Himanshu Baid, Managing Director of Poly Medicure, highlights why India’s MedTech identity must evolve beyond affordability to embrace innovation, collaboration, and global relevance
Himanshu Baid, Managing Director, Poly Medicure
India’s image in the global healthcare ecosystem has long revolved around its ability to deliver affordable solutions. From generic pharmaceuticals to low-cost surgical procedures, India has consistently positioned itself as a value-based healthcare provider. In recent years, the medical technology sector has begun to follow this trajectory. However, as India matures in this space, the question arises: Can India build a MedTech identity that transcends affordability and asserts leadership in innovation, quality, and global relevance? The answer is certainly yes. The future of Indian healthcare and the role in the global MedTech ecosystem depends on the collective ability to innovate at scale, speed, and depth.
The affordability paradigm
India’s MedTech landscape has evolved rapidly over the last two decades. Fueled by domestic demand, supportive government policies, and the rise of homegrown manufacturers, the country has become a hub for cost-effective devices. These products, crucial for both domestic and global markets, address the urgent need for accessible healthcare.
Companies operate in a rapidly evolving landscape where technological advancements and patient needs are constantly shifting. To stay competitive and deliver cutting-edge solutions, it is imperative that they significantly increase their investment in innovation and R&D. 5-7 per cent of annual revenue should be allocated to these areas to ensure sustained product development, regulatory compliance, and the integration of new technologies such as AI, robotics, and personalised medicine. This level of commitment is not just an investment in future growth but a necessity to address unmet clinical needs, improve patient outcomes, and maintain a leadership position in a highly dynamic global market.
Why innovation is not optional—It’s urgent
India faces a dual burden of disease: rising non-communicable diseases and lingering infectious conditions. Our health infrastructure is stretched, our skilled workforce limited, and access to quality care uneven. Innovation is not a luxury, it’s a necessity. Clinical trials in India take over 5-7 years on average, with high risk and regulatory complexity. Streamlining these timelines through digital health tools and local innovation can drastically reduce time-to-market. Despite India’s engineering talent and scientific base, VC funding in Indian life sciences was only $0.2 billion over the last five years, compared to $90–100 billion globally. With over 70 per cent of medical devices still imported, there is a massive opportunity and responsibility for companies to develop indigenous, world-class solutions.
To redefine its MedTech identity, India must invest more deeply in innovation. The country’s burgeoning startup ecosystem offers promising signals. With over 3,000 health tech startups and increasing interest from venture capitalists, India is seeing a rise in indigenous innovation from AI-powered diagnostics and wearable health monitors to robotic surgical systems.
A call to collaborate, invest and lead
The MedTech innovation engine cannot run on passion alone, it needs capital, collaboration, and commitment. Encouragingly, the government is stepping up, with initiatives like the ₹5,000 crore Promotion of Research & Innovation Programme, and schemes through BIRAC to fund early-stage startups.
But public support must be matched by private sector leadership. It is crucial to actively invest in R&D, build partnerships with academic institutions, and foster global collaborations to bring advanced, affordable, and accessible devices to market.
India’s MedTech future will be shaped by its ability to:
- Invest deeply in R&D, not just manufacturing
- Forge cross-border and cross-sector partnerships, combining engineering with clinical insight
- Attract and retain high-risk capital for breakthrough innovations
- Nurture MedTech talent through academic programs, fellowships, and startup incubators
Way forward
The world is ready for a MedTech leader that delivers both innovation and inclusion. India can be that leader but only if we dare to build, patent, and scale solutions that the world hasn’t seen yet.
To build a MedTech identity that transcends affordability, India must embrace incremental innovation as a strategic pillar. While breakthrough technologies often steal the spotlight, it is incremental innovation – small, continuous improvements in existing products, processes, and delivery systems that can drive scalable impact in India’s diverse and resource-constrained healthcare landscape. By adapting global technologies to local needs, enhancing usability, reducing maintenance complexity, and improving durability, Indian MedTech companies can create differentiated solutions that serve both domestic and international markets. This form of innovation also allows for faster regulatory pathways and more predictable returns on investment, making it an attractive route for both start-ups and established firms. Moving beyond cost competitiveness, incremental innovation positions India to deliver high-quality, context-relevant MedTech solutions that are globally respected and locally transformative. And that future must be innovative, inclusive, and Indian.