Why is it in the news?
- The Department of Pharmaceuticals initiated the MEDITECH STACKATHON 2024 in collaboration with the Confederation of Indian Industry (CII).
More about the news
- The Stackathon aimed to tackle critical challenges in the medical technology sector, promote domestic manufacturing, and reduce import dependence. It sought to position India as a global leader in medical technology.
- India ranks as the 4th largest market for medical devices in Asia and is among the top 20 globally.
- India’s MedTech industry is expected to grow significantly, reaching USD 50 billion by 2030 from the current USD 14 billion.
| Confederation of Indian Industry (CII) · CII is a non-governmental, not-for-profit organization that is industry-led and industry-managed. · Founded in 1895, CII has a long history of fostering economic development and growth in India. · CII’s membership includes representatives from both the private and public sectors, encompassing a wide range of industries and businesses. · CII plays an active role in advocating for policy changes and reforms by collaborating closely with governments and thought leaders. · The organization focuses on enhancing efficiency, competitiveness, and business opportunities for industries in India through various initiatives and programs.
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