MEDITECH STACKATHON 2024

May 8, 2024

GS Paper II Social Justice Society

Context

Ministry of Chemicals and Fertilizers launched the MEDITECH STACKATHON 2024 in collaboration with CII in New Delhi.

Meditech Stackathon

It is an initiative designed to catalyze transformative change within India’s burgeoning MedTech sector by undertaking a comprehensive value chain analysis of select medical devices.

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Medical sector of India:

Currently, India is the 4th largest market for medical devices in Asia and among the top 20 globally.
Net imports for 2022-23 stands at USD 4101 Million with import coverage ratio of 0.45.
India’s MedTech industry holds immense potential, with projections estimating a growth rate of 28% annually, reaching a size of USD 50 billion by 2030.

Objective: To address critical challenges, foster domestic manufacturing, and reduce import dependence through close consultation with industry leaders, policymakers, and experts.
Focus areas: It would deliberate in eight focused groups:
- Cancer Therapy
- Imaging
- Critical Care
- Assistive Medical Devices
- Body Implants
- Surgical instruments and Hospital Equipment
- Consumables & Disposables
- IVD Instruments and reagents

Also Read: Amendments to Indian Patent Rules Could Impact Medicine Costs and Access

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