Business Guide | Israel-India 2022

O ver the last decades, India has achieved massive progress in the healthcare industry, to the point that it has become a global market leader. The local healthcare industry has seen revolutionary technological changes and the Industry gained increasing ability to give better and faster healthcare services In 2020 , the Indian MedTech market wasworth USD 10 . 36 Bn, and experts believe that by 2025 it will reach USD 50 Bn. The Indian medical devices industry is the 4 th largest in Asia, including mainly implants, consumables, diagnosticsandmedical electronics. Still, India has a high degree of import dependence– theState importsnearly 80 %of itsmedical devices. In 2020 - 21 , India imported USD 6 . 24 Bn worth of medical devices, up from USD 5 . 84 Bn in 2019 - 20 . Indian authorities are acting strongly to bridge this gap by impelling the local MedTech industry to be more productive. To start with, the Indian Government has introduced regulations to attract international companies to set up production facilities in India. India’s Department of Commerce has set a target of USD 400 Bn ofmerchandise exports by 2021 - 22 , and is increasing it to USD 1 trillion in the next 6 years. Regulationswere changed to facilitate clinical research, manufacture, sales, and distribution of medical devices. As the Indian Medical Devices Market sees massive growth, this is a golden opportunity for Israeli Companies to make a unique contribution Securing Health, Both Ways Israel-India > Business Guide > 2022 76 > Medical Technologies > Review