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Medical Device Sector in India
The
notification For Import and Manufacture of Medical Devices
will allow market to grow and help patients access the
best available to diagnosis, monitor and recover at a
faster pace.
(Abstracted
from an interview with Mr Milind Shah, Managing Director,
Medtronic’s Indian operations by Nandita Vijay of
Chronicle Pharmabiz)
The medical
devices market is showing a double-digit growth. The
cardiac devices alone are growing at 20 per cent. In
India, the growth of the market is estimated to be between
10-15 per cent. There is a clear indication that the
penetration levels are higher in the country. This is
because of affordability by patients, increased awareness
on health care, improved hospital infrastructure and the
increased disease patterns.
The Union
government has notified 10 medical devices including
cardiac and drug eluting stents as drugs that require
central clearance prior to import, manufacture or
marketing in the country.
The
notification will allow market to grow and help patients
access the best available to diagnosis, monitor and
recover at a faster pace. Regulatory approval for medical
devices has to be made mandatory in India. There is a need
for regulation in India as globally all medical devices
undergo stringent quality norms.
Medtronic
Inc., a global medical technology company provides
therapies for the world’s 20 most challenging diseases
which include Parkinson’s, cardiovascular disorders, spine
injuries, diabetes and neurological problems. Milind Shah,
managing director, heads Medtronic’s Indian operations.
The current
trend in the medical devices sector is the convergence of
biotechnology, information technology and medical
technology.
The future
holds immense potential for this sector.
For
Medtronics the key driver for growth is innovation.
(Ref :
Chronicle Pharmabiz dated March 30, 2006)
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