IBEF: July 27, 2015
New York: According to the US-India Business Council (USIBC), the Indian medical device industry, currently the fourth largest in Asia, has the potential to grow from US$ 4.4 billion to US$ 7 billion by 2016 at a growth rate of 10-15 per cent annually. The USIBC also sees India having strong potential in developing innovative industries in the medical devices sector, thereby attracting investments and talent into the sector. Mr Maulik Nanavaty, Senior Vice President and President for Neuromodulation at Boston Scientific (one of leading medical devices manufacturer) expects India's engineering talent, experience in IT innovation and government's 'Make in India' focus to lead to creation of a proper ecosystem for medical device innovation. He also hoped the government would pass legislation providing specific regulations for medical devices, which are currently treated as pharmaceuticals under India's Drug & Cosmetics Act. According to USIBC Director and Legal Policy Council Ms Amy Hariani, the industry is expected to grow at a higher rate as health insurance becomes more widely available and Indian consumers continue to demand better healthcare services.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.