India is one of the top twenty markets for medical devices in the world. Regulatory structures were virtually absent until some rudimentary control was initiated by Government of India in 2005. Experiences of OECD countries suggest that with increasing dependence on medical technology in health, costs of health care provisioning have gone up significantly. While India is planning to embark upon Universal Health Coverage mechanism regulation of imports, production and use of medical technologies would be one of the most challenging tasks before the government.
Indian medical devices industry current state and opportunity for growth :
The term medical devices cover a vast range of equipment, from simple tongue depressors to haemodialysis machines. Like medicines and other health technologies, they are essential for patient care – at the bedside, at the rural health clinic or at the large, specialized hospital. Medical devices also cost governments a substantial amount of money. In 2000, the estimated one and a half million different medical devices available on the market represented over US$145 billion. With innovation and the rapid advancement of technologies, medical devices are currently one of the fastest growing industries, and the global market figure for 2006 is expected to exceed US$260 billion.
• Absolute safety cannot be guaranteed
• It is a risk management issue
• It is closely aligned with device effectiveness/performance
• It must be considered throughout the life span of the device
• It requires shared responsibility among the stakeholders
Healthcare has become one of India’s largest sectors - both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
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