Health officials in Bangladesh have signed a deal with Indian company, Tata Sons, to produce more than two billion medical devices, in a deal that will help the country boost its output of medical devices.
Bangladesh’s government said Wednesday that Tata Sons would be supplying medical devices to Bangladesh’s hospitals and medical clinics and that its investment will help boost its production of medical products.
The investment, valued at about $2 billion, will be used for manufacturing and sales of medical equipment, such as intravenous catheters, surgical instruments and dental implants, the Bangladesh Health Ministry said in a statement.
Tata Sons has previously invested in medical equipment manufacturing in India.
The company is a joint venture between the United States-based Tata Group and China’s Tsinghua University.
Last year, the country was ranked among the top five countries in the world for medical devices manufacturing, according to the International Federation of Medical Equipment Manufacturers (IFME).
Tasmanian Health Minister Dr. Zafaruddin Ahmed said the company’s investment will allow the country to expand its medical equipment production and bring about the best in health services.
“The partnership between Tata Sons and the government of Bangladesh will help us improve our capacity to produce medical devices,” he said.
India’s foreign investment in medical devices and medical equipment has grown steadily over the past two decades, which has helped the country become one of the world’s biggest medical equipment producers.
In 2016, India signed an agreement with the United Kingdom to buy a combined $5.5 billion in medical device, surgical and dental devices, a deal worth more than $10 billion, according the International Trade Union Confederation.