Poly Medicure Limited (POLYMED) is a medical devices company dedicated to providing the highest quality healthcare. Innovation plays a crucial role in its operations, with a strong commitment to offering safe and high-quality products to the medical fraternity and patients, ensuring care at all levels. The company strives to be a world-class manufacturer and supplier of medical devices by actively pursuing excellence and customer satisfaction.
In an exclusive interview with The Sunday Guardian Himanshu Baid, Managing Director, Poly Medicure Ltd said, “Programs like ‘Make in India’, and the recent Medical Devices Scheme have given a substantial boost to domestic manufacturing”
Q. India’s medical device industry is expanding rapidly. What key factors are driving this growth, and how do you see India competing globally in this sector?
A: India’s MedTech industry has emerged as a beacon of growth, poised to redefine healthcare on a global scale. India’s path to emerging as a global MedTech leader is strongly supported by the government’s forward-thinking policies that promote growth and innovation in the sector. Programs like ‘Make in India’, and the recent Medical Devices Scheme have given a substantial boost to domestic manufacturing. Furthermore, the government’s emphasis on simplifying regulatory frameworks and expediting medical device approvals has facilitated a smoother path to market entry.
This has led to a surge in Foreign Direct Investment in the healthcare sector, strengthening India’s appeal as a prime destination for global investors exploring growth opportunities in MedTech. Additionally, the emergence of HealthTech startups focused on artificial intelligence, robotics, IoT, and other cutting-edge technologies is transforming the MedTech landscape. These startups are leading the way in creating solutions that enhance healthcare delivery, improve patient outcomes, and drive cost efficiency. Moreover, India boasts a wealth of technical talent. These skilled engineers and scientists are capable of driving innovation across various domains of medical technology. They are playing an instrumental role in advancing research, development, and manufacturing capabilities in the MedTech sector.
Q. What are some of the biggest challenges Indian medical device manufacturers face today?
A: The government has been working continuously to support the MedTech industry in India; however, there are still a few challenges that medical device manufacturers are facing. These as navigating complex regulatory frameworks, limited public-private partnerships between industry, government, and academia, and constraints in funding for research and development. Additionally, the industry relies heavily on imports of raw materials. Medtech sector is also facing fewer collaborations between industry and academia, and combats a gap between educational curricula and industry needs.