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Import Duty On Medical Devices Raised
The customs department has raised import duty on medical
devices used for surgical, dental and veterinary use from the current five per
cent to 7.5 per cent (increase of 2.5 percentage points) to help companies
manufacture these products in India itself. The move would help Make in India
programme in these items.
The step came over a month ahead of the Budget 2016-17,
expected to be tabled in Parliament on February 29.
Besides, the government imposed special additional duty on
these items of four per cent by withdrawing exemptions, a statement by the
finance ministry.
Also, basic customs duty will be reduced to 2.5 per cent on
raw materials, parts and accessories of these items.
M S Mani, senior director, Deloitte in India, said, "The
increase in the basic customs duty rate on certain medical devices together,
with the imposition of SAD, accompanied by a reduction in the customs rates on
the raw materials and parts required to manufacture such devices, signifies the
government's commitment to encourage manufacturers in India."
These changes are expected to provide impetus to the domestic
medical devices sector, support Make in India campaign of the government and
generate employment, the finance ministry's statement said.
The concessional basic customs duty will continue for
equipment in hospitals run by central or state governments or registered
societies, rehabilitation aid and other goods for disabled.
(Ref:
http://www.business-standard.com)
DBT Collaborates With AIIMS And IITs For
Medical Device Technology
The Department of Biotechnology (DBT) has collaborated with
All Indian Institute of Medical Sciences (AIIMS) and leading research institutes
like Indian Institutes of Technology (IITs) in the country to develop the
medical devices technology in the country under the ‘Make in India’ initiative
taken up the Prime Minister of India.
“Our aim is to make India self reliant in the medical devices
sector. As our healthcare sector is vast and require high quality medical
devices for advanced medical care, we are calling up on the medical technology
innovators to collaborate and develop affordable and need based technologies for
the common man,” opined Dr Harsh Vardhan, Minister for Science and Technology
and Earth Sciences.
Medical technology industry in India is 4th largest in Asia
and is valued at $6.3 billion in the year 2013. At present the industry is
witnessing 10-12 per cent growth per year. With medical devices industry growing
at this pace, industry experts are expecting that the government will do a
humongous spending of $250-350 every year for innovation, research and new
development in the country.
Currently the Indian medical device market consists of
medical instruments, orthopaedic and ophthalmic devices. Syringes, needles,
catheters, scanning devices and bandages are increasingly being manufactured and
marketed in the country. “Realising the growing importance of healthcare, the
Department of Biotechnology is promoting the medical devices sector through
various programmes for affordable products relevant to societal and public
health,” said Vijay Raghavan, Secretary of DBT.
“India has complete value chain right from product innovation
to commercialization to support and facilitate entrepreneurs. Currently about 40
medical devices and diagnostics have been invented in India and have even
received US FDA clearances.” The DBT has collaborated with AIIMS and IITs for
development of in-vitro diagnostics tools, implants, and other medical devices.
According to Dr. Balram Bhargava, the DBT along with premier
research institutions are aiming at global promotion, affordable need driven,
health innovation (GANDHI). So far the Biotechnology Industry Research
Assistance Council (BIRAC) has trained 110 innovators and developed 34 medical
devices and has obtained 51 provisional patients.
(Ref:
http://www.pharmabiz.com).
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