AIMED hails historic victory of BJP, hopes Indian medtech sector gets priority

Congratulating the prime minister Narendra Modi on his party's big victory in the 2019 Lok Sabha Election, top Indian MedTech industry body has said that it is optimistic of India becoming global medical device manufacturing hub and making quality healthcare accessible and affordable

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New Delhi: “Many congratulations to Prime Minister, Narendra Modi for such a massive victory of the Bharatiya Janata Party” said the elated Forum Coordinator, of Association of Indian Medical Device Industry, Mr Rajiv Nath while adding that the triumphant victory of Mr Modi has re-invoked more positive feeling of coming of ‘Acche Din’ (good days) to the industry and acting on the partially finished agenda by Modi 2.0.

The statement issued by AIMeD after the historic win of the BJP in the recently held election stated that the mandate delivered by the people of India is an affirmative appreciation of steps taken by Mr Modi to provide relief to common people from unaffordable healthcare that used to bankrupt families. Post-Ayushman Bharat and price caps on stents the public got the assurance of extending further price controls to other medical devices in the BJP manifesto, it mentioned.

Applauding Modi Govt’s achievements in the last five years, Mr Rajiv Nath said “The last five years witnessed significant developments in the medical devices sector with noticeable focus by various Ministries of Government focusing on this earlier neglected sector, having realized the huge potential of this sector for unleashing Make in India and to become the next big Brand India success story after Information Technology and Pharma.”

“The experimental and tentative steps taken to address inverted duty structure for some devices, price caps on Stents and Knee Implants, Indian Certification for Medical Devices, bringing in Medical Devices Rules , establishment of Kalam Institute of Healthcare Technology and Andhra Med Tech Park in Vishakapatnam, drafting an Essential list of Diagnostics and establishment of Medical Devices Promotion Council in Modi 1.0 needs to be now taken forward to the logical conclusion in Modi 2.0,” said Mr Nath.

The statement further emphasized that there is an urgent need for the government to accelerate further reforms for which foundation has now been laid and supportive measures in order to boost medical device manufacturers within the country. Listing out the same, it stated, “Reducing huge import dependency in this sector which is still at 70-90 percent and a staggering INR 31,000 crore imports bill, minimizing outgo of foreign reserves, and making quality healthcare affordable and accessible to the masses at large as initiated under Ayushman Bharat.”

Priority issues raised by AIMeD are:

  • Need to Regulate all Medical Devices under a Patients’ Safety Medical Devices Law to protect patients

  • Need to protect Consumers from exploitatively high MRP in Medical Devices by rationalized price controls

  • Need to encourage employment and Make in India of Medical Devices and address 70-90 percent import dependency by a predictive nominal tariff protection policy as done for mobile phones to ensure vibrant domestic industry and competitiveness and price stability driven by competing domestic players

  • Need to incentivize Quality in Healthcare Products in public healthcare procurements by preferential pricing for Q1 e.g ICMED (QCI’s Indian Certification for Medical Devices) instead of L1 to ensure patients access acceptable quality

“The Indian medical device industry is very upbeat with Modi government’s victory and is more than buoyant that right from trade margin rationalization to ensuring a separate set of legislation and regulatory framework to govern the medical device sector and everything in between will be looked afresh and hastened up by Modi government to galvanize the domestic medical device manufacturing sector,” mentioned the AIMeD statement.