In the initial three quarters of 2023, India experienced an unprecedented influx of $464 million in foreign investments in the field of Medical Technology (MedTech). This noteworthy surge was reported by the Medical Technology Association of India (MTaI), representing leading research-based medical technology companies deeply involved in manufacturing and training within the country. Pavan Choudary, Chairman of MTaI, underscored the crucial role played by foreign investments in India, highlighting their potential to stimulate medical tourism, create employment opportunities, and strengthen the nation's economic landscape.

Choudary remarked, “The MedTech sector has witnessed a substantial rise in Foreign Direct Investment (FDI), reaching $464 million in the initial three quarters of 2023. This underscores the sector's considerable potential and global investors' acknowledgment of the same. The government's dedication to enhancing the ease of doing business, the establishment of a globally harmonised regulatory framework for the medical device sector, and initiatives such as the National Medical Device Policy (NMDP) 2023 and the PRIP scheme have received positive responses from the industry, as evidenced by the growing confidence of investors. Notably, this surge also indicates a shift in global dynamics, with Western nations, including Japan, increasingly favouring India as their preferred destination for friend-shoring activities.”