India’s medical consumables and disposables exports surged to $1.6 billion in fiscal year 2022-23, surpassing imports valued at $1.1 billion, marking a significant shift as India became a net exporter for the first time.

This reversal of trend is attributed to a 16% increase in exports and a 33% decrease in imports compared to the previous fiscal year. Notably, the dominance of products like needles and catheters in the market has been reversed.

Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, highlighted the government’s aim to replicate this success in other segments such as surgical instruments and electronic equipment to reduce dependence on imports. The shift towards self-sufficiency in pharmaceutical products and devices was accelerated post-Covid outbreak in 2019, particularly due to disruptions in supplies from China.

The increased demand during the pandemic prompted the industry to ramp up manufacturing capacity. Himanshu Baid, Chairman of CII’s National Medical Technology Forum, emphasized the industry’s response to the surge in demand during Covid, which led to enhanced manufacturing capabilities.