MD of Dubai-based ISHVAN Pharmaceuticals, Sanjeev Nanda talks about the rapid growth of the Indian medical consumables market
The healthcare sector in India has undergone a major shift in the recent times, especially when it comes to medical consumables. According to a report released by Ken Research in 2019, the companies operating in the Indian medical sector hold a bright future ahead with prospects of expanded market share and increased revenues.
MD of Dubai-based ISHVAN Pharmaceuticals, Sanjeev Nanda agrees with the findings of the report. In a recent interview, Nanda acknowledged the fact that India has become one of the leading destinations for healthcare services, which has in turn boosted the business for medical consumables, more so since the pandemic struck.
According to Sanjeev Nanda, be it disposables or medical devices, India presents ideal business conditions for global players to invest in. “There are vast opportunities in R&D which have had a positive impact on the demand for medical consumables and medical devices in India,” he said.
Upon being asked how existing players can enhance their revenues from the Indian market, the ISHVAN Pharmaceuticals MD pointed out that adopting advanced and innovative medical consumable products, combined with improved marketing strategies, holds the key to expanding market share and increasing profits.
“The Indian government has facilitated the development of medical consumables market in the country to a great extent. Schemes like National Rural Health Mission, National Urban Health Mission and Ayushman Bharat Yojna have taken quality healthcare to even the remotest parts of the country, thus increasing the demand for medical supplies,” said Sanjeev Nanda.
He added, “Not just the health schemes, but the ‘Make in India’ program has also boosted the medical sector in India to a great extent. With an increased ease of doing business, most prominent manufacturers are today happy to set up their medical consumables manufacturing units in India, thus adding to the growing market.”
Agreeing with the findings of Ken Research, ISHVAN Pharmaceutical’s MD said that the Indian market will hopefully register a positive CAGR of 11.6% in terms of revenue by 2023. “Factors such as low-cost manufacturing, rising population, minimal entry barrier, etc. have led both the international and domestic companies to flourish in India. Today, each product category has an extensive list of manufacturing companies,” said Nanda.
This maintains a healthy competition in the market, thus encouraging the manufacturers to bring their best products forward. According to Nanda, this can play a key role in the development of the market for medical consumables and devices in India.