India will leverage its partnership with Japan to manufacture medical equipment as part of a five-year $42 billion investment and financing package agreed by prime ministers Fumio Kishida of Japan and Narendra Modi of India.
Medical equipment may include patient monitoring systems, cardiac catheters, dialyzers, specialty needles, thermometers, glucometers and personal weighing scales, among others.
India’s department of pharmaceuticals plans to request large Japanese multinationals to use India as a global manufacturing supply hub as part of their China-plus policy.
The government has sought suggestions for investment from stakeholders such as the Indian Pharmaceutical Alliance, Indian Drugs Manufacturing Association, Bulk Drug Manufacturers Association India, Association of Diagnostics Manufacturers of India, and the Association of Indian Manufacturers of Medical Devices.
According an article in the Daily Mint, India has a potential for $65 billion of investments in the medical devices sector. They added that Japan is one of the leading manufacturers of medical devices and most of the production is by Micro, Small & Medium Enterprises that have specialized and created niche products.
Darra Patel, general secretary, Indian Drugs Manufacturing Association, said, “We have sought comments and suggestions from our member companies in this regard and we are hoping that they will soon share their ideas.”
