PSG Center for Biomedical innovation ( PSG CBMI )
These are exciting times for the Medical Devices Industry in India. The market in India was valued at US$6.36 billion in 2013, and is experiencing an annual growth rate of 15% . It has the potential to be a US$50 billion industry by 2025. This fast growth can be attributed to factors such as improved healthcare infrastructure, increased healthcare spending, increased medical tourism, growing healthcare insurance and increased penetration of private sector.
USA is known to be a global leader in medical devices with 17 US firms capturing half of the sales in the world market. With respect to Indian scenario, import constitutes almost 70% of the Indian medical devices market. A historical trend analysis of the total import value of medical devices in India shows that despite a depreciating currency, the trend to import has remained positive. The reasons are not far to seek. There is no competitive manufacturing base of medical devices in our country.
Thus, there is a felt need in India to get into and grow in the medical devices sector. Thus, innovations need be home bred and led by our entrepreneurs rather than India relying on imports to supply its healthcare system with medical technology. There is consistent demand for surgical instruments, cancer diagnostics, orthopedic and prosthetic equipment, imaging, orthodontic and dental implants, and electro medical equipment.
PSG Center for Biomedical Innovation (PSG CBMI) at PSG Institute of Medical Sciences and Research is an essential step in this direction.
PSG CBMI brings together expertise and rigor in research, bioethics, regulatory sciences and medical domain knowledge and experience to help budding bio-entrepreneurs with a scientifically valid , regulatory complying, ethically sound and swifter pathway to a product. In other words, we help them to hone their initial idea into a fail-safe concept that can be funded for further development.
For this, we will work with PSG-SCIENCE & TECHNOLOGY ENTREPRENEURIAL PARK (PSG-STEP) established by PSG College of Technology and DST, Govt. of India focusing on promoting technology based enterprises in the areas of software, electronic products, hi-tech mechanical products, and eco-friendly textile products and bio-technology. PSG – STEP extends incubation support and financial support to innovations and startups involved in developing technology products.
As far as bio-, and health entrepreneurship is concerned it would be essential for all the projects to be cleared in all aspects of relevant science, ethics, and regulatory requirements by PSG Center for Biomedical Innovations.
The CBMI enables co-creation between industry, academia and healthcare industry with the right kind of clinicians, researchers and patients. The CBMI at PSG IMS&R shall lead and drive innovation activities – strategically and in day-to-day work, in all settings, at all levels. The Centre shall lay the methodical way of handling risks and uncertainties to achieve rapid and continuous translational innovation – from identification of needs and opportunities to clinical and commercial full-scale implementation.
Coexistence of Technology Institution, Medical Institution and an Incubation Centre is unique in the country. Creating a collaborative platform between these three institutions will create impact and drive med tech innovation and will position PSG and Coimbatore as a happening place for health care solutions.