With its eyes on being a pioneer in the healthcare sector, the state of Kerala is laying the foundation stone for MedSpark, a medical device park that will be among the first in India. Located in Thiruvananthapuram, MedSpark will play a key role in developing and integrating technologies from various fields including engineering, electronics, materials science, and information technology to produce medical devices.
Key Players in Establishment
Several organizations have collaborated to bring this project into existence. The program is headed by the Technical Research Center for Biomedical Devices Programme of the Department of Science and Technology (DST), an arm of the Government of India. Moreover, the Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) which is autonomous to the DST as well as the Kerala State Industrial Development Corporation Ltd. (KSIDC) are also significant contributors to this initiative.
Financial Aspects of MedSpark
The capital expenditure and early operational expenses of this project will be handled by both the state and central governments. However, the business model for MedSpark is designed to be self-sustaining. All future operational costs will be covered by the revenue streams generated within.
The Role and Functions of MedSpark
MedSpark is focused on supporting the high-risk medical device industry. The park will offer a gamut of services to the industry such as research and development support, testing, evaluation of medical devices, manufacturing support, technology innovation, and knowledge dissemination. High-risk devices entail items like medical implants and extracorporeal devices (mechanical organs used in blood purification), including implantable cardioverter-defibrillators, pacemakers, coronary stents, artificial heart valves, etc.
The Benefits of MedSpark
The services offered by MedSpark are not exclusive to industries within the park but will also be accessible to those located in other parts of India. Small and medium-sized industries which constitute a major chunk of the medical devices sector will benefit greatly from these services. MedSpark aims to leverage Kerala’s existing advantage in the high-risk medical device manufacture, with plans to transform it into the most preferred destination for setting up a medical device industry in India. It is expected to provide direct employment to 1200 people and generate approximately 4000-5000 jobs through supporting industries.
The Medical Devices Sector in India
Currently, India’s medical devices industry is valued at USD 5.2 billion and contributes about 4-5% to the Indian healthcare industry that is worth USD 96.7 billion. Despite having one of the top twenty markets for medical devices globally, India’s medical devices industry is quite small compared to the overall manufacturing industry. However, this market is expected to experience significant growth, and the market size is projected to reach USD 50 billion by 2025. Presently, India imports 80-90% of its medical devices, with a majority of them unregulated for quality and safety. The US, Germany, China, Japan, and Singapore are amongst the largest exporters of high-tech medical equipment to India.
