The Indian Medical Technology (MedTech) industry is seeing a transformative phase. With a growing population, increasing healthcare awareness, and government initiatives, India presents a lucrative market for global MedTech companies. As of now, the market is about eleven bn USD and growing at about 15% CAGR, thanks to the years of deficit India has been carrying in the healthcare infrastructure.
MedTech development requires interdisciplinary domains to work in tandem and needed almost perceptive knowledge of clinical consequences of equipment design. This can only be acquired by years of presence in this field. This highlights non-negotiable dependency on global players in customising their products and services to suit Indian requirements. This will not only create opportunity to gain experience for these companies but also help saving millions of lives. It also offers learning from this vast data created by this equipment for further technology development. Thus, multinationals can strategically navigate the Indian MedTech landscape and unlock its immense potential.
Need for market research and Localisation: Indian strata is not homogeneous. It has diversity of weather, racial groups, lifestyles, food habits, and others which creates an opportunity to diversify. It also offers challenges to focus. Hence, before setting foot in India, multinationals must conduct thorough market research. Understand the demand for specific medical devices, diagnostic tools, and digital health solutions. It is important to look at current and future trends of clinical treatments and evaluate them without bringing any bias from more regulated marketplaces in the west. Localisation is critical – adapt products to meet local needs, considering factors like affordability, clinical preferences, and Indian regulatory compliance.
Regulatory compliance: India’s regulatory framework for medical devices is just evolving. Multinationals must follow the Medical Devices Rules, 2017, and obtain necessary approvals from the Central Drugs Standard Control Organisation (CDSCO).
But this also offers an opportunity of strategic partnerships while designing new products. There is a huge opportunity to work closely with hospitals, and research institutions. Conducting clinical trials in India and generating local data can strengthen product claims and accelerate adoption. Collaborate with Indian hospitals and research centres for evidence generation. Joint ventures or technology transfer agreements can also accelerate growth. Indian legal system is quite ready to give a safe and compliant platform for the same.
Intellectual property protection: Secure patents and trademarks in India is easier now. Understand the local IP laws and enforcement mechanisms is important, however, there is also increasing awareness and legal infrastructure to protect interest of the companies.
Pricing and affordability: India is a price-sensitive market. Multinationals have challenge of adopting to competitive pricing strategies without compromising quality. It is important to keep designs frugal and clinical priority based. Explore tiered pricing models to cater to different segments by creating modular product platform. Considering government procurement programs and public-private partnerships are also a key while designing.
Managing Director
Getinge India Pvt. Ltd.
Digital health solutions: India’s digital health ecosystem is expanding rapidly. Investment in telemedicine platforms, health apps, and wearable devices and point of care frugal Thera-diagnostic equipment are need of the hour. Leveraging data analytics for personalised patient care is a trend catching up. Collaboration with local tech start-ups and institutes to develop innovative solutions will be the way to go.
Skill development and training: Investing in skill development programs for healthcare professionals is must to bridge the skill gap. Conducting training sessions on using advanced medical devices, certification programs enhance credibility and build trust among stakeholders.
Thus, multinationals entering the Indian MedTech domain must blend global ability with local insights. Patience, adaptability, and a long-term vision are essential. India’s MedTech market offers immense potential, and those who navigate it strategically will reap the rewards. This is because success lies not only in innovation but also in understanding the pulse of India’s healthcare ecosystem where this innovation needs to prove its value addition.
