{"id":52165,"date":"2019-09-13T15:41:14","date_gmt":"2019-09-13T10:11:14","guid":{"rendered":"https:\/\/blogadmin.forumias.com\/?page_id=52165"},"modified":"2019-09-13T15:41:23","modified_gmt":"2019-09-13T10:11:23","slug":"answered-medical-devices-industry-in-india-should-focus-on-indigenous-manufacturing-innovation-research-and-development-discuss","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/answered-medical-devices-industry-in-india-should-focus-on-indigenous-manufacturing-innovation-research-and-development-discuss\/","title":{"rendered":"[Answered] \u201cMedical devices industry in India should focus on indigenous manufacturing, innovation, research and development.\u201d Discuss."},"content":{"rendered":"\n
Demand of the question<\/strong>
Introduction. <\/strong>Contextual Introduction.
Body. <\/strong>Nascent Indian medical device industry. What should be done?
Conclusion. <\/strong>Way forward. <\/td><\/tr><\/tbody><\/table>\n\n\n\n

The global medical device industry is highly innovative and technology driven, changing the face of healthcare worldwide. Globally, it is a rapidly advancing industry impacting and improving aspects such as diagnosis, treatment, and delivery, but in India, it is still very nascent with low levels of penetration and adoption. This presents an exciting opportunity to develop this industry and to play a larger role in the transformation of Indian healthcare. A good understanding of the nature of this industry will help ensure that the country is poised to capitalise on opportunities provided by medical technology to improve national healthcare.<\/p>\n\n\n\n

Nascent Indian\nmedical device industry:<\/strong><\/p>\n\n\n\n

  1. The healthcare industry in India has\nmade rapid progress in the last decade, but significantly lags behind other\nnations in availability and quality of equitable medical care and services for\ncitizens. This presents an enormous opportunity given the large population,\ngrowing economic prosperity, and the disease burden. <\/li>
  2. There is  prevalence of higher imports of medical\ndevices in India. Reasons for this are:<\/li>
  3. Lack of favourable policy and\nregulatory framework.<\/li>
  4. Medical devices, unlike\npharmaceuticals, are dependent on a mix of technologies such as engineering,\nelectronics, material sciences and information technology.<\/li>
  5. Innovation, capital and technology\ndrive the industry. However, India has not been able to bridge the gap between\ninvestments, skilled resources and innovation to fully capitalise on these\nopportunities.<\/li>
  6. There is no clear comparative cost\nadvantage in comparison to other emerging markets and policy issues like\ninverted duty structure do not help in creating a positive environment.<\/li>
  7. The medical devices industry in\nIndia is currently valued at approximately USD 6 billion and has expanded at a\nsignificant double digit growth rate over the past few years. The industry is\nstill at a nascent stage with sub-optimal penetration and usage of medical\ndevices.  This demand innovation and\nR&D from medical device industry in order to push for indeginsation.<\/li>
  8. Currently, India comprises only\n1.7% of the world market, the industry is significantly import dependent, and\ncurrent demand does not offer scale in various product categories. This will\ntransform as demand significantly escalates to realize potential.<\/li><\/ol>\n\n\n\n

    What should be\ndone?<\/strong><\/p>\n\n\n\n

    1. As there is lack of scale in many\nproducts, the government should prioritize certain products for manufacturing\nin India. <\/li>
    2. High volume, low-tech, labor\nintensive manufacturing sectors should be the initial target. Very rapid import\nsubstitution may not be practical or desirable. <\/li>
    3. It is also felt that the government\nshould position and promote India as a global manufacturing hub or destination,\nrather than focus on just the domestic market. <\/li>
    4. Frugal innovation is a significant\nstrength that India can offer the world. Innovation to develop new products for\nemerging markets should be encouraged, and this will also ensure manufacturing\nvolumes needed for profitable operations. <\/li>
    5. This approach will help India\nattract the right technology, upgrade manufacturing processes and quality, and\nbuild local R&D capability.<\/li>
    6. A clear long term vision and\nroadmap for the industry and predictability of policy would excite the\nindustry. The government needs to provide policy support for both the supply\nand demand side of the medical device industry to successfully accelerate\ngrowth.<\/li><\/ol>\n\n\n\n

      The medical device industry is a unique blend of engineering and medicine. It involves the creation of machines that are then used to support life within the human body. Industry and government need to work together to improve awareness, access, adoption, and affordability for medical devices in India. Certainly, major changes are needed in the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Demand of the question Introduction. Contextual Introduction. Body. Nascent Indian medical device industry. What should be done? Conclusion. Way forward. The global medical device industry is highly innovative and technology driven, changing the face of healthcare worldwide. Globally, it is a rapidly advancing industry impacting and improving aspects such as diagnosis, treatment, and delivery, but… Continue reading [Answered] \u201cMedical devices industry in India should focus on indigenous manufacturing, innovation, research and development.\u201d Discuss.<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":49132,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-52165","page","type-page","status-publish","has-post-thumbnail","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/52165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=52165"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/52165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/49132"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=52165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}