India holds potential in manufacture of medical devices

Started by satzz69, Jun 19, 2009, 11:46 PM

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BANGALORE: India has a huge potential in terms of manufacturing complex and low-to-medium value medical devices given its strong R&D and 
engineering talent base and the ability to offer devices at costs lower than those in the western markets, according to an industry expert.

While China scored better in terms of disposable devices needing higher volumes like syringes, India held a better potential in terms of complex devices, MediVed Innovation CMD Dinesh Puri said.

Addressing a seminar on 'Medical Devices-New Technology and Emerging Markets', Puri said India could, by leveraging its talent pool and other factors, offer devices at one-third or one-fourth the cost in western markets.

"Western markets are driven by a different business model," he said. The western markets are governed by insurance players who are the main cost bearers of health care delivery. Patients, therefore, are governed by a belief that the more expensive and more wide the range of health delivery is, the better is the quality, driving up cost.

With device players finding no incentives to lower cost of their products, the rates continue to be on the higher end.

The global medical device market, Puri said, is dominated by western market. Ninety percent of revenues is derived from West America and Western Europe. Four fifth of the world consumes less than 10 percent of the medical devices,he said.

"If 80 percent of world population has to take benefit of medical devices, we have to come out with our own solution for the emerging markets", Puri said.

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