(MENAFN- KNN India) New Delhi, Aug 30 (KNN) Union Minister of Commerce and Industry Piyush Goyal on Friday called on India's medical technology sector to set ambitious growth targets, strengthen domestic manufacturing, and emerge as a global hub for innovation.

Addressing the 17th CII Global MedTech Summit, Goyal urged the sector to move beyond being a market for imported products and instead build capacity to meet both domestic demand and international requirements.

“The Indian MedTech industry must secure supply chains, strengthen exports, and focus on R&D to deliver affordable, high-quality medical devices to the world,” he said, adding that affordability and accessibility must remain central to innovation.

Goyal highlighted ongoing trade negotiations with the European Union, Mauritius, Oman, the UAE, Peru, Chile, and the United States, noting that such agreements would create new opportunities for investment, scale, and innovation in the healthcare sector.

He also outlined government initiatives aimed at supporting industry growth, including the Production Linked Incentive (PLI) Scheme for high-value devices, streamlined regulatory processes for faster approvals, and increased funding for research and development.

Collaboration between industry, academia, and research institutions, he said, would be key to accelerating innovation.

The Minister urged the industry to expand investments in domestic manufacturing, R&D, and skill development to support next-generation medical device production.

He also called for greater focus on preventive healthcare and patient welfare.

Reaffirming the government's commitment, Goyal said the sector's mission should be to provide high-quality, affordable healthcare solutions for India and global markets.

(KNN Bureau)

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