Good days have come to the Indian Medical Devices Industry because of the triumphant victory of Shri. Modi Ji, which has re-invoked more positive feeling into taking action on the partially finished agenda by Modi2.0.
Many congratulations to Prime Minister Shri. Narendra Modi Ji for such a massive victory of the Bharatiya Janata Party" said the elated Mr. Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry (AiMeD).
The vote of the people of India is an affirmative appreciation of steps taken by Shri Modi to provide relief to Aam Junta from unaffordable Healthcare that used to bankrupt families . Post Ayushman Bharat and Price Caps on Stents the public got assurance of extending further Price Controls to other medical devices in the BJP manifesto.
The experimental and tentative steps taken to address inverted duty structure for some devices, price caps on Stents & Knee Implants, Indian Certification for Medical Devices, bringing in Medical Devices Rules, establishment of Kalam Institute of Healthcare Technology and Andhra Med Tech Park in Vishakapatnam, drafting an Essential list of Diagnostics and establishment of Medical Devices Promotion Council in Modi 1.0 needs to be now taken forward to the logical conclusion in Modi 2.0.
There is an urgent need for the Govt. to accelerate further reforms for which foundation has now been laid and supportive measures in order to boost medical device manufacturing within the country, reducing huge import dependency in this sector which is still at 70-90 percent and a staggering 31000 Cr Rs imports bill, minimizing outgo of foreign reserves, and making quality healthcare affordable and accessible to the masses at large as initiated under Ayushman Bharat.
The first term of the Modi government has been very eventful and progressive for the presently valued $10 billion Indian Medical Device Market which saw a series of serious measures being taken by the government for the Indian Medical Devices Industry which looked positive and beneficial to the end consumer but voicing the concerns of Domestic Medical Devices Industry Mr. Rajiv Nath urged for expediting steps for patients' protection, stronger quality & Safety regulations, price controls to make devices and quality treatment accessible and affordable and ethical indigenous manufacturing viable.
Priority issues raised by AIMED are:
- Need to Regulate all Medical Devices under a Patients' Safety Medical Devices Law to protect patients
- Need to protect Consumers from exploitatively high MRP in Medical Devices by rationalized price controls
- Need to encourage employment and Make in India of Medical Devices and address 70-90 percent import dependency by a predictive nominal tariff protection policy as done for mobile phones to ensure a vibrant domestic industry & competitiveness and price stability driven by competing domestic players
- Need to incentivize Quality in Healthcare Products in public healthcare procurements by preferential pricing for Q1 e.g ICMED (QCI's Indian Certification for Medical Devices) instead of L1 to ensure patients access acceptable quality.
The Indian Medical Device Industry is very upbeat with Modi Govt's victory and is more than buoyant that right from trade margin rationalization to ensuring a separate set of legislation and regulatory framework to govern the medical device sector and everything in between will be looked afresh and hastened up by Modi Govt. to galvanise the domestic medical device manufacturing sector.