Page 39 - ETP-April-May2020

MEDICAL DEVICES

Ready for the future!

Keeping in mind the potential of future economic growth from the medical
devices industry, it is evident that India is on its way to becoming future-ready.

By Anand Srinivasan

he Healthcare Industry in Act and the recent concerns raised
India is one of the most im- over the safety of patients requires
portant sectors not only for bringing all medical devices under
Tits social significance, but regulation. While the recent devel-
also in terms of generating revenue opment from the Health Ministry
and employment. Due to increas- to reach a consensus on the Medical
ing health awareness, penetration Devices Bill to improve safety and
of health insurance and government promote domestic manufacturing of
healthcare schemes like Ayushmaan Medical Devices is underway, it will
Bharat, the Indian Healthcare Sector be equally important to ensure the
is experiencing a new wave of oppor- right use of raw materials to main-
tunities. There are, however, some tain the highest quality standards.
important challenges that the sector
needs to address in order to make Selecting the right material
healthcare accessible, affordable and Selection of the right material for de-
of consistent quality. As per a FIC- veloping a medical device is the pri-
CI-KPMG report, India’s healthcare mary step considering parameters of
sector is poised to touch a whopping
US$280 billion in size by 2025 and “CURRENTLY, ONLY 23 CATEGORIES OF MEDICAL
grow at a compound annual growth DEVICES ARE REGULATED IN INDIA UNDER THE
rate of 16 percent. Medical Devices
industry is one of the most impor- DRUGS AND COSMETICS (D&C) ACT AND THE
tant industries in the healthcare sec- RECENT CONCERNS RAISED OVER THE SAFETY
tor to ensure safety and well-being of OF PATIENTS REQUIRES BRINGING ALL MEDICAL
patients across the world. Currently, DEVICES UNDER REGULATION.”
India imports 80 percent of its medi-
cal devices and efforts need to be very positive move last year by pro- functionality, logistics, budget, and
made to encourage manufacturing posing a single regulatory framework prior standardisation set. Physical
of medical devices locally. With the for all medical devices to meet cer- properties like density, transparency
right use of innovation and technol- tain standards of quality and efficacy. and electrical conductivity are essen-
ogy, medical devices need to be con- India has approximately 800 medi- tial for many devices and chemical
stantly improvised and upgraded to cal device manufacturers, but stand- properties like resistance to degra-
meet the highest quality of standards ard regulation for materials used in dation through contact with lubri-
and global norms. medical devices still remains a major cants, solvents, moistures or electro-
concern for the health sector. Cur- magnetic radiations also need to be
Standards of quality and rently, only 23 categories of medical critically noted. India is among the
efficacy devices are regulated in India under top 20 global medical devices mar-
The Government of India made a the Drugs and Cosmetics (D&C) ket and is the fourth largest medical
devices market in Asia after Japan, The Economic Times POLYMERS | April-May 2020
China, and South Korea. As per the
“AS PER A FICCI-KPMG REPORT, INDIA’S industry estimates, the medical de-
HEALTHCARE SECTOR IS POISED TO TOUCH A vices industry in India is poised to
WHOPPING US$280 BILLION IN SIZE BY 2025 AND reach US$50 billion.
GROW AT A COMPOUND ANNUAL GROWTH RATE
OF 16 PERCENT.” The author is Managing Director, Covestro
India

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