The Challenges to Tech Driven Medical Device Industry
Looking at the speed at which India is taking long strides in the healthcare landscape at large, one derives a great sense of satisfaction that the nation is benefitting from factors like medical devices and modern technology.
However, despite huge potential due to the high demand for quality diagnostics services, the Indian medical device market faces several challenges. Foremost among them is the country’s reliability on imported devices for addressing domestic demand.
More than 70 per cent of medical equipment sold in the country is imported. In addition, lack of compliance standards and coherent policy framework are also jeopardizing the growth of Indian device industry. Through Make in India concept and Medical Devices Rules 2017, the Government has tried to boost domestic manufacturing market; nonetheless, these steps are not sufficient to do away all the obstacles of the domestic market.
Experts believe that in India, pseudo manufacturing flourishes as manufacturers are turning into importers for their brands. Other countries like the US, China encourage domestic players to make indigenous products. Domestic players demand the Government should increase the basic customs duty on medical devices in the range of 5-15 per cent to promote domestic manufacturing.
India needs to implement ‘Make in India’ in its true sense and for that, a framework of policies along with strategic roadmap is need of the hour.
While medical technologies can redefine possibilities and push boundaries, impact on outcomes entirely depends on widespread adoption by public and private stakeholders in healthcare delivery. Majority of the impressive devices in digenously developed are lurking on the sidelines for lack of market maturity and adoption pathways.