2018: IN­DUS­TRY RE-STRATE­GISES BUSI­NESS PLANS

BioSpectrum (India) - - BIO CONTENT -

In­dia is in­creas­ingly gain­ing the much-needed Gov­ern­ment fo­cus on ex­pand­ing af­ford­able health care. This year, In­dia took a gi­ant leap to­wards pro­vid­ing ac­ces­si­ble and af­ford­able health­care to the com­mon man with the launch of Ayush­man Bharat in Septem­ber, 2018. In par­al­lel, the Gov­ern­ment re­mains com­mit­ted to estab­lish­ing In­dia as a global man­u­fac­tur­ing hub for med­i­cal de­vices with this sec­tor ex­pected to in­crease sig­nif­i­cantly.

The new med­i­cal de­vice rules which came into force from Jan­uary 2018 has fi­nally given the med­i­cal de­vices and in-vitro di­ag­nos­tic de­vices (IVD) in­dus­try a dis­tinc­tive reg­u­la­tory iden­tity. Sci­en­tific de­vel­op­ment in In­dia is def­i­nitely con­tribut­ing im­mensely to im­proved health­care, im­proved de­vices, di­ag­nos­tics and much more. Hence com­pa­nies are re-strate­gis­ing their busi­ness plans ap­pro­pri­ately to make dif­fer­ence to the con­sumers.

In­dia, the third-largest phar­ma­ceu­ti­cal mar­ket in Asia, is in­creas­ingly gain­ing the much-needed Gov­ern­ment fo­cus on ex­pand­ing af­ford­able health care. This year, In­dia took a gi­ant leap to­wards pro­vid­ing ac­ces­si­ble and af­ford­able health­care to the com­mon man with the launch of Ayush­man Bharat in Septem­ber, 2018.

With this, the world’s largest gov­ern­ment funded health­care pro­gramme is aim­ing at tar­get­ing more than 50 crore ben­e­fi­cia­ries.

In par­al­lel, the Gov­ern­ment re­mains com­mit­ted to estab­lish­ing In­dia as a global man­u­fac­tur­ing hub for med­i­cal de­vices with this sec­tor ex­pected to in­crease sig­nif­i­cantly. The new med­i­cal de­vice rules which came into force from Jan­uary 2018 has fi­nally given the med­i­cal de­vices and in-vitro di­ag­nos­tic de­vices (IVD) in­dus­try a dis­tinc­tive reg­u­la­tory iden­tity.

“To en­cour­age for­eign in­vest­ment in med­i­cal de­vices, the In­dian Gov­ern­ment has broad­ened the scope of med­i­cal de­vices to in­clude a wide range of items, in­clud­ing soft­ware tools, in­stru­ments, ap­pa­ra­tus, ap­pli­ances, im­plants and ma­te­rial used alone or in com­bi­na­tion. As the na­tion al­ready al­lows

100 per cent for­eign di­rect in­vest­ment via au­to­matic route, this move is ex­pected to fuel lo­cal man­u­fac­tur­ing of med­i­cal de­vices, thereby help­ing to re­duce the coun­try’s over-reliance on im­ports. Cur­rently, In­dia im­ports 70-90 per cent of its med­i­cal de­vices”, points out Sri­ram Shrini­vasan, EY Global Life Sciences Emerg­ing Mar­kets Leader and EY Global Generic Phar­ma­ceu­ti­cal Leader.

“2018 has brought changes in the med­i­cal de­vice pol­icy, and we are watch­ing closely for the changes in reg­is­tra­tion guide­lines of IVD prod­ucts. We in fact

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