Indian Embassy in Moscow seeks Russian partnership in medical equipment sector

Hyderabad: The Indian Embassy in Moscow is spearheading efforts to tap into the vast potential of the Indo-Russian medical device industry through collaborative initiatives.

The recent webinar held in Hyderabad by AiMeD (Association of Indian Manufacturers of Medical Devices) and DRISP (Development of Russia-India Strategic Partnership) highlighted the importance of bilateral engagements in manufacturing and marketing life-saving medical equipment and devices.

Mutually emerging opportunities

Rajiv Nath, the forum coordinator of AiMeD, emphasised the significance of bilateral trade ties, stating, “The support extended by Indian Embassy in Moscow in our collective efforts to mutually cash in on emerging opportunities in the medical device industry will go a long way.”

Experts from both India and Russia underscored the need for dynamic economic engagement, as Ved Prakash, first secretary at the Embassy of India in Moscow, expressed gratitude for the organisation of the meeting on medical devices.

Potential for job creation

Rohit Neema, the second secretary, pledged support for facilitating trade and cooperation in the sector, recognising its potential for economic growth and job creation.

Prasun Prakash, founder of DRISP, highlighted the timely exchange of technology and expertise, stressing the importance of leveraging geopolitical trends to establish strategic partnerships.

Denis Stepanov, general director of CES Spine Medics, Russia, outlined the opportunities and challenges for Indian manufacturers entering the Russian market, citing interest from manufacturers and the need for high-quality medical products alongside registration processes and international competition.

Advancing bilateral engagements

Ashish Rangra from Invest India presented insights into the Indian medical devices sector, discussing its current valuation, projected growth, import dependency, and government initiatives to attract investment and promote manufacturing infrastructure.

The collaboration between AiMeD and DRISP signifies a concerted effort to accelerate bilateral engagements in the medical device industry. With over 70 Indian manufacturers and exporters and key Russian investors in attendance, the webinar served as a platform to explore avenues for collaboration and mutual benefit.

The webinar emphasised the importance of collaborative efforts in tapping into the vast potential of the Indo-Russian medical device industry.