THEBUSINESSBYTES BUREAU

NEW DELHI, JULY 30, 2026

In a significant step towards positioning India as a global hub for medical technology, Invest India, the National Investment Promotion and Facilitation Agency of the Government of India, on Wednesday signed a Memorandum of Understanding (MoU) with the Asia Pacific Medical Technology Association (APACMed) to strengthen collaboration between the government and the global MedTech industry for driving investment, innovation and sustainable growth.

The MoU was signed at Bharat Mandapam in New Delhi in the presence of Manoj Joshi, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, and Dr. M. Srinivas, Member, NITI Aayog.

The strategic partnership establishes a comprehensive framework for collaboration across key areas, including investment facilitation, regulatory and policy engagement, research and innovation, technology transfer, and digital health. It also aims to enhance engagement with APACMed’s member companies, facilitate investments and business expansion in India, strengthen domestic manufacturing capabilities, promote local value addition, improve ease of doing business, and deepen India’s integration into global MedTech value chains.

Following the signing ceremony, a CEO Roundtable on “MedTech as a Catalyst for Viksit Bharat @2047” was chaired by Manoj Joshi. The roundtable brought together 26 senior industry leaders representing global healthcare and medical technology companies, including Boston Scientific, FUJIFILM India, Abbott, Johnson & Johnson, Medtronic, GE Healthcare, Bayer Pharmaceuticals and Stryker.

The discussions centred on strategic priorities for strengthening India’s MedTech ecosystem and enhancing its global competitiveness. Participants deliberated on critical policy and regulatory reforms, investment opportunities, local sourcing, resilient supply chains, research and development, the expanding role of Global Capability Centres (GCCs), talent development, workforce enhancement and strategies to boost India’s participation in global MedTech markets.

Addressing the gathering, Manoj Joshi highlighted the remarkable progress made by India’s medical devices sector over the past few years, attributing the growth to rising healthcare demand, expanding healthcare infrastructure, the Production Linked Incentive (PLI) Scheme and several supportive government initiatives.

He said the sector must now evolve into a stronger and better-regulated ecosystem that prioritises quality, patient safety and global competitiveness.

Outlining the government's long-term roadmap, Joshi said India aims to significantly strengthen domestic value addition, particularly in high-end medical devices and imaging equipment, by developing a robust component manufacturing ecosystem. He said the government intends to increase domestic value addition from the current level of nearly 25 per cent to between 40 and 45 per cent.

He further stated that the government remains committed to supporting the sector through enabling policy measures and is actively exploring the next phase of the PLI Scheme. Greater investments are also being encouraged in domestic manufacturing of reagents and diagnostics, alongside the development of a globally competitive component manufacturing industry with strong export potential.

"Through sustained collaboration between Government and industry, we aim to build a resilient, innovation-driven and globally competitive MedTech ecosystem that contributes to the vision of Viksit Bharat @2047," Joshi said.

Dr. M. Srinivas, Member, NITI Aayog, emphasised that building a robust MedTech ecosystem is crucial for the future of healthcare in India. He said the convergence of clinical expertise with technology, research and digital innovation can significantly strengthen healthcare delivery while expanding access to quality medical care. He underlined the need for continued collaboration among the government, industry, academia and innovators to accelerate research and development, promote adoption of emerging technologies and create a resilient and globally competitive MedTech sector.

Invest India Managing Director and CEO Nivruti Rai said India's MedTech capabilities are now receiving global recognition. "A device that works here works anywhere because it has been tested against a diverse population. Invest India will work with companies, not around them," she remarked, reaffirming the agency’s commitment to supporting investors and innovators.

APACMed Chief Executive Officer Arjun Sarker described the MoU as a landmark initiative reflecting the shared commitment of APACMed and Invest India to advance India's MedTech ecosystem through stronger collaboration between industry and government. He expressed confidence that the partnership would help unlock new opportunities for innovation, investment and sustainable growth while reinforcing India's position as a preferred global destination for medical technology manufacturing and innovation.