Trade, Industry and Competition Minister Ebrahim Patel has unveiled the ambitious Medical Technology (MedTech) Master Plan, with the goal of transforming South Africa’s medical technology industry into a competitive player in both domestic and international markets within the next three years.
Speaking at the launch event on May 13, Minister Patel highlighted the significant growth potential of the medical technologies sector in South Africa. With the modalities for the African Continental Free Trade Area (AfCFTA) in place, there is a prime opportunity for the sector to expand its reach across the continent, tapping into the demand for medical technologies in African markets.
The Department of Trade, Industry and Competition (dtic) revealed that the South African MedTech industry is currently valued at around R21 billion, with exports exceeding R4 billion. The industry not only has a substantial economic impact but also plays a crucial role in ensuring the security of supply for key medical products.
Over the next three to five years, the MedTech Master Plan aims to create at least 1,000 new jobs in the sector and localize an additional R1 billion worth of imported goods. Minister Patel emphasized the importance of effective implementation and impact to enhance industrial performance and competitiveness in the global market.
This comprehensive master plan, developed in partnership with government, manufacturers, procurers of medical technologies, and organized labor, seeks to establish a sustainable and job-rich value chain that will position South Africa as a key player in the global MedTech industry.