Innovations in medical procedures are giving rise to new medical devices with high level performance. Despite the current challenges compared to global market, Indian market is facilitating an environment of healthy growth for medical device industry and currently medical devices sector is Asia’s fourth largest market and presents an exciting business opportunity for both domestic and multi-national players.
The health care manufacturing sector opines that India is beginning to look forward to being recognized as a manufacturing destination for sophisticated medical technology. The advantages that India continues to offer in areas like reduced cost of labor, a high level of technical expertise, and funding from governments for R&D investment to accelerate new product development has made India most favored destinations for medtech innovations and startups.
Considering the above scenario and the developments, PSG Institutions can take a lead in supporting and promoting innovations and startups in health care sector by creating a collaborative platform between the PSG Institutions.