To accelerate the growth of medical technology sector in the country
Medical Technology Association of India (MTaI) has been recently launched in India with an aim to accelerate the growth of medical technology sector. MTal represents key research – based multinational companies with significant investments in the country.
Current data revealed by MTaI reveals that investment in the medical devices sector shot up to $ 161 million (in calendar year 2015) from $ 60 million (average annual yield) post the announcement of 100 per cent FDI under automatic route in India in January 2015.
Pavan Choudary, Director General, MTaI said, “The medical devices industry has a huge potential to significantly contribute to the country’s GDP. Domestic as well as global players in India including indigenous manufacturers and importers, have together contributed to the growth of the sector. MTaI recognises the efforts made by the government for the development of MedTech sector.”
The association believes that global players in this sector have contributed significantly by bringing basic and advanced medical technologies to address patient needs in India. Investments have been made to train the medical fraternity, by bringing in FDI and technology, due to consistent efforts made by the government.
The association also appreciates the efforts of indigenous manufacturers who have significantly contributed to the sector through innovation and development of low cost basic devices and earning foreign exchange through exports.
The founding member companies include major names such as Johnson & Johnson, Bausch & Lomb, Smith & Nephew, CR Bard, Terumo, Boston Scientific and Vygon. Several other members have joined since its inception
MTaI looks to partner with Government of India in setting a roadmap for growth of medical devices sector by bringing in even bigger investments in this sector, through ‘Make in India and through technology upgradation and dissemination in the provider space.
The goals of MTaI includes the promotion of good business practices in the industry. According to Mtal, it has not only adopted the enclosed internal code of conduct but also seeks corporate governance policy/ ethics policy/ undertaking from each of its members.
EH News Bureau
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