medical devices 2018-12-10

How The Government An Opportunity To Manufacturers Of Medical Devices In India

The medical device industry in India is estimated to be valued at USD 10 billion and is growing annually at the rate of 10-12%

By Content Writer
How The Government An Opportunity To Manufacturers Of Medical Devices In India

With the changing lifestyle and increased life expectancy, the prevalence of chronic and non-communicable diseases has increased. This has led to an increased demand for medical devices, which plays an important role throughout the healthcare ecosystem and enable people to live healthier and productive lives. The medical device industry in India is estimated to be valued at USD 10 billion and is growing annually at the rate of 10-12%. The government of India has taken many measures to strengthen the medical device sector ecosystem in India and ensure increased access to medical devices. However, India is highly dependent on import for quality medical devices.

To give a boost to “Make in India” campaign, and to encourage local manufacturing of medical devices, the government is planning to form a Medical Devices Development Council. With this initiative, the government is aiming to reduce India’s dependence on imported medical devices.

An Opportunity for Local Manufacturers

The Indian Government launched the “Make in India” campaign, with the objective of making the country a manufacturing hub. This will not only provide an opportunity for local manufacturers and entrepreneurs but will also help in improving the economic status of the country.

The Medical Devices Development Council will lead policy initiatives to boost the manufacturing of medical devices in the country. The council will also ensure that these products are of good quality while attracting investments in innovation through Standard Operating Procedures (SOPs). An effective Standard Operating Procedure (SOPs) obtains quality, desired outcomes, and a better business.

Giving a Boost to Indian Medical Device Industry

The medical device sector has witnessed an unprecedented and consistent growth in past few years. Thus, to utilise the full potential of this sector, the government has rolled out many initiatives. The medical sector was carved out from the pharmaceutical sector thereby allowing 100% FDI.

However, imports constitute the majority of this market by catering to around 80% of the requirements. The market for critical care products like stents and orthopaedic implants are still dominated by multinational players.

The council set up by the government will help promote our production of medical devices in India. Though the recent price regulation by the government has helped the local players, it still requires support in terms of other policy parameters and incentives to arrive at a level playing field. Local manufacturing is also expected to bring down prices by around 40%.

Comment
image
image
mobile
address
star franchise india
Related opportunities
  • Other Vocational Training
    About Us: TÜV Rheinland NIFE Academy is a premier vocational training..
    Locations looking for expansion Kerala
    Establishment year 1992
    Franchising Launch Date 2002
    Investment size Rs. 2lac - 5lac
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Ernakulam Kerala
  • Furniture/Home Decor & Furnishing
    ·         ARRIAVE is India’s 1st full home cu..
    Locations looking for expansion Haryana
    Establishment year 2017
    Franchising Launch Date 2020
    Investment size Rs. 10lac - 20lac
    Space required 350
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
  • Superstores
     Business Partner Invested Company Operated  Our Retail Outlet Business Partner Model:..
    Locations looking for expansion Maharashtra
    Establishment year 2001
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Gyms And Fitness Centres
    Fitness Regiment, India’s first every military-style gym. We offer Military..
    Locations looking for expansion Maharashtra
    Establishment year 2020
    Franchising Launch Date 2021
    Investment size Rs. 1 Cr. - 2 Cr
    Space required 6000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Haveli Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads