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Synopsis
The pandemic has given India’s med-tech firms an opportunity to expand. While most medical devices continue to be imported, several companies are facing a hurdle in gaining access to capital despite the huge potential of the sector. The road to self-sufficiency is not going to be smooth for India’s USD5.2 billion medical-devices industry.
When Prime Minister Narendra Modi urged India’s medical devices and biomedical companies to invest in bleeding-edge research and scale up in his speech at the Indian Science Congress in Bengaluru in January 2020, little did he know about the incoming storm.Less than three months after the prime minister encouraged companies in the sector to come up with tools and concepts to save people from communicable diseases, the deadly virus entered India.
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