Huge potential in medical technology sector in India: MTaI Chairman

IEP CHANDIGARH AUGUST 20, 2022

“India has the potential to make great strides in the field of medical technology. Just as the pharmaceutical sector in India has made a lot of progress, similarly, a lot of progress can be made and production can be increased in the fields of medical devices and medical devices.”
This was stated by Pavan Choudary, Chairman of Medical Technology Association of India (MTaI ) while interacting with the media at a hotel in Panchkula on Saturday enroute Shimla to attend his alma mater Himachal Pradesh University’s mega Alumni Meet 2022. 
Choudary informed that India is one of the top destinations for medical devices, including pharmaceuticals. As far as the members of Medical Technology Association of India are concerned, they have invested heavily and set up many large R&D centers in India.
Presently CEO of a French MNC , Bygon India, Choudary further said that there is also a medical device park coming up at Nalagarh and the pharma sector is already much better here. Similarly, three more medical device parks are being set up in the country. This will help in increasing the export of medical devices and other equipment from the country, he said.
He said that along with healthcare, renewable energy, electric vehicles, real estate, smart cities, defense and aerospace also have great potential. In these sectors, Indian private sector companies are introducing new products and services by doing R&D at a very fast pace. His clients include Indian companies as well as global corporations.
Speaking about the  need to have an R&D ecosystem, Choudary said that in the evolving scenario of geo-politics, the friend-shoring trend has evolved which will impact geo-commerce in the coming time. In the future, friendly countries will trade and do business with each other.

To protect its security and economic interests, India has to set up R&D for those technologies which are not accessible to us in this peripheral. The Indian Government has already recognised these challenges and is coming up with an R&D policy framework which will help many sectors like medical technology, electric vehicles, aerospace, defence, renewable energy, etc to flourish without any hindrance, he asserted.  

 
About Pavan Choudary

Shri Choudary has written commentaries on Chanakya and Machiavelli. His 2-minute video series on Leadership Wisdom, the Deep Slice is popular among advanced leaders. He has also hosted the nation-building TV show, Hum Aisey Kyun Hain on Doordarshan where he raised social reform, civic and healthcare issues, and has written columns Mera Gaon Mera Desh for the Times of India, and Sacred Bull for Financial Chronicle. The Times of India once rated him, “amongst the foremost thinkers of the world”.In the recent past, he has been awarded the Intellectual Icon of the Year, Business Excellence Award, the Global Leadership Award, and the Eric Hoffer Award for his non-fiction work. As a speaker and visiting faculty, Choudary has spoken at the Young Presidents' Organization (YPO); the Lal Bahadur Shastri National Academy of Administration, Mussoorie; the Sardar Vallabh Bhai Patel National Police Academy, Hyderabad; IIMs (Indian Institutes of Management at Ahmedabad, Lucknow and Kozhikode), Sydney Technical University; Singapore Management University; and other prestigious institutes in India and abroad.

Shri Choudary is the author of critically acclaimed best-sellers like When you are Sinking become a Submarine (Revised edition How a Good Person can Really Win), A Trilogy of Wisdom (on Chanakya, Confucius and Kabir), and Machiavelli for Moral People. He is also the author of The Rx Factor, a seminal work on healthcare marketing and strategy. He has co-authored the Hygiene & Conduct guide, Broom & Groom with Kiran Bedi and Lal Bahadur Shastri: Lessons in Leadership with Congressman Anil Shastri.

He is currently the Chief Executive Officer of Vygon India, the French multinational and also a Trustee of Lal Bahadur Shastri National Memorial Trust; Trustee Bhartiya Videsh Niti Parishad; Chairman, Blue Circle; Chairman, Medical Technology Association of India; and Member Advisory Board, Executive Access, and Rajiv Gandhi Cancer Institute (RGCI). Additionally, an angel investor for some of India's leading startups.