The Incubation Centre at IIT Patna, established with a mission to make medical technology affordable and accessible to common people, has a special focus on helping medical electronics companies to drive the growth of this sector which is heavily dependent on imports.
India is a rapidly growing healthcare market. While pharma sector dominates the overall healthcare market in India, the medical electronics devices sector, which is a sub-section of the medical devices industry, is relatively small with its contribution at less than six per cent market share. However, the scenario is evolving in recent years with the medical electronics market in India, estimated to be at $7 billion by 2020, expected to be very attractive for Indian and international manufacturers alike.
Factors Driving the Growth
According to a recent Deloitte study, major factors driving the growth of medical electronics sector are the increased spending capacity on healthcare due to steadily growing overall economic environment, a population which is aging, an increased disease burden in the form of communicable and chronic diseases and an increased awareness on presentation.
Opportunities and Challenges
Despite the promising state of the market, the Indian healthcare environment remains highly dependent on imports. “According to a US-based study, 75 per cent of the medical devices market is import oriented. The major challenges for the medical electronics startup companies in India are the availability of the equipment and laboratories specifically aimed at medical devices along with expert advice from medical and technology domain.
In an entrepreneurial environment heavily inclined towards IT/ITes and e-commerce sectors, startup companies in medical electronics struggle to survive.
IIT Patna, with a mission to make medical technology affordable and accessible to common people, approached Ministry of Electronics and Information Technology with a proposal to establish a Technology Business Incubator having a special focus on medical electronics.
Incubation Centre IIT Patna
The Government of India, under its “Make in India” initiative, is giving tremendous support to Indian companies in the medical devices manufacturing sector. IIT Patna, with a mission to make medical technology affordable and accessible to common people, approached Ministry of Electronics and Information Technology with a proposal to establish a Technology Business Incubator having a special focus on medical electronics. With matching funds from the Government of Bihar, Incubation Centre, IIT Patna, has now become a reality. Located at the IIT Patna campus, the incubator is all set to onboard more companies.