The medical device market in India has potential to reach $50 billion by 2025, according to PSG Institute of Medical Science and Research Dean Dr S Ramalingam. It was valued at $6.36 billion in 2013 and was growing annually at 15 per cent, he said at the inaugural function of the PSG Centre for Biomedical Innovation.

“The US is known to be a global leader in medical devices. Import constitutes almost 70 per cent of the Indian medical devices market. There is no competitive manufacturing base of medical devices here,” he said.

Managing Trustee L Gopalakrishnan was the chief guest at the function. He inaugurated the centre and said, “This centre brings together expertise and rigour in research, bioethics, regulatory sciences and medical domain knowledge and experience to help budding bio entrepreneurs with a scientifically valid, regulatory complying and swifter pathway to a product.”