The Association of Indian Medical Device Industry (AiMeD) has set a target to triple India’s exports of medical devices to Russia within the next five years through collaborative efforts between the two nations.
This initiative follows a recent online meeting between representatives from India and Russia, where discussions focused on exploring opportunities in manufacturing and marketing life-saving medical equipment and devices.
In an official statement, AiMeD emphasized the importance of dynamic and multifaceted economic engagement between India and Russia, guided by shared interests and a commitment to deepen bilateral cooperation. Over 70 Indian manufacturers and exporters, alongside key Russian investors, participated in the online event.
Currently, India’s exports of medical devices to Russia stand at Rs 625.68 crore (approximately $75 million) for the fiscal year 2022-23, according to data compiled by AiMeD. However, with coordinated strategies and expedited regulatory approvals, this figure has the potential to reach Rs 2,000 crore (around $239 million) over the next five years, according to Rajiv Nath, forum coordinator at AiMeD.
Despite not featuring in the top five countries importing medical devices from India, Russia holds significant potential as a destination for Indian medical device exports, particularly within the Commonwealth of Independent States (CIS) region. Russia accounts for 60% of India’s medical device exports in the CIS region, according to a report by the Engineering Export Promotion Council of India (EEPC).
Recognizing the immense opportunities for bilateral engagements in the medical device industry, AiMeD and the Centre for the Development of Russia-India Strategic Partnership (DRISP) signed a Memorandum of Understanding (MoU) last year. This collaboration aims to accelerate bilateral engagements, including efforts to fast-track regulatory processes and establish new partnerships in manufacturing and marketing medical devices between India and Russia.
Moving forward, AiMeD and DRISP are committed to strengthening bilateral relations through collaborative efforts, leveraging the vast scope for partnerships between Indian stakeholders and their Russian counterparts in the medical device industry. The focus remains on accelerating the pace of regulatory processes and fostering new partnerships to capitalize on emerging opportunities in this vital sector.