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Indian medical device manufacturers demand regulatory clarity and fiscal incentives
While participating in a session on the 'Make in India' initiative at the FICCI Heal 2015 conference industry leaders have called upon the Government to take strong measures to drive the consumption of medical devices in the country.

The demanded the government to bring clarity to regulatory policy, correct the inverted import duty structure and provide fiscal incentives in order to give the domestic manufacturing of medical devices a strong impetus for growth. Medical device makers said it would turn India into a global innovation hub for medical technology.

Convening the 'Make in India' and its Relevance to Healthcare session, Varun Khanna, Managing Director - BD India, said that the '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.

Ajay Pitre, Co-Chair of FICCI Medical Devices Forum & MD, Pitre Business Ventures Pvt. Ltd., while speaking at the event said that 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 delegates 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.

As per a release by the industry body, FICCI they called upon the Government to focus on the following initiatives to turn India into a powerhouse of medical devices manufacturing:

  • Market Expansion -The current market of medical technology in India is an insignificant fraction of the global market. The Government needs to facilitate access and drive consumption by increasing spending in healthcare from current 1% of GDP to at least 3%.

  • Regulatory Clarity - The Act separating medical devices from drugs needs to quickly come into force. It should enforce risk-based classification and allow ease of clinical trials. Also, a nodal ministry has to be made responsible for end-to-end facilitation of the medical technology industry.

  • Fiscal Incentives - To create a global supply chain and manufacturing in India, the Government needs to provide fiscal advantages to investors on the lines of countries like Ireland and China.

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