·        AiMeD and DRISP Russia will exchange information on economic and commercial matters

·        Will share info on trade, investment and technology transfer opportunities and trends

In a significant move aimed at giving a further boost to robust and long-standing trade relationship between India and Russia, Association of Indian Medical Device Industry (AiMeD) and Centre for the Development of Russia Strategic Partnership (DRISP) have joined hands for taking the medical device industry in two friendly countries to greater heights of growth.

“The Memorandum of Understanding (MoU) signed between DRISP and AiMeD assumes significance as the leaders of India and Russia have outlined their aim of achieving a US $ 30 billion mark in mutual trade by 2025, thus continuing with a dynamic and multifaceted economic engagement, guided by shared interests and a commitment to further deepen bilateral cooperation and our two organisations will contribute in our own humble manner in line with that objective,” said Rajiv Nath, Forum Coordinator, AiMeD.

Nath said that the MoU, inked on October 4, intends to “foster mutual cooperation and understanding for the purpose of promoting the development of business relation between India and Russia, promoting bilateral trade, investment in both the countries and the development and exchange of technology” for the development of medical device industry, which has a seminal role to play in achieving the universal goal of quality and affordable healthcare.

The MoU assumes significance as India is fast emerging as a key supplier of medicines, car and machine parts, textiles and clothing, and food products to Russia. According to St Petersburg International Economic Forum (SPIEF), India-Russia trade hit a record $39.8 billion in 2022–23.

Talking about the MoU, Prasun Prakash, Public Affairs Director, DRISP, said that AiMeD and DRISP Russia would exchange information on economic and commercial matters, that is, trade, investment and technology transfer opportunities as well as trends. “AiMeD will provide free online access to its web based services, except for those sectors, which are priced, for all users,” he said.

Prakash, who signed the MoU on behalf of DRISP, further revealed that AiMeD and DRISP Russia would also extend assistance for visiting healthcare delegations, including officials and businessmen, on both sides, with a view to promoting their business missions and facilitating business collaborations. Nath signed the MoU on behalf of AiMeD.

According to Nath, AiMeD and DRIPS Russia would cooperate in supporting workshops, courses, conferences, and trade fairs organized in both the countries based on sectors and topics of mutual interest, and facilitate networking among the companies of both the countries through their established mechanisms.

Nath said that AiMeD will offer a business-to-business matchmaking bridge role with regard to the promotion of technology and investment tie-ups to companies based in Russia on a cost basis. Similarly, DRISP Russia will assist AiMeD members in their business endeavours. “We will also share enquiries received from its members in Russia and will cooperate with DRISP Russia in referring to the list of manufacturers, suppliers and buyers as required without bias,” said Nath.

It is worth mentioning that it is an umbrella association of Indian manufacturers of medical devices covering all types of medical devices including consumables, disposables, equipment, instruments, electronics, diagnostics and implants. With a primary membership of over 400 manufacturers and additionally of over 200 associate members, AiMeD represents the interest of over 1200 manufacturers of medical devices and helps them address their problems.