Union Minister Piyush Goyal Advocates for Growth in MedTech Sector
Piyush Goyal's Vision for MedTech Growth
New Delhi, Aug 29: Union Minister of Commerce and Industry, Piyush Goyal, emphasized the importance of setting ambitious growth targets for the MedTech industry during his address at the 17th CII Global MedTech Summit 2025 in New Delhi. He highlighted that this sector is ideally positioned for Atmanirbharata, or self-reliance.
Goyal encouraged industry leaders to leverage the government's Research, Development, and Innovation Scheme to fulfill the aspirations of a dynamic India. He stated, “To achieve a developed India by 2047, we must reassess our strategies, enhance collaboration both domestically and internationally, and aim for greater heights. The MedTech sector should not confine itself to modest ambitions.”
He praised the Indian MedTech industry's impressive growth and resilience, particularly during the challenges posed by the Covid-19 pandemic, and acknowledged its role in advancing India's self-sufficiency in healthcare. Goyal urged the sector to aspire to become a global frontrunner in delivering affordable, high-quality medical devices.
“India emerged united during the pandemic, earning recognition as the ‘Pharmacy of the World’. The MedTech industry has significant potential for expansive growth by reassessing its strategies and embracing bolder challenges,” he remarked.
Goyal further called for a transformation of the MedTech sector from a market reliant on imports to a hub for global manufacturing and innovation, emphasizing the need to secure supply chains and cater to export markets.
He also stressed the critical role of research and development (R&D) in creating affordable, high-quality medical devices for both local and international consumers.
“We are in advanced discussions for a comprehensive Free Trade Agreement (FTA) with the EU, Mauritius, Oman, UAE, Peru, and Chile, and are also negotiating a Bilateral trade treaty with the US,” Goyal noted, asserting that these agreements would unlock new opportunities, markets, and investments, fostering scale, quality, and innovation.
The Minister assured that the government is implementing measures to facilitate business operations and promote industry growth, ensuring the availability of high-quality healthcare at affordable prices across the nation.
Goyal concluded with a strong call to action, urging the MedTech industry to invest significantly in domestic manufacturing and R&D to develop next-generation medical devices in India. He highlighted the necessity of skill development to cultivate a skilled workforce capable of supporting the sector's ambitious growth objectives, while also advocating for a focus on preventive healthcare and patient welfare.