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Innovation enables the companies to sustain or thrive in the competitive environment in the long term. Industries which require high degree of technological interventions are always competing to innovate to thrive. Open innovation involves sharing of resources among the organizations in the industry. The concept of open innovation has attracted a significant importance among the industries, research organizations and other sectors also. Medical device manufacturing involves critical processes because of the nature and usage of the devices which should be safe, reliable, consistence in performance without any defect etc, the need for open innovation in medical devices is becoming an unavoidable in nature. In India the medical device manufacturing industry is at the booming stage and for the Indian medical device manufacturers, the open innovation concept still may be a new one or a challenging one. But a major challenge in open innovation is that of getting patent rights or IPR because of involvement of two or more companies in open innovation. The procedures for grant of patent in India are comparatively complicated and time consuming. This paper reviews the scope of open innovation in medical device industry, medical device industry in India, need of IPR and IP management in medical devices, and factors which act as drivers and barriers for open innovation in the medical device industry.