MEDICAL DEVICES, A GAME CHANGER FOR BIOSUPPLIERS
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.