At the India-Vietnam Business Meet in the medical devices sector held online last week. (Photo courtesy of the Consulate General of India in HCM City) Vietnamimported around 90 percent of its medical devices, with Japan, Germany, the US,China, and Singapore accounting for around 55 percent, its chairman, MaheshDesai, told an online India-Vietnam Business Meet on medical devices held lastweek.
Thelocal industry comprising around 50 manufacturers accounted for less than 10 percentof the market share.
Indiancompanies could look to tap the burgeoning medical devices market, he said.
Withits demand for medical equipment growing, Vietnam had emerged as one of themost promising sectors for foreign investors, and its government offered taxincentives to promote the industry, he added.
"ManyIndian manufacturers of medical devices and pharmaceuticals have alreadyentered and invested in the Vietnam market, which is a very positive sign."
DrMadan Mohan Sethi, Indian Consul General in Ho Chi Minh City, said the medicaldevice sector was one of Vietnam’s most promising for foreign investment due toits rapid economic development and rising demand for medical care.
"Thereis a lot of untapped potential in this area. The COVID-19 crisis provides anopportunity for both sides to join hands and set up alternative global supplychains for various products that have been disrupted by the pandemic.”
DoanQuang Minh of the Ministry of Health’s department of medical equipment andinfrastructure, said that the Government had been providing a conducive policyenvironment for manufacturing and trading of medical devices.
TheIndian medical devices industry has been scaling up production rapidly andcould become a global powerhouse in the next few years, growing from itscurrent market size of 11 billion USD to 50 billion USD by 2025.
TS Bhasin, a former chairman of EEPC India and current chairman of the Committeeon Trade with ASEAN countries, said COVID had motivated the industry to exploreand adopt alternative ways of collaboration.
Giventhe rise in demand for medical equipment globally ranging from consumables anddisposables to high-value engineering healthcare products and devices due tothe pandemic, there was huge export potential for Indian suppliers, he said.
Medicaldevice exports from India are projected to grow at a CAGR of 30 percent to 10billion USD by 2025 from 2.1 billion USD in 2020.
Vietnamand other ASEAN nations could be major export markets.
HuaPhu Doan, Vice Chairman of the HCM City Medical Equipment Association, said:"It is predicted that the size of the Indian medical equipment market willreach 11 billion USD by 2022. There is potential breakthrough for economic andtrade relations between Vietnam and India.”/.
VNA
