Swiss-Indian Partnership in Medical Technology Sector Holds Great Promise
The medical technology sector in India presents a major opportunity for cooperation between Swiss and Indian companies, according to Ruth Metzler-Arnold, Chairwoman of Switzerland Global Enterprise. As the Indian market grows rapidly due to rising healthcare needs, Swiss expertise in precision industries can support this expansion.
This collaboration gains importance since India aims to strengthen domestic production as well as diversify imports away from China in the crucial medtech space. India currently relies on imports for around three-quarters of its medical device requirements, valued at over $4 billion annually.
Projections point to the Indian medtech market increasing at an annual rate of 16.4% to reach $50 billion by 2030. While local companies cater to lower-end segments, high-quality products dominate overall sales. However, the government backs partnerships with innovation leaders like Switzerland to develop this critical industry.
Last year's trade agreement between India and the European Free Trade Association (EFTA), of which Switzerland is a member, paves the way for deeper ties. Switzerland is a globally recognized hub of innovation thanks to factors like strong research infrastructure and an education system fostering creativity. Over 140 Indian enterprises have already established a presence within the Swiss innovation ecosystem.
Addressing concerns over investing in India, Ruth noted initiatives like the annual Invest India Roundtable help Swiss businesses address challenges. The recent submission of a parliamentary report on the India-EFTA deal indicates ratification progress, potentially enabling affordable access to Swiss products and services in India as well as easing cooperation between innovators. Overall, the untapped potential of Swiss-Indian medtech collaboration is considerable.
