New Delhi, Apr 23 (KNN) India's exports of medical devices to Russia could potentially triple in the next five years through increased collaboration between the two countries, according to the Association of Indian Medical Device Industry (AiMeD).

This push comes after Indian manufacturers and Russian investors recently held an online meeting to explore opportunities in manufacturing and marketing medical equipment and devices.

Currently, India's medical device exports to Russia stand at around USD 75 million annually. However, AiMeD estimates that this figure could rise to around USD 239 million by 2028 if both sides adopt a coordinated strategy and fast-track regulatory approvals.

While the U.S., Germany, China, and the Netherlands are the top importers of Indian medical devices currently, Russia does not feature in the top five.

However, it accounts for 60 per cent of India's medical device exports to the Commonwealth of Independent States (CIS) region.

To boost bilateral engagement, AiMeD signed an agreement with the Centre for the Development of Russia-India Strategic Partnership last year.

The two bodies aim to accelerate partnerships between stakeholders in manufacturing and marketing medical devices.

"There is huge scope for partnerships between Indian and Russian entities in the medical device industry," said Rajiv Nath of AiMeD, adding that regulatory processes need to be expedited to fully capitalize on the opportunities.

(KNN Bureau)