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How Make in India is Shaping the Future of Healthcare Manufacturing!
12 Aug 2024
In the following sections, we delve into the transformative potential of the Make in India initiative within the healthcare sector. Spearheaded by the Indian government, Make in India aims to elevate domestic manufacturing, propelling India towards a prominent position on the global stage. We have underlined how healthcare emerges as a linchpin, underscoring its pivotal role in India's socioeconomic advancement and industrial landscape. Integration of healthcare into the Make in India agenda becomes paramount for driving inclusive growth and development as the nation endeavors to fortify its healthcare infrastructure and extend access to quality medical services.

We have meticulously examined the opportunities and challenges confronting healthcare companies within India's intricate market under the Make in India initiative. Through an incisive analysis, our goal is to provide invaluable insights and strategic direction, empowering decision-makers to chart informed pathways and craft impactful business strategies within the healthcare domain.
Why is domestic manufacturing becoming attractive?

Several factors make domestic manufacturing attractive to manufacturers including cost efficiency, supply chain control, regulatory compliance, market responsiveness, quality control, and innovation in R&D.
Government initiatives shaping the manufacturing landscape

Recognizing the critical importance of self-reliance in the healthcare sector, the Indian government has been proactively bridging the gap by offering support through Production-Linked Incentive (PLI) schemes, infrastructure development, and streamlined regulations. These initiatives aim to incentivize domestic manufacturing, provide financial rewards for increased production, offer one-time grants for infrastructure development, and support the growth of a robust ecosystem for allied industries like biopharma, generic drugs, patented drugs, and repurposed drugs. Exhibit 2 gives a glimpse of government schemes for Make in India initiatives in the healthcare sector.
Medical devices

The overall growth in the medical devices sector is directly correlated with the increasing demand for various segments, including consumables & disposables, equipment & instruments, implants, and patient aids. In response to the growing market demand and favorable government schemes such as the PLI scheme, MedTech companies have been proactive in investing across various target product segments. Investments have reached INR 879 Cr. by 2023, which is almost three-fourths of the expected investment amount of INR 1,206 Cr. Major beneficiaries include large domestic manufacturers like Allengers, BPL Medical Technologies, and Trivitron Healthcare, along with foreign manufacturers like Siemens Healthineers and GE Healthcare.
Pharmaceuticals

In 2021, the Indian government launched a dedicated PLI scheme to bolster the country's pharmaceutical manufacturing base. Under this scheme, eligible manufacturers are categorized into three groups (A, B, and C) and offered incentives corresponding to their respective groups. The pharmaceuticals & drugs sector investments have already surpassed the expected investment amount under the PLI scheme, INR 25,813 Cr. as compared to INR 17,275 Cr. by 2023.

At Praxis Global Alliance, we are committed to supporting healthcare delivery and medical device organizations in navigating this evolving landscape. By leveraging the right strategies and technologies, we believe that the right ecosystem can transform the healthcare ecosystem, ensuring that every patient receives the highest standard of care and protection.

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