Mexican government to promote innovation in medical devices sector

The Mexican government is planning to promote innovation in the medical devices sector, along with automobiles and agribusiness, through Public Private Partnership (PPP) with the growth potential of these sectors. According to a spokesperson of the World Economic Forum (WEF), companies sometimes do not invest because regulations do not guarantee a fair distribution of benefits. Hence, development of a pilot public-private investment to encourage innovation is in progress. The plan involves members of the private sector and the Mexican government and aims to establish the pilot program with these three sectors and look for companies that want to participate. Participants focus to elevate the level of investment in innovation Mexico currently spends less than 1% of GDP on innovation as compared to around 2% of GDP spent by other countries of the Organization for Economic Co-operation and Development (OECD). Deloitte and WEF earlier said Mexico and other countries in the region are witnessing a lack of skilled workers and innovation, slowing the competitiveness of their economies.