Is the MedTech Sector the Right Fit for Atmanirbharata? Piyush Goyal Thinks So
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Synopsis
Union Minister Piyush Goyal calls for bold ambitions in India's MedTech sector, emphasizing the need for self-reliance and innovation. He advocates for a transformation from reliance on imports to becoming a global manufacturing hub, urging investment in R&D and domestic production to meet healthcare demands.
Key Takeaways
- Piyush Goyal calls for ambitious growth in the MedTech sector.
- The sector is positioned for self-reliance and innovation.
- Investment in R&D is critical for producing high-quality medical devices.
- Trade agreements are key to opening new markets.
- Focus on preventive healthcare and patient welfare is essential.
New Delhi, Aug 29 (NationPress) Emphasizing the necessity of establishing ambitious goals for growth, Union Minister of Commerce & Industry Piyush Goyal stated on Friday that the MedTech sector stands out as a prime candidate for Atmanirbharata and self-sufficiency.
At the 17th CII Global MedTech Summit 2025 in New Delhi, the Minister encouraged the industry to leverage the government’s Research, Development and Innovation Scheme to fulfill the aspirations of a dynamic India.
“For a Viksit Bharat by 2047, we must reassess our strategies, enhance collaboration both domestically and globally, and aim high. India should not restrict itself to modest targets, and the MedTech sector is perfectly suited for Atmanirbharata and self-reliance,” Goyal remarked.
The Minister praised the Indian MedTech industry for its exceptional growth and resilience, especially during the Covid-19 pandemic. He acknowledged the sector's role in making India self-reliant in healthcare and urged it to aspire to be a global leader in providing affordable, high-quality medical devices.
“India and its populace united amidst the Covid-19 crisis, with the world acknowledging India as the ‘Pharmacy of the World’. There exists tremendous potential for the MedTech industry to scale up by reevaluating its strategies with more ambitious challenges,” he continued.
Additionally, Goyal called on the MedTech sector to transition from being a market for imported goods into a global manufacturing and innovation center. He emphasized the importance of securing supply chains and preparing for export markets.
He also highlighted the necessity of a robust focus on research and development (R&D) to create affordable, high-quality medical devices for both local and international markets.
“We are in advanced discussions for a comprehensive Free Trade Agreement (FTA) with the EU, Mauritius, Oman, UAE, Peru, and Chile. Negotiations are also ongoing with the US for a bilateral trade treaty,” Goyal stated, adding that these agreements will “open up new avenues, opportunities, markets, and investments, fostering scale, quality, and innovation.”
“At the governmental level, we are implementing measures to streamline business operations and promote industries to help them capitalize on relevant opportunities while ensuring the availability of high-quality healthcare across the nation at affordable prices,” the Minister asserted.
Goyal issued a direct challenge to the industry, urging significant investment in domestic manufacturing and R&D to develop next-generation medical devices in India. He also underscored the importance of skill development to cultivate a talented workforce capable of supporting the sector's ambitious growth objectives. He called upon the industry to concentrate efforts on preventive healthcare and patient welfare.
Point of View
Focusing on enhancing both domestic capabilities and international collaboration.
NationPress
30/08/2025
Frequently Asked Questions
What are the key goals set by Piyush Goyal for the MedTech sector?
Piyush Goyal emphasized the need for ambitious growth goals, urging the MedTech sector to transition into a global manufacturing hub and focus on self-reliance.
How can the MedTech industry contribute to India's self-reliance?
By investing in domestic manufacturing and research and development, the MedTech industry can reduce reliance on imports and improve healthcare accessibility.
What role does research and development play in the MedTech sector?
Research and development are crucial for creating affordable, high-quality medical devices that meet the needs of both domestic and international markets.
What is the significance of trade agreements for the MedTech industry?
Trade agreements with various nations are expected to open up new markets, opportunities, and investments, enhancing the growth potential of the MedTech sector.
What steps is the government taking to support the MedTech sector?
The government is streamlining business operations and promoting industry initiatives to ensure high-quality healthcare is accessible at affordable prices throughout the country.
