Key Points

New Delhi, Aug 29 (IANS) Urging the need to set bold goals for growth, Union Minister of Commerce & Industry Piyush Goyal on Friday said that the MedTech sector is a natural candidate for Atmanirbharata and self-reliance. Speaking at the 17th CII Global MedTech Summit 2025 in New Delhi, the Minister urged the industry to use the government’s Research, Development and Innovation Scheme to meet the aspirations of a vibrant India.

“For a Viksit Bharat by 2047, we all need to relook at our plans, ability to collaborate within the country and outside, become bigger and bolder, and aim for the sky. India cannot limit itself to modest goals, and the MedTech sector is a natural candidate for Atmanirbharata and self-reliance,” said Goyal.

The Minister commended the Indian MedTech industry for its remarkable growth and resilience, particularly during the Covid-19 pandemic. He praised the sector's contribution to making India self-reliant in healthcare and urged it to become a global leader in providing affordable, high-quality medical devices.

“India and its people rose together amidst the Covid-19 pandemic, with the world recognising India as the ‘Pharmacy of the World’. There is huge potential for the MedTech industry to grow at scale by relooking at its plans with the bolder challenges,” he added.

Further, Goyal urged the MedTech industry to shift from being a market for imported goods to becoming a global manufacturing and innovation hub. He stated that we need to secure our supply chains and build for export markets.

He also emphasised the need for a strong focus on research and development (R&D) to produce affordable, high-quality medical devices for both domestic and international markets.

“Negotiations for a comprehensive Free Trade Agreement (FTA) with the EU, Mauritius, Oman, UAE, Peru, and Chile are in advanced stages. We are also talking to the US for a Bilateral trade treaty,” said Goyal, while stating that these agreements will “open up new agreements, new opportunities, new markets, new investment and usher in scale, quality and innovation”.

“At the government level, we are taking measures to make it easier to do business, promote industry to ensure they’re able to capture relevant opportunities, while ensuring availability of high-quality healthcare throughout the country at affordable prices,” the Minister said.

Goyal issued a direct call to action, urging the industry to invest heavily in domestic manufacturing and R&D to produce next-generation medical devices in India. He also stressed the importance of skill development to build a talented workforce that can support the sector's ambitious growth plans. He called upon the sector to focus energies on preventive Healthcare and patient welfare.

- IANS