The new Indian Council of Medical Research (ICMR)- Department of Health Research (DHR) policy on biomedical innovation and entrepreneurship is expected to boost the domestic Indian medical devices market by endorsing the government’s initiatives such as Make-in-India, Start-Up-India and Atmanirbhar Bharat, says GlobalData, a leading data and analytics company.

GlobalData’s research reveals that the Indian medical devices market, which accounted for 28% of the Asia-Pacific market in 2021, is expected to grow at a compound annual growth rate of 7% through 2030.

Anusha Kaushik, Medical Devices Analyst at GlobalData, comments: “Most of the medical devices in India are imported and are expensive. The policy aims to build collaboration between different healthcare professionals and technologists in medical institutions to design, develop, manufacture and provide innovative products across the country. This is expected to reduce import dependence to some extent and provide access to affordable and quality healthcare in India.”

Under this policy, various centers will be created for product development and commercialization. This will create an innovation-led atmosphere and innovators can work in various positions such as non-executive director, scientific advisor, or consultant in a firm. They can license technologies to businesses or become a licensor, which will result in commercialization, revenue generation, and benefit the individuals.

Kaushik concludes: “The new ICMR-DHR policies provide a decent opportunity for domestic players who are trying to gain access into the market. This is expected to make India a manufacturing destination and reduce the share of imported devices.”