Housed in a small shed at IIT-B, the Biomedical Engineering and Technology (incubation) Centre, or BETiC, is nurturing medtech innovators to create low cost, yet high quality medical devices
The potential is huge with the medical devices industry in India growing at about 15 percent annually and set to reach at least $25-30 billion by 2025, according to Deloitte Touche Tohmatsu India.
But for the ecosystem to truly mature, involvement from all stakeholders is key—institutions that allow innovation to flourish, investors with a high appetite for risk and long gestation periods, as well as government support. Only then will quality health care be affordable and accessible to all.
(This story appears in the 11 May, 2018 issue of Forbes India. To visit our Archives, click here.)