Presents issues of ease of doing business, regulation, fiscal imperatives
Office bearers of the top industry associations in medical device industry, namely Confederation of Indian Industry (CII), Association of Indian Medical Device Manufacturers (AIMED), Federation of Indian Chambers of Commerce and Industry (FICCI), and Medical Technology Association of India (MTAI) presented to the PMO a series of issues relating to ease of doing business, regulation, fiscal imperatives, scaling manufacturing, promoting exports and encouraging Innovations, to make India an attractive destination for investment in medical device sector.
Reportedly, a detailed discussion on streamlining regulatory issues was held on which the Government assured an early action. The uniqueness of medical devices, as different from pharmaceuticals was acknowledged and the participating associations were informed that the new medical device rules would be notified at the earliest. The Ministry of Health & Family Welfare also announced that the new Medical Device Act would be tabled in the forthcoming winter session of the Parliament. No new medical devices would be notified till this new Act is passed.
Industry has appreciated the proactive, progressive approach of the Government and welcomed the engagement of consultation with the industry.
Himanshu Baid, Chairman – CII Medical Technology Division said, “An added focus on promoting exports will add value. On the other hand, continued investment in healthcare will help expand the market of medical devices increasing India’s attractiveness as a manufacturing destination”.
“An attractive fiscal package coupled with the streamlining of regulation will help attract global investment and greenfield and brownfield expansion in India,” said Probir Das, Chairman FICCI Medical Device Forum.
“We thank the Government for this opportunity to engage and enable quick resolution of Regulatory issues. This will certainly help the industry,” said Pavan Choudary, Co-Chairman, CII Medical Device Division & Medical Technology Association of India.
The meeting was chaired by Principal Secretary to the Prime Minister and held in presence of senior officials from PMO, NITI Ayog, Ministry of Health & Family Welfare, Department of Pharmaceuticals and Department of Revenue.
The Indian medical devices sector has emerged as a focus sector in Make in India aspirations of the country. It has a tremendous potential to grow with a huge demographic dividend on demand side and India’s R&D Innovation capabilities on the supply side. Despite the immense opportunity it remains shackled in an unpredictable regulatory environment, which is expected to change very soon and is also impeded by concerns around pharma style price control and an abysmally low market penetration, which shall need a gradual increase in public spend and awareness campaigns.