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India exports medical consumables & disposables worth $1.6 billion in FY 2022-23
Articles- May 10,24
India became a net exporter of medical consumables and disposables in fiscal year 2022-23, exporting $1.6 billion worth while importing $1.1 billion, marking a reversal in a longstanding trend.
India has reversed an age old trend and for the first time became a net exporter of medical consumables and disposables. India exported medical consumables and disposables worth $1.6 billion in FY 2022-23, surpassing imports which worth around $1.1 billion
India exported medical consumables and disposables worth $1.6 billion in the fiscal year 2022-23. During this period the imports amounted to about $1.1 billion.
According to Arunish Chawla, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, “India has exported consumables and disposables worth $1.6 billion in the fiscal year 2022-23; surpassing imports which worth approximately $1.1 billion.”
Exports saw a 16 per cent surge over the previous fiscal year, whereas imports witnessed a 33 per cent.
India has also reversed the earlier trend where shipments of products such as needles and catheters completely dominated the market.
Chawla further said the government aims to replicate this achievement in other segments including surgical instruments and electronic equipment to lower dependence on imports.
Post Covid outbreak in 2019, the government has decreased its dependency on imports of essential pharmaceutical products and devices.
This was also done after China started to control supplies of everything, ranging from basic chemicals to PPEs, and testing kits.
“During Covid, demand for consumables and disposables increased tremendously which pushed the industry towards augmenting its manufacturing,” a report by The Times of India quoted Himanshu Baid, chairman of CII’s national medical technology forum, as saying.
India is now recognised as a major pharmacy to the world due to its generic medicines and low-cost vaccines. However, in the medical devices sector, the country continues to remain largely dependent on imports with around 70 per cent of the products being sourced from other nations, with China being among the major sources of imports.
(Source: Firstpost)
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