Medical tech industry to hit $14 bn by 2020 | india | Hindustan Times
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Medical tech industry to hit $14 bn by 2020

india Updated: Nov 28, 2010 21:50 IST
HT Correspondent

Indian medical technology industry will grow to $14 billion (R64,000 crore) by 2020, which was R12,500 crore ($ 2.8 billion) in 2008, says a report by industry chamber FICCI and PricewaterhouseCoopers.

“Success in medical technology innovation would be dependent on five pillars — powerful financial incentives, creating capacity for quality research, supportive regulatory system, demand and supply of health services and a supportive investment community,” says the report titled ‘Medical Technology in India: Enhancing Access to Healthcare through Innovation’, which will be released on Tuesday at India Pharma Summit 2010.

According to a medical technology innovation scorecard, developed by PwC in association with AdvaMed, the epicentre of the innovation ecosystem is shifting towards emerging economies, in general and India and China, in particular, since the advanced economies do not have the need for frugal innovation.