A landmark strategy paper published by the Australian Government that identifies opportunities to accelerate dental product exports to India has been welcomed by the Australian Dental Industry Association.
The India Economic Strategy to 2035 highlights opportunities for Australian dental product exporters to take advantage of India’s increasingly pivotal economy and identifies medical device exports as a key area of Australia’s competitive advantage.
“This strategy will ensure that Australia’s innovative dental product manufacturers will be better positioned to access this dynamic and growing market which will play an important role in the growth of the industry in the medium to long-term,” ADIA CEO Troy Williams
The strategy paper finds that the Indian market for medical devices is worth AUD$7.5 billion, of which 77 per cent is imported, and is projected to grow by 15 per cent annually.
“The Australian Government’s focus on opening up the Indian economy to Australia’s dental product exporters will fuel sustainable growth, promote investment in innovation, and create jobs in Australia’s medical devices sector,” Williams said.
The India Economic Strategy to 2035 also recognises that to take advantage of the lucrative opportunities afforded by the Indian market for medical devices, Australian dental product exporters need to overcome some barriers—chief among them being India’s developing product regulation framework.
“Given that India’s medical device framework is still taking form, compliance will be a challenge for Australian businesses seeking to trade with India,” Williams said.
Based on a media release sourced from the ADIA website.