Emerging Opportunity for Medical Equipment Manufacturing in India | Miraclus

1. Emerging Opportunity for Medical Equipment Manufacturing in India The COVID lockdown scenario and the demand by Indian Prime Minister Narendra Modi to become more self-reliant, or Aatmanirbhar, have created several possibilities in various industries. The manufacturing of medical equipment is one of them. When compared to industrialized nations such as the United States and the United Kingdom, the cost of healthcare in India is about 35% lesser. That is why many international visitors visit India to get affordable medical care. According to the research and survey, the domestic demand for preventive healthcare is likewise increasing at an exponential rate. The medical equipment manufacturing industry has been expanding at an 18% CAGR and is anticipated to be worth $100 billion within the next 2-3 years. The existing demand and supply-side dynamics present a significant potential for indigenous producers to manufacture medical equipment in India such as orthopedic plates and screws for internal bones fixation. Medical Equipment Industry May Get Expanded Currently, India imports around 85-90 percent of advanced medical equipment from foreign nations. During the year 2019-2020, there was almost Rs 4560 crores of medical devices were imported from China. However, India is considered to be one of the top 20 medical equipment manufacturing nations with a market value of over US$ 11 billion. The medical equipment industry is expected to expand to US$50 billion in the next five years. All thanks to undertaken by the Central Government, such as the Ayushman Bharat plan, which aims to provide everyone with access to inexpensive health care services. Currently, local medical equipment manufacturers are jumbled in the development and production of low-end items for foreign and domestic use. After China, Japan, and South Korea, India is considered to be Asia’s fourth-largest market, with a potential growth rate of 28 percent. numerous programs, which are Niti Aayog to Promote Medical Equipment Producers Niti Aayog, the Government of India's think tank, has begun developing a road map for the development of medical equipment producers in the country. However, the government has also authorized 100% FDI in firms that manufacture medical equipment under the automated method. The Indian government has already devised plans to remove all impediments and give tailor-made solutions in order to attract investment and turn India into a medical device manufacturing powerhouse. However, medical Instruments manufacturing companies in India consists of five segments such as: ● Patient aids – Pacemakers, hearing aids

2. ● ● ● Dental products – Braces, dentures Prosthetics – Knee implants, artificial joints Disposal and consumables – Needles, syringes Make in India to Establish Medical Manufacturing Hubs Several state governments have taken on the responsibility of establishing medical device manufacturing hubs in their respective states under the Make in India project initiated by the central govt. The state government of different states that have received clearance from the Government of India to do so. In the country, six medical device manufacturing hubs will be established in states like Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Sikkim, and Maharashtra. These hubs will improve the local manufacture of high-end medical equipment at a cheaper cost while significantly increasing employment creation at the same time. The growing crisis has demonstrated the ability of Indian manufacturers to ramp up production to meet increased demand for ventilators, PPE kits, and other survival equipment. However, there are several dilemmas that the government must overcome in order to develop the country into a manufacturing powerhouse for medical equipment. To begin, infrastructure such as logistic channels and supply chain must be established. The production process is hampered by erratic power supplies in various regions of the country. The government should also take efforts to decrease the high cost of financing for domestic firms. On the other hand, the medical equipment merchandisers have been demanding to reduce GST (Goods and Service Tax) on the medical equipment from 18% to 5%. Due to the high GST rate, it is become more cost effective to import equipment rather than producing it in the country. However, there is also a demand to rationalize custom duty taxes on essential components that are being used during medical manufacturing in India. It will further assist the government if they start incentivizing high-end medical manufacturing hubs in order to encourage the production of these products in India. In order to maintain high-quality standards and build a robust healthcare ecosystem in India, the government needs to put form and build a strong regulatory framework. However, if you are looking for affordable medical devices, Miraclus has got you covered! Being one of the leading medical instruments manufacturing companies in India, Miraclus provides top-class orthopedic plates and screws, and other medical equipment at the affordable cost. They have come up with advanced technology to cure spinal-related problems as well. Moreover, Miraclus though believes in innovating, developing, manufacturing, and marketing state-of-the-art' orthopedic implants and tools to meet every patient's need to get world-class quality orthopedic implant treatment at a budget-friendly price. So, what are you waiting for? Get your top-class medical equipment and orthopedic treatment with Miraclus and live a healthy life ahead!

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