Medtech sector needs to become $200 bn industry by 2030: Pharma secy

India’s MedTech sector needs to become a $200 billion industry by 2030, Pharma Secretary Arunish Chawla said on the sidelines of the Confederation of Indian Industries (CII) Life Sciences Summit on Friday.

'To reach the desired target of $200 billion, the industry needs to grow in double digits year-on-year while reducing dependence on imports and focusing on expanding exports,' he noted.

India is currently the third-largest pharmaceutical industry in the world by volume, with a market size of around $50 billion, according to the Ministry of Chemicals and Fertilisers.

Speaking on the recent performance of the MedTech sector, Chawla said that it forms 10 per cent of the manufacturing sectors in India. 'By 2030, we need to maximise this rate to 20 per cent by scaling up manufacturing and enhancing exports,' he added.

Chawla added that there is a need for completely rethinking the research and development policy framework. 'We need to move from publications to patents and have a mechanism for sponsored research-oriented degrees.'

He also gave an update on the awaited guidelines for the Promotion of Research and Innovation in Pharma and MedTech (PRIP) scheme. 'The government, industry, and academia are working together on detailed guidelines for the PRIP scheme,' he said.

The Pharma Secretary pointed out that ultimately there would be a need to pool together both public and private resources. 'MedTech is a resource-intensive sector, and the government and industry would not be able to sponsor research of this magnitude by themselves,' he added.