Frugal Innovation in Medical Devices and Technologies: The India Opportunity
New research by MTPConnect and Asialink Business highlights the growing opportunities for future-focused Australian medical technologies businesses in India.
Developed by MTPConnect, and Asialink Business, the research focuses on the opportunities for Australian medical device and technologies firms to tap into India’s expanding healthcare sector. With India’s ongoing emergence as a global hub for low-cost innovation, the study urges Australian medtech business to innovate and customise their offerings, in order to support the development of cost-effective, high-quality solutions for the Indian market.
- This is the first-ever study into the opportunities for Australian producers of medical devices and technologies created by India’s economic rise and emergence as a hub for low-cost innovation.
- India’s healthcare sector is already worth $200 billion and is set to more than double in size over the coming years.
- Australia’s 1300 medtech and pharma businesses, which currently export $6.5 billion annually, are well placed to meet rising demand in India, but will need cost-efficient, ‘frugal’ innovation to adapt to India as an emerging market.