The US-India Business Council (USIBC) Medical Device Trade Mission is "excited about the opportunities in India" from Prime Minister Modi's "Make in India, Innovate in India" initiatives and expects the sector to grow to $7.7 billion by next year.
"We have identified opportunities to continue collaborating with the government of India in support of its priorities to attract investment and talent to the medical device sector," said Maulik Nanavaty, president for neuromodulation at Boston Scientific, who led the delegation on its recent visit there.
"India has made considerable strides in developing innovative industries across a number of sectors and maintains strong potential to do the same in medical devices."
He added in a statement on Friday: "The time is opportune to fulfill the government's mandate of Make in India and Innovate in India."
The Indian medical device industry is currently valued at $4.4 billion, making it the fourth largest in Asia, and has the potential to grow to $7 billion by 2016 with a growth rate of 10 to 15 percent annually, USIBC said.
"The medical device industry, which forms a critical segment of the healthcare industry, is going through rapid transformation in India and is projected to grow at a higher rate as health insurance becomes more widely available," USIBC director Amy Hariani said.
The mission included officials from leading US companies like Abbott, Medtronic, Zimmer, Johnson & Johnson, Quintiles, General Electric, Varian Medical, and AZB & Partners and visited New Delhi and Gandhinagar. They met with representatives of several government departments as well as the private sector.
The delegation has urged the government to pass separate legislation for medical devices, which are currently covered by laws for pharmaceuticals and cosmetics.