Surgical product imports into the nation have increased by 11.5% in the first half of the current financial year compared to the same timeframe in the previous year, with a 12.3% rise noted for the quarter concluding in September 2024. Contrastingly, exports reflected a 5.6% growth over the identical period last year.
Ministry of Commerce and Industry data reveals that the country’s surgical imports totaled $621.59 million during the initial six months of this fiscal year, up from $557.68 million during the comparable timeframe last year.
In terms of Rupee conversion, imports from April to September 2024 escalated by 13.03% to Rs. 5,197.1 crores, as opposed to Rs. 4,598.01 crores over the identical months in the prior fiscal year.
For the quarter ending September 30, 2024, the imports experienced a growth of 12.3%, reaching $332.78 million, when compared to $296.37 million during the same quarter last year. When expressed in Rupees, surgical imports marked a 13.8% increase, valued at Rs. 2,787.61 crores year-over-year, against Rs. 2,449.6 crores.
Throughout the 2023-24 fiscal year, surgical imports expanded by 13.36% to $1.09 billion, in comparison to $963.86 million from the previous cycle. In Rupees, this represented a rise of 16.8% to Rs. 9,046.5 crore compared to Rs. 7,743.25 crores recorded in 2022-23.
During the 2021-22 fiscal period, imports amounted to $894.21 million, representing a striking 60% surge against $557.52 million from the prior fiscal year. Conversely, the 2020-21 fiscal year registered a 21% contraction, amounting to $704.56 million, when juxtaposed with 2019-20.
Export figures for current fiscal’s first six months stood at $359.6 million, reflecting a 5.6% uptick from $340.54 million last year. Rupee conversions saw exports increase by 7% to Rs. 3,006.51 crores, against Rs. 2,807.41 crores last fiscal.
Exports for the 2023-24 fiscal period amounted to $699.71 million, marking a 17.3% growth over the Rs. 596.62 million reported in the prior fiscal year. In Rupees, this reflected an approximately 21% increase to Rs. 5,793.79 crores in contrast to Rs. 4,795.1 crores documented for 2022-23.
The fiscal period of 2022-23 saw exports elevating to $596.62 million (Rs. 4,795.1 crores) up from $512.53 million (Rs. 3,821.40 crores) the preceding year. Exports for 2020-21 amounted to $432.3 million (Rs. 3199.95 crores), compared to $448.89 million (Rs. 3,181.34 crore) in the previous fiscal.
The Central Government has been implementing diverse initiatives aimed at bolstering the medical devices industry in reducing reliance on imports while encouraging domestic production.
Earlier this month, the Union Ministry for Chemicals and Fertilizers introduced a comprehensive scheme with a starting budget of Rs. 500 crore, intended to strengthen the medical device sector from 2024-25 up to 2026-27.
This newly launched scheme targets pivotal areas within the medical device domain such as key component manufacturing, skill enhancement, backing for clinical research, infrastructure development, and overall industry promotion.
“India is well-positioned to become a global leader in this field,” noted Nadda, highlighting that the initiative aims to diminish import dependency while promoting Viksit Bharat@2047 and fostering a self-reliant sector.
The plan consists of five sub-schemes, including Common Facilities for Medical Device Clusters (Rs. 110 crore), a Marginal Investment Scheme to reduce import reliance (Rs. 180 crore), Capacity Building and Skill Development (Rs. 100 crore), Support for Medical Device Clinical Studies (Rs. 100 crore), and a Medical Device Promotion Scheme (Rs. 10 crore).