Medical Device Regulation For India
The Medical Devices and Equipment industry, valued at US$ 2.5 billion contributes only 6% of India’s US$ 40 billion healthcare sector. Moreover, it is growing at a faster annual rate of 15% than 10-12% growth seen in the health care sector entirely. The Medical Equipment Industry is quite wide with >14000 different products. The products range from wound closure pads to stents and IVD machines of medical devices. Further, it can be reasonably said that Medical Electronics is an area, where Electronics and Information Communication Technology play a decisive role.
Promotion Of The Sector By Government
The government is expected to develop a regulatory structure leading to quality products being developed by manufacturers. However, the current regulatory structure lacks active participation developed by manufacturers. However, the current regulatory structure lacks active developed by manufacturers. However, the current regulatory structure lacks active matter of time. The last few years have seen an increase in domestic manufacturing of medical equipment. With impetus from Government of India schemes, India is beginning to look forward to being recognized as a manufacturing destination for sophisticated medical technology.
The Private and Foreign Investments
International companies in this field are also using India as a manufacturing base by either setting up facilities of their own or by acquiring domestic manufacturers. Some examples include 3 M’s manufacturing plant in Pune, Becton Dickinson's manufacturing facility in Haryana. Hollister's setting up manufacturing facility in India and Philips Medical Systems' acquisition of Medtronic’s and Alpha X- Ray Technologies. Medical Technology Parks have been proposed by the Government of India in addition to the existing parks to encourage domestic manufacturing of medical equipment. FDI inflow will spur R&D and manufacturing innovations, in turn increasing the...
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