India's Medical Disposables Trade Surplus Reaches Milestone

Release date:2024-05-11 Source: Author: (KNN Bureau

 During the fiscal year 2022-23, India saw a notable shift in its trade balance regarding medical consumables and disposables. The country exported medical products worth USD 1.6 billion, surpassing imports valued at around USD 1.1 billion, marking a reversal from the previous import-dominated trend. Export growth stood at 16%, while imports witnessed a decline of 33%.


Addressing an event organized by the Union Pharma Secretary Arunish Chawla and the CII industry body, Chawla expressed the government's intention to replicate this success in other medical device segments to decrease import reliance.


The Covid-19 pandemic, which highlighted India's heavy reliance on imports for essential medical supplies like PPE kits, has been a driving force behind this push for self-sufficiency. Despite being a major generic drug and vaccine producer, approximately 70% of the country's medical device needs are fulfilled through imports.


To promote domestic manufacturing, the government has categorized medical devices into various segments such as cancer therapy, imaging, critical care, among others. It aims to identify key products, evaluate trade dynamics, and adjust duty structures accordingly.


Industry leaders commended the export surplus of consumables and disposables, attributing it to increased demand during the pandemic, which spurred capacity expansion by Indian manufacturers in this sector.