The Association of Indian Medical Device Industry (AiMeD) and Invest India have joined forces to source technology and boost manufacturing joint ventures in the country with an aim to transform India into a global medical devices hub, a media report said.
As per the MoU signed between the two bodies, they will reach out to Tier 1, Tier 2 and Tier 3 companies in countries like Taiwan, Japan, South Korea, Italy, Israel, Germany and the US to promote technology sourcing and joint ventures for India based company in keeping with the governments Make in India mission, the Economic Times reported.
The agreement was signed by Rajiv Nath, forum coordinator, AiMeD and Deepak Bagla, managing director, Invest India.
“The two organisations will also jointly host international road shows including conferences, seminars, exhibitions to promote manufacturing in India and to apprise potential investors of the policies, investment and manufacturing opportunities available in India related to medical device and component sector,” according to a statement.
We are honoured and delighted to join forces with Invest India to work as their knowledge partners on practical strategies to realise Make in India. This landmark public-private partnership will help India become the top five global hub for medical device manufacturing, Nath said.
We know the roadblocks that need to be addressed for both Indian and overseas investors and will focus on getting collaborations and joint ventures with midsized Indian companies with midsized overseas manufacturers and OEM relationships with large overseas companies, he added.
We look forward to work with AiMeD to bring in investment to the medical devices sector in India and convert India into a global medical devices manufacturing hub, said Bagla, managing director of the official investment promotion and facilitation agency of the Government of India.
India imports medical devices worth about Rs 30,000 per year, which is nearly 70 per cent of the countrys requirement.
The medical devices sector is being seen as the next big thing after IT and defence sectors and India has the potential to emerge as a major exporter on the lines of pharma products. The government has now added medical devices as one of the flagship sectors to catapult its ambitious Make in India mission. The MoU between AiMeD and Invest India is in tune with realising these national objectives, Nath said.
AIMED is an umbrella association of Indian manufacturers of medical devices representing over 800 manufacturers of medical devices to address the manufacturers problems.