Meditech Stackathon 2024 Launched to Propel India’s MedTech Sector

New Delhi: Dr. Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, inaugurated the MEDITECH STACKATHON 2024 in collaboration with the Confederation of Indian Industry (CII) in New Delhi today. The MEDITECH STACKATHON marks a pioneering initiative aimed at driving transformative change within India’s burgeoning MedTech sector by conducting a comprehensive value chain analysis of select medical devices. This collaborative effort, which brings together industry leaders, policymakers, and experts, seeks to address critical challenges, foster domestic manufacturing, and reduce import dependence, thereby positioning India as a global leader in medical technology.

Joint Secretary of the Department of Pharmaceuticals, RP Singh, and Chairman of the CII National Medical Technology Forum, Shri Himanshu Baid, along with other senior officials of the Department and representatives of the industry, graced the occasion.

Dr. Chawla underscored the immense potential of India’s MedTech industry, highlighting projections estimating a staggering annual growth rate of 28%, with the sector poised to reach USD 50 billion by 2030. He noted that while India currently ranks as the fourth-largest market for medical devices in Asia and among the top 20 globally, there exists a significant opportunity to reduce import dependence through robust domestic manufacturing.

Emphasizing the importance of collaborative policymaking and industry engagement, Dr. Chawla stressed the critical need to focus on quality to ensure global competitiveness. He lauded the recent surge in exports in consumables and disposables, urging the industry to maintain momentum across all pillars of the MedTech sector.

The STACKATHON, comprising eight focused groups covering various segments such as Cancer Therapy, Imaging, Critical Care, and Surgical Instruments, among others, will delve into the complexities of different product segments within the medical devices industry. Participants will analyze and map value chains, identify critical issues hindering industry development, and propose actionable solutions to enhance both the ease and cost of doing business in the sector.

Himanshu Baid, Chairman of CII, echoed a vision of collaborative excellence, emphasizing the need for stakeholders to unite in driving tangible outcomes and propelling the MedTech industry towards unparalleled growth. With India’s MedTech exports surpassing 4 billion dollars, Baid highlighted the industry’s poised trajectory of remarkable expansion. He stressed the importance of fostering industry-friendly policies, streamlining regulatory frameworks, and extending support to Micro, Small, and Medium Enterprises (MSMEs) to unlock the sector’s full potential.