Categories: Marketing

The Market of Medical Devices is estimated at over 35, 000 crore rupees and there is a huge manufacturing potential for Import Substitution -Dr. Velu – Founder and Managing Director, Trivitron Group of Companies

New Delhi, Feb 13, 2015: This year, while the Honorable Prime Minister is keen to have a ‘Make in India’ Policy and has announced 100 % FDI for Medical Devices, unfortunately, the ground level changes are required for making India Import independent in around 10 years from now . India is moving from 50% Import Dependency 5 years ago to over 75% currently and if corrective steps are not taken, we will soon be 90% Import Dependent in this 35,000 crs Medical Devices Industry . Care should be taken to keep the Domestic companies of Indian Origin viable and sustainable to ensure Access and Affordability to larger section of Indian Population. The Market of Medical Devices is estimated at over 35, 000 crore rupees and there is a huge manufacturing potential for Import Substitution for catering to Domestic demand as well as tap the huge potential of the Export Market (as done by China, Brazil, Turkey, Malaysia etc ). In the upcoming budget this year, we are expecting the government to look at medical technology as a vital sector and promote Indian manufacturing by removing Inverse Duty Structure, Providing fiscal incentives for local innovation and manufacturing initiatives, Offer proper incentives for Exports from India and creating a Medical Devices unit under Department of Pharmaceuticals to promote local innovation/ manufacturing in this import dependent industry.
CCI Newswire

The Pharma Times News Bureau

Recent Posts

Lung Cancer Awareness Month

By Dr. C N Patil, HOD and Lead Consultant - Medical Oncology & Haemato-Oncology, Aster…

8 hours ago

Unmasking COPD: The Silent Respiratory Threat of Smoking

By  Dr. Pavan Yadav, Lead Consultant - Interventional Pulmonology & Lung Transplantation, Aster RV Hospital …

8 hours ago

Khazi India Foundation to Host Expert Cardiac Consultations in Adoni

Kurnool, November 20, 2024: Adoni, Andhra Pradesh, – The Khazi India Foundation is pleased to…

1 day ago

Aakash Healthcare Celebrates Children’s Day with Kids from Choti Si Khushi

New Delhi, November 20, 2024: Aakash Healthcare marked this year’s Children’s Day with a joyful…

1 day ago

Annual eye screening crucial for diabetic patients to protect eyesight: Dr Agarwals Eye Hospital

Dr Agarwals Eye Hospital, Bengaluru, is providing free consultations for diabetic patients aged 50 and…

3 days ago

7 Signs You Are Suffering From Protein Deficiency

By Ms. Archana S, Senior Nutritionist, Aster Whitefield Hospital, Bengaluru As an essential nutrient, protein…

3 days ago