II, a three-day Joint Exercise across multiple locations in Punjab.
