Grand Thorton with CII release paper on Indian medical technology sector

By: |
September 04, 2016 12:13 PM

The paper attempts to provide an insight into various updates on regulatory, technology and market fronts Grand Thorton in collaboration with CII Medical Technology Division have released a concept paper tilted ‘Meeting Challenges: Tapping Opportunities to achieve $50 billion vision for Medical Technology Sector’ at the recently held 9th Medical Technology Conference. The paper attempts […]

The paper attempts to provide an insight into various updates on regulatory, technology and market fronts
Grand Thorton in collaboration with CII Medical Technology Division have released a concept paper tilted ‘Meeting Challenges: Tapping Opportunities to achieve $50 billion vision for Medical Technology Sector’ at the recently held 9th Medical Technology Conference.

The paper attempts to provide an insight into the various updates on regulatory, technology and the market fronts in the Indian medical technology sector and provides an interim review of the progress of the medical technology sector in its proposed vision and roadmap to achieve the $50 billion mark by 2025.

Following are the highlights of the paper:

  • Regulatory roadblocks and identity building through an appropriate de-linking of Medical Technology from the Drugs and Cosmetics Act through the proposed National Medical Devices Policy, 2015. The industry keenly awaits the formalisation of this regulatory framework.
  • Other systemic challenges owing to the dependence of medical technology on the overall healthcare delivery eco-system in the country.
  • Progressive initiatives undertaken by the government in terms of easing FDI norms, setting up of medical technology parks and testing laboratories.

Accelerating the Universal Healthcare Agenda and installing the right framework to provide ‘access’ to ‘safe’, ‘quality’ and ‘affordable’ healthcare to patients.

Speaking at the release, Vrinda Mathur, Partner, Grant Thornton India said, “Impetus on creating a local med tech ecosystem appears to be a key agenda for local and global players and we are likely to see increased investments in the sector. Steps and initiatives are being put in place through a multi-stakeholder consultative process between the industry and the Government to achieve this vision.”

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