MED­I­CAL DE­VICES, A GAME CHANGER FOR BIO­SUP­PLI­ERS

BioSpectrum (India) - - COVER STORY -

Med­i­cal de­vices sec­tor is in­deed a game changer when it comes to bio­sup­pli­ers. With rapidly evolv­ing health­care in­dus­try, this sec­tor is be­com­ing an in­te­gral part for de­liv­er­ing proper di­ag­no­sis, pre­ven­tion and bet­ter clin­i­cal out­comes. The med­i­cal de­vice in­dus­try in In­dia is a multi-prod­uct in­dus­try of­fer­ing plethora of di­verse prod­ucts rang­ing from low tech­nol­ogy med­i­cal dis­pos­ables, tech­nol­ogy driven oph­thalmic prod­ucts, imag­ing, med­i­cal equip­ment, di­ag­nos­tics, den­tal equip­ment to high-end in­no­va­tive class III de­vices such as drug elut­ing stents, emer­gency health­care de­vices, ro­bot­ics etc.

The med­i­cal tech­nol­ogy is a wide spec­trum rang­ing from sy­ringes to cy­clotrons; from urine bags to highly devel­oped ul­tra­son­ics. Pa­van Choudary, Di­rec­tor Gen­eral, Med­i­cal Tech­nol­ogy As­so­ci­a­tion In­dia said, “As we are mov­ing to­wards the spec­trum, the tech­nol­ogy is be­com­ing more and more in­tri­cate. So in the sim­pler side of the spec­trum, right now we have greater scope in the global market. As you move to­wards more com­pli­cated tech­nolo­gies, you need more and more deep pock­ets as med­i­cal de­vices is a long ges­ta­tional pe­riod in­dus­try. Also, you need con­tin­ual in­flux of tech­nol­ogy along with sec­tor spe­cific de­vel­op­ment of tech­no­log­i­cal ecosys­tems.”

On the sup­port sys­tem to the in­dus­try, Anil Jauhri, CEO, Na­tional Ac­cred­i­ta­tion Board for Cer­ti­fi­ca­tion Bod­ies (NABCB) said, “The rules will pro­vide a con­ducive en­vi­ron­ment for fostering In­dia spe­cific in­no­va­tion and im­prov­ing ac­ces­si­bil­ity and af­ford­abil­ity of med­i­cal de­vices across the globe by lever­ag­ing com­par­a­tive cost ad­van­tage of man­u­fac­tur­ing in In­dia. The ob­jec­tive, trans­par­ent and pre­dictable reg­u­la­tory frame­work will boost the con­fi­dence of in­vestors and, as a con­se­quence, the qual­ity and range of prod­ucts and ser­vices will im­prove and busi­ness bur­dens will be re­duced. The new rules will help in de­vel­op­ing a qual­ity stan­dard­iza­tion frame­work in In­dia at par with in­ter­na­tional stan­dards. The im­ple­men­ta­tion of these rules will pro­vide the as­sur­ance of the best qual­ity, safety and per­for­mance of med­i­cal de­vices.”

“The fil­lip be­ing given to the med­i­cal de­vices sec­tor in In­dia is likely to gen­er­ate in­ter­est in both In­dian and global de­vices play­ers. This high po­ten­tial of Asia Pa­cific, in­clud­ing In­dia – given the fa­vor­able eco­nomic, de­mo­graphic and health­care trends – is at­tract­ing at­ten­tion from med­i­cal de­vice man­u­fac­tur­ers look­ing for in­vest­ment and ex­pan­sion,” said Sim­ran­jit Singh, Med­i­cal De­vices & Di­ag­nos­tics Head, Quin­tilesIMS Asia.

“Rapid ad­vance­ments in in­pa­tient, emer­gency and post-sur­gi­cal test­ing method­olo­gies has en­sured that lab­o­ra­to­ries in hos­pi­tals will con­tinue to be a large market for IVD prod­ucts. The home health­care seg­ment is also ex­pected to clock a rapid growth pace, with di­a­betes-mon­i­tor­ing prod­ucts top­ping the de­mand for the IVD seg­ment. In­de­pen­dent clin­i­cal lab­o­ra­to­ries are ex­pected to re­main a crit­i­cal market for the IVD sec­tor with im­prove­ments in test­ing ca­pa­bil­i­ties.” Vi­ral Gandhi, Chair­man Vox­tur Bio Ltd added.

In­crease in health­care aware­ness and spends, de­mand for qual­ity health­care, ris­ing bur­den of dis­eases, au­toma­tion, hospi­tal lab­o­ra­tory man­age­ment, ex­pan­sion of pathol­ogy di­ag­nos­tic market to towns and ru­ral ar­eas are some of the key growth driv­ers of this market.

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