How do Indian SMEs plan to prevent medical device shortage
Most Western countries reduced imports of medical devices to Russia.
India’s small medium-sized enterprises (SMEs) will collaborate with Russia to minimise the latter’s possible risk of medical device shortage amidst the ongoing tensions between Russia and Ukraine, data analyst, GlobalData, said.
In a statement, GlobalData said it also expects that Indian SMEs will boost their presence within Russia’s medical device market.
From 2015 to 2020, Russia’s medical devices market rose at a Compound Annual Growth Rate of around 4% but it went down slightly in 2021, and due to the war, it is projected to decline further.
The US and European firms have been the major suppliers for the Russian medical devices market.
Despite medical devices being exempted from sanctions, GlobalData said the current restrictions related to logistics have greatly reduced imports to Russia from these nations.
This allows Indian medical device companies to scale up their supplies to Russia.
According to GlobalData, Russia gets around 60% of India’s medical device exports going to the Commonwealth of Independent States or CIS.
Vinita Sippy, medical devices analyst at GlobalData, said Indian SMEs should also assess the issues in their business collaboration with Russia and make sure their existing and new partnerships with the US and other European nations will not be affected.