ADVERTISEMENT
India becomes net exporter of medical consumables
In 2022-23, India exported medical consumables and disposables valued at $1.6 billion.
.jpg)
Representative Image / Pexels
India has become a net exporter of medical consumables and disposables for the first time, a significant shift from its previous status as a net importer of products like needles and catheters.
In 2022-23, India exported medical consumables and disposables valued at $1.6 billion, surpassing imports, which totaled around $1.1 billion, according to Union pharma secretary Arunish Chawla.
Exports increased by 16 percent compared to the previous fiscal year, while imports saw a notable decline of 33 percent. The government aims to replicate this success in other segments like surgical instruments and electronic equipment to reduce dependency on imports, stated Chawla during an event jointly organized by his department and the Confederation of Indian Industry (CII).
The government intensified efforts to reduce import dependence on crucial pharmaceutical products and devices following the Covid outbreak, particularly after China restricted supplies ranging from basic chemicals to PPEs and testing kits.
India's reputation as the "pharmacy of the world" is built on its production of generic medicines and cost-effective vaccines. However, despite this, the country still relies heavily on imports for medical devices, with approximately 70 percent of these products sourced from other countries.
China remains one of the primary sources of imports in the medical device sector. The Indian government has categorized the medical device sector into several segments, including cancer therapy, imaging, critical care, assistive medical devices, body implants, surgical instruments and hospital equipment, consumables and disposables, and IVD instruments and reagents.
Discussions are underway to identify key medical devices within each segment, analyze their import-export dynamics, evaluate duty structures, and assess their implications across the value chain.
"During Covid, demand for consumables and disposables increased tremendously which pushed the industry towards augmenting its manufacturing," said Himanshu Baid, chairman of CII's national medical technology forum.
ADVERTISEMENT
ADVERTISEMENT
E Paper
.jpg)
.jpeg)
.jpg)
Comments
Start the conversation
Become a member of New India Abroad to start commenting.
Sign Up Now
Already have an account? Login