MEDITECH STACKATHON 2024 is an initiative involving a collaborative effort between the Department of Pharmaceuticals and the Confederation of Indian Industry (CII). It aims to unlock India’s potential in the MedTech sector. A press release on this launch was issued on May 7, 2024.
The Indian MedTech industry is projected to grow at a staggering 28% annually, reaching a value of USD 50 billion by 2030.
Currently, India is the 4th largest market for medical devices in Asia and among the top 20 globally.
Challenges and Opportunities
- Despite significant growth, India relies heavily on imports, with a net import value of USD 4.1 billion in 2022-23.
- The emphasis is now on reducing import dependence and boosting domestic manufacturing.
The Secretary of the Department of Pharmaceuticals emphasized the importance of policymakers and industry leaders working together to create a robust policy framework for MedTech growth. He asserted that focus on quality is crucial to ensure global competitiveness.
STACKATHON Objectives:
- Participants will analyze various medical device segments, identifying challenges and opportunities.
- Value chains will be mapped to pinpoint key stakeholders, processes, and dependencies.
- Critical issues like import dependence, regulatory hurdles, and technological gaps will be addressed.
The STACKATHON will delve into eight key areas, including cancer therapy, imaging, and critical care devices.
Each group will have specific tasks, such as identifying crucial medical devices within their segment and assessing import-export dynamics.
Additionally, the CII Chairman highlighted the industry’s potential to capture 10% of the global market share in the next decade. He emphasized the need for better data collection and industry-friendly policies.
The MEDITECH STACKATHON 2024 signifies a collaborative effort to propel India’s MedTech sector towards self-reliance and innovation. By harnessing the expertise of stakeholders, this initiative aims to position India as a frontrunner in the global MedTech arena.
