NEW DELHI--(BUSINESS WIRE)--The U.S. India Business Council (USIBC) led a delegation of medical device executives from Abbott, Baxter, Boston Scientific, Covidien, GE Healthcare, Johnson & Johnson, and Medtronic to meet with the new government in New Delhi, India.
Over the course of the two day mission, the delegation led by Mark Rooney, Vice President and Managing Director for Covidien in India, met with a wide range of public and private sector representatives as well as medical experts from the All India Institute of Medical Sciences (AIIMS) to convey the global medical device industry’s long term commitment to working with the Indian Government and key stakeholders to address the country’s public health challenges. Meetings with the Government of India included the Department of Biotechnology, National Pharmaceutical Pricing Authority, Department of Pharmaceuticals, Drugs Controller General of India, the Ministry of Commerce, and a briefing with U.S. Embassy Officials.
In the meetings, the companies wanted to hear the Government of India’s priorities for the medical device industry and healthcare. The delegates shared their ongoing capacity building efforts across India. Many of the companies are creating high-skilled jobs by investing in manufacturing and R&D projects focused on product innovation for the Indian market. Medical device companies are expanding clinical training programs for India’s nurses, doctors, and medical professionals to provide better healthcare outcomes for patients.
“We were encouraged by our thoughtful engagement with the Indian government. Through USIBC, we look forward to future opportunities for the device industry to partner with the government towards policy solutions leading to greater capacity-building and healthcare delivery in India,” said Mark Andrew Rooney of Covidien.
The group explored areas where the medical device industry and the Indian government can work together to promote access to medical technology and improving healthcare solutions for the Indian population. To this end, the delegation encouraged the government to move forward with the development of specific regulations for medical devices. The industry is working to engage with the government and stakeholders to partner on solutions to increase access to medical technology for the Indian patient.
“With the new government in place and focus on governance, the medical device industry is hopeful for a set of regulations that rightly separates devices from the pharmaceutical industry in the near future,” said Michael Green from USIBC. “Unlike pharmaceuticals, the device sector covers a vast array of medical technology and equipment, involves multiple scientific disciplines, and product development and recovery periods are comparatively short. Appropriate regulations are needed to reflect these distinct differences,” he continued.
About the Medical Device Industry in India
The medical device industry, which forms a critical segment of the healthcare industry is going through rapid growth in India and is projected to grow even faster as health insurance becomes more widely available and the country’s consumers continue to demand better healthcare services. The Indian medical device industry is currently valued at US $ 4.4 billion, which is the fourth largest in Asia and provides thousands of jobs in R&D, manufacturing and sales in India. Experts predict the sector to grow to $5 and $7 billion by 2016 with a growth rate between 10% and 15% annually.
Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 300 of the top-tier U.S. and Indian companies. The Chairman of USIBC is Ajay Banga, CEO and President, MasterCard Worldwide.