Medical Device Industry call upon Government to empower domestic manufacture
Industry leaders participating in FICCI Heal 2015 have called upon the Government to take strong measures to drive the consumption of medical devices in the country, bring clarity to regulatory policy, correct inverse import duties and provide fiscal incentives to give the domestic manufacture of medical devices a strong impetus for growth and turn India into a global innovation hub for medical technology.
Convening the Make in India and its Relevance to Healthcare, Varun Khanna, Managing Director – BD India, said, “Make in India’ campaign must be aligned with key government initiatives to create a strong impact on public health and provide safe medical care accessible to all. Therefore, it is important for the stakeholders in the medical devices and larger healthcare ecosystem to constructively engage in a dialogue to facilitate ‘Make in India’ for the country. The government should strengthen entrepreneurship and innovation to fulfil the clinical unmet needs leading to better patient outcomes.”
Ajay Pitre, Co-Chair of FICCI Medical Devices Forum & MD, Pitre Business Ventures Pvt. Ltd., said, “The need for quality healthcare services is going to rapidly expand as the Indian economy evolves. A strong domestic medical technology industry is very much possible, considering India’s strengths, to help meet the country’s needs for medical devices meaningfully and cost effectively. From a net importer, India can transform itself into a provider of cost-effective medical technology solutions to the whole world; provided an enabling ecosystem is put in place by the Government.”
The experts were unanimous that the medical devices industry is poised to grow significantly in the coming years due to the huge unmet need, and it is no longer sustainable to continue with the current 80:20 import-export ratio. They called upon the Government to focus on the following initiatives to turn India into a powerhouse of medical devices manufacturing: Market Expansion, Regulatory Clarity and Fiscal Incentives.
Added Sunil Khurana, Chairman FICCI Medical Electronics Forum & CEO, BPL Medical Technologies, “The ‘Make in India’ campaign coupled with 100% FDI in this sector will provide a huge impetus in growing the medical devices sector in India. Indian medical devices companies must try attract international majors for their participation in the form of funds, technology and manufacturing partnership. Local manufacturing will help in development of custom products suited better to our disease pattern and patient demography thereby reducing the overall cost of delivery. Manufacturers would also benefit through government purchases giving preferential treatment for domestic production. Further, we also need to develop our own quality control standards specific to Indian context.”
(Source: Press release)