Indore (Madhya Pradesh):The Medical-Technology sector in the country has witnessed a record-breaking surge of $464 million foreign direct investments in the first three quarters of this year.
President of Medical Technology Association of India (MTaI) Pavan Choudary said that the MedTech sector has seen a significant increase in FDI, already clocking 464 million dollars in the first three quarters of 2023.
“This shows the high potential of the sector and global investors’ recognition of the same. The government’s focus on increasing the ease of doing business in the country, creation of globally harmonised regulatory regime for medical device sector and initiatives like the National Medical Device Policy (NMDP) 2023 and PRIP scheme has been welcomed by the industry as reflected by the growing confidence of investors,” Choudary said.
Addressing a press conference, he mentioned that the surge also indicates a shift in global dynamics, with western nations and Japan, increasingly favouring India as their preferred destination for friendshoring activities.
The MedTech FDI inflow for the first quarter of this year (Jan-March) was around $39 million, which rose to $301 million in the second quarter (April-June). For the third quarter (July- September), the figures were $124 million with a cumulative total inflow of $464 million for the period of January-September.
“MTaI member companies supply nearly 80 percent of the critical care medical devices and account for 70 percent of the overall medical device market share. Through its members’ investments in manufacturing, R&D and healthcare worker training it has served the Indian patient, while at the same time creating most of the market that exists in the country today,” Choudary added.
