Medical Devices To Draw Big Pharma Into India As Sector Poised To Double By 2012 - PwC Report
This article was originally published in PharmAsia News
MUMBAI - India's medical device market is set to nearly double to around $5 billion by 2012 from $2.75 billion in 2008, spurred by improving healthcare infrastructure including new hospitals, clinics, and laboratories, along with new approaches to healthcare delivery like telemedicine
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AdvaMed, the powerful industry lobby group representing US-based medical device companies, claims the growth of the sector in India will be stymied if it is regulated under the country’s Drugs and Cosmetics Act. Independent dedicated legislation would enable fair treatment and harmonize the devices industry with global standards, it argues.
The $4.4 billion medical device sector in India has plenty of reasons to grow, but to do so will require a policy framework conducive to innovative products and contentious issues like pricing will need to be resolved by evidence-based decisions, industry says.
MUMBAI - Growing investment in private sector infrastructure and increased healthcare funding from the government have led to a 15-20 percent rise in demand for medical devices and equipment in India