Business

Indo-Japan Medical Tech Collaboration

healthcare equipment

India and Japan have been strategic allies for long. The good relationship has had a spillover effect on the trade between the two countries. On the one hand, Japan is one of the largest economies in the world along with a very matured technology and business sector. On the other hand, the Indian market is also one of the largest in the world but offers a huge market for the Japanese tech sector. Japanese brands in the consumer electronics, white goods and automobiles sector have become household names in India over the past 3 to 4 decades.
Having said that, the relationship didn’t get sour over time but has been surely affected by the growth of the Chinese market and India’s dependence on mostly Chinese and American technology. This article discusses the current scenario of the Indian medical technology and equipment sector and India’s collaboration with Japan in this matter.
The current India government has proved itself to be very proactive in numerous matters. The issues that were pending or put on a back burner by the previous governments have been brought forward and taken instant decisions upon. While not all of them have had astonishing outcomes, all of them were not a complete waste of time and resources as well. One of the aspects of the Indian foreign policy as of now is to improve India’s relationship with the East Asian and South-East Asian countries. Japan being one of the Asian Tigers with a massive tech-based economy, India can really benefit from the technology transfer to support India’s ambition to become a tech as well as an economic powerhouse.
The Indian government is attempting to attract as much as the Japanese medical technology sector companies to invest in India as possible. The primary reason is to reduce India’s dependence on the products from the US, Germany and China, which are the top three countries that India imports its medical tech equipment from. The government feels that India is over-dependent on the US equipment manufacturing industry and thus, diversification drive is crucial for sustainable growth and security.
In the recent past, India implemented price curbs on the US imports of medical equipment that irked the US businesses. According to an Economic Times report, Mr PD Vaghela, Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers is in discussion with the Indian government officials and numerous medical industry executives to understand and analyse the current status of the Japanese investments in the field and how can they be improved in near future.
India has entered into a long term strategic partnership with Japan and one of the major aspects of the same is technology transfer. In the multi-polar world order, we are living in right now, technology plays an important role in almost everything. Health Industry is a major sector for a country with over 1.3 billion people and the current Indian medical device market in India is over $10 billion, which is expected to hit the $50 billion mark by 2025. Thus, the partnership with Japan and India’s efforts towards expanding its medical technology and equipment sector is crucial for the holistic developmental approach.

Comment here