The U.S.-India Business Council (USIBC) has concluded its medical device trade mission to New Delhi.
The delegation encouraged the Indian Government to move forward on focused research and development investment with the goal of developing "fit-for-market" products against pressing disease states in India and emerging markets.
It said that this will lead to industry growth through development of a local MedTech ecosystem and a manufacturing base to satisfy domestic and global demand.
The delegation also highlighted short-term policy measures required to unlock the industry's potential, including the creation of a strong and independent MedTech regulatory body and adoption of internationally harmonised standards (e.g. labeling requirements) in close coordination between all stakeholders including Indian clinicians, regulators, industry bodies, and multinational companies. Longer-term recommendations centered on expansion of health care coverage in India and tax incentives to promote manufacturing.
Meetings were held with the Ministry of Health, Ministry of Chemicals and Fertilizers, Department of Commerce, Ministry of Finance, Ministry of External Affairs and others.
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The delegation was led by Maulik Nanavanty, Senior Vice President and President for Neuromodulation at Boston Scientific.
"We were pleased to engage in productive discussions over the past few days on the roadmap outlined by BCG toward accelerating investment in India's MedTech sector. BCG's recommendations build on India's many strengths, including top-notch engineering talent and success in IT innovation, and suggest creating the necessary ecosystem to make India a hub for research and development and market-appropriate product innovation in India. The time is now for public-private collaboration to fulfill India's potential in this space," said Nanavaty.
Colm Foley from Boston Consulting Group said that "MedTech is an attractive industry for India - one in which India can leverage its competitive advantages to build a unique position the ecosystem. We see great opportunities for "win-win" collaboration via private-public partnerships between the Indian government, Indian researchers, Indian clinicians, and US-based MNCs. R&D is one place where all parties are incentivized to work together and we believe a focus on innovation in India can help drive 'Make in India.'"
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"USIBC is pleased to support BCG's analysis as a path forward and has encouraged the adoption of many of the recommendations. For example, a high priority for our members continues to be the passage of legislation that would provide specific regulations for medical devices, which are currently treated as pharmaceuticals under India's Drug & Cosmetics Act. Our medical device members are excited about the opportunities in India and look forward to continuing to work with the Indian government on investment incentives and improved health outcomes" said Amy Hariani, Director and Legal Policy Council at the U.S.-India Business Council.
The delegation comprised of representatives from Boston Scientific, The Boston Consulting Group (BCG), Abbott, Medtronic, Johnson and Johnson, Varian Medical, GE Healthcare, Underwriters Laboratory and other U.S.-based companies. The delegation expressed its commitment to working with the Indian government to create the proper ecosystem to incentivize investment in the medical technology sector (MedTech) and ensure better health outcomes across the country.
