Medical devices makers seek regulatory clarity, incentives, correction of inverted import duty
Updated: Sep 01, 2015 05:05:38pm
New Delhi, Sept 1 (KNN) Industry leaders have called upon the Government to take strong measures to drive the consumption of medical devices in the country, bring clarity to regulatory policy, correct the inverted import duty structure and provide fiscal incentives to give the domestic manufacture of medical devices a strong impetus for growth and turn India into a global innovation hub for medical technology.
Convening the ‘Make in India’ and its Relevance to Healthcare session organized by FICCI, Varun Khanna, Managing Director - BD India, said, 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. Therefore, it is important for the stakeholders in the medical devices and larger healthcare ecosystem to constructively engage in a dialogue to facilitate ‘Make in India’ for the country. The government should strengthen entrepreneurship and innovation to fulfil the clinical unmet needs leading to better patient outcomes.”
Ajay Pitre, Co-Chair of FICCI Medical Devices Forum & MD, Pitre Business Ventures Pvt. Ltd., said, “The need for quality healthcare services is going to rapidly expand as the Indian economy evolves. A strong domestic medical technology industry is very much possible, considering India’s strengths, to help meet the country’s needs for medical devices meaningfully and cost effectively. 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.”
Probir Das, Managing Director, Terumo India Private Limited, said “It is very important for the Government to address the issue of inverted import duties and formation of manufacturing clusters. The import of components is often more expensive in India than the import of finished goods. Zero duty or very low levels of duty on component imports will facilitate local assembly / production of medical devices.”
FICCI Heal is the flagship event of the Health Services Division of FICCI and is among the most eagerly awaited health conferences in India. This year’s theme was ‘India's Healthcare: Time for Paradigm Shift’. Over two days, the conference focused on the shift needed in the health policy structure and functional guidelines for achieving global standards of healthcare across the country. The conference saw large-scale attendance by policy makers and national and international leaders from healthcare and associated industries from India and abroad.
FICCI Heal 2015, with back to back sessions over two days from August 31 to September 1 on every aspect of the healthcare industry, concluded with a valedictory session on ‘Disruptive Innovation and New Age Entrepreneurship in Healthcare.’ It focused on the need for creating an enabling ecosystem to address cultural, infrastructural, financial and legal issues so that constant streams of indigenous innovations are available for market application.
There was a strong emphasis on establishing a supportive regulatory system which is expected to play a vital role in encouraging start-ups in the manufacture of medical devices in the country. (KNN Bureau)
Convening the ‘Make in India’ and its Relevance to Healthcare session organized by FICCI, Varun Khanna, Managing Director - BD India, said, 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. Therefore, it is important for the stakeholders in the medical devices and larger healthcare ecosystem to constructively engage in a dialogue to facilitate ‘Make in India’ for the country. The government should strengthen entrepreneurship and innovation to fulfil the clinical unmet needs leading to better patient outcomes.”
Ajay Pitre, Co-Chair of FICCI Medical Devices Forum & MD, Pitre Business Ventures Pvt. Ltd., said, “The need for quality healthcare services is going to rapidly expand as the Indian economy evolves. A strong domestic medical technology industry is very much possible, considering India’s strengths, to help meet the country’s needs for medical devices meaningfully and cost effectively. 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.”
Probir Das, Managing Director, Terumo India Private Limited, said “It is very important for the Government to address the issue of inverted import duties and formation of manufacturing clusters. The import of components is often more expensive in India than the import of finished goods. Zero duty or very low levels of duty on component imports will facilitate local assembly / production of medical devices.”
FICCI Heal is the flagship event of the Health Services Division of FICCI and is among the most eagerly awaited health conferences in India. This year’s theme was ‘India's Healthcare: Time for Paradigm Shift’. Over two days, the conference focused on the shift needed in the health policy structure and functional guidelines for achieving global standards of healthcare across the country. The conference saw large-scale attendance by policy makers and national and international leaders from healthcare and associated industries from India and abroad.
FICCI Heal 2015, with back to back sessions over two days from August 31 to September 1 on every aspect of the healthcare industry, concluded with a valedictory session on ‘Disruptive Innovation and New Age Entrepreneurship in Healthcare.’ It focused on the need for creating an enabling ecosystem to address cultural, infrastructural, financial and legal issues so that constant streams of indigenous innovations are available for market application.
There was a strong emphasis on establishing a supportive regulatory system which is expected to play a vital role in encouraging start-ups in the manufacture of medical devices in the country. (KNN Bureau)
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