Messe Frankfurt Trade Fairs India is to collaborate with India’s medical devices manufacturing ecosystem, Andhra Pradesh MedTech Zone Limited (AMTZ), to launch a MedTech Innovation Forum. The aim of the project is to showcase growth potential and developments in the Indian medical device industry,
The co-operation between the global organiser and AMTZ should give further impetus to the development of India’s medical devices manufacturing industry and accelerate investment in its technologies.
Slated to run 7–8 October 2021 in Visakhapatnam, a port city in the Indian state of Andhra Pradesh, the first edition of the Innovation Forum is expected to bring industry leadership together with government and medical consultants to address challenges of import dependency and the need for technology collaborations. The forum has received support from apex industry bodies - AIMED (Association of Indian Medical Device Industry) and ADMI (Association of Diagnostics Manufacturers of India) ADMI.
Raj Manek, managing director, Messe Frankfurt Trade Fairs India, said: “India’s response and agility in scaling up manufacturing of medical devices together with strong initiatives by the government on making the sector self-reliant makes it an opportune time to introduce a forum that focuses on bringing medical technology innovations to the forefront. We are proud to combine strengths with AMTZ in this goal.”
The Indian medical devices market, which accounts for more than 13% of the Asia-Pacific (APAC) medical devices market, is expected to grow at a compound annual growth rate of 7.5% through 2025. Dr Jitendra Sharma, MD & CEO, AMTZ elaborates: “The industry is poised for significant growth in the next five years. However, it is still largely import-driven with 90% of sophisticated devices being imported. The dialogue with medical device manufacturers and innovators will open up opportunities to empower the country’s strong healthcare and medical devices industry in the post Covid-19 era.
Messe Frankfurt India has been actively involved in tracking industry growth and addressing rising concerns on counterfeit products in the pharmaceutical industry through its Pharmasafe India conference and webinar series. In August 2020, the Indian subsidiary held the first virtual edition of the Medical Device Innovation Summit and is now closely working with industry leaders in the sector to launch Medtech Innovation Forum as a large-format Confex in October 2021.
Touted as India’s largest medical devices manufacturing park, AMTZ is a scientific infrastructure supported by the government, which intends to reduce import dependence and lower cost of healthcare by up to 50%.