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Medical Devices Industry Makes Steady Progress In Gujarat
Even as the US$ 290 billion global medical device industry is
growing at the rate of five per cent, the Indian market which is worth US$ five
billion is growing at a exponential rate of 15 per cent and above.
Interestingly, India ranks fourth in the medical device
sector in Asia, preceded by Japan, China and South Korea. This clearly indicate
that the medical devices sector is growing substantially in the country with
experts predicting a double digit growth in next five years.
According to an industry expert, D L Pandya who is the
programme co-ordinator of the National Biomedical Engineering Society, Gujarat
is the largest contributor of the high tech medical devices in the country,
wherein it enjoys the leadership position in manufacturing high tech medical
devices like cardiac stents with 70 to 80 per cent market share coming just from
Gujarat alone.
As per the recent reports published by Price Waterhouse
Coopers (PwC), the medical device companies are accelerating their investments
in the emerging markets, India being the prime target for the same, because of
the improving healthcare system of the country. However, industry fears that
there are certain issues that may dampen the gro7wth story if it is not
addressed at the earliest.
One of the major issue affecting the progress of the industry
in the country includes lack of uniformity while manufacturing raw materials for
the medical devices. This is because there is no standard law laid down by the
regulatory body informing about the requirements for the same, giving the
manufactures a free reign to make goods as per their needs.
According to Pandya , one of the biggest roadblocks affecting
the industry growth prospects is the lack of proper identity. As of now medical
devices are considered as drugs and are regulated under Drugs and Cosmetics Act
(D&C Act).
After analysing the scope of this sector and understanding
that the dynamics of it, the industry which consist of diagnostic equipment,
surgical equipment, imaging devices and electronic treatment devices has been
demanding separate set of regulation specifically for medical devices from some
time now.
Says Pandya, “With the advance of science and technology, the
range of products offered as medical devices along with their sophistication
have increased manifolds. Thus considering their quality, safety and efficacy,
it should be looked at par with drugs, as the use of defective devices can lead
to serious complications and infections in patients. Thus it should also be
given an individual identity due to its complex and challenging role in
healthcare sector.”
Proposal for new Act
Acknowledging the demand of the industry for a separate
identity that will help in establishing the industry, the government has finally
prepared a draft proposal which will address all the issues and demands of the
segment separately under the revised Act which will be known as Drugs, Cosmetics
and Medical Device Acts.
The draft has been made after lot of deliberation and
consideration and is being eagerly anticipated by the industry. As per the new
guidance document which is currently under parliamentary consideration, once the
bill is passed it will lead to the revision of the drugs and cosmetic act into
drugs, cosmetics and medical device act.
“This development clearly point out to the increasing
importance of this segment in the healthcare system of the country. Since more
than 80 per cent of this industry is headed by the small scale enterprises (SME’s)
who have established and have grown themselves substantially this moves comes as
a huge relief and support to them,” adds Pandya.
(Ref: The Chronicle Pharmabiz dated September 6, 2012)
PERD Ties Up With DBT To Set Up Biotech Incubator Centre
Biotechnology Industry Research Assistance Council (BIRAC),
an interface agency set up by the Department of Biotechnology (DBT) recently
entered into a Memorandum of Understanding (MoU) with B V Patel Pharmaceutical
Education & Research Development (PERD) Centre, Ahmedabad to set up an incubator
in its campus called Bio Incubator PERD Centre. The initiative is aimed at
promoting and encouraging start-up companies, young entrepreneurs and
researchers to take up research activities to develop novel products.
Under this MoU, BIRAC will be providing financial assistance
in the form of Rs.5 crore approximately, for infrastructural development and
equipments, whereas PERD will give out property within its campus for the same.
This investment will be used to set up a two-storey building specifically
devoted to conceptualise and support research activities for developing
affordable and novel products and technologies.
PERD has already identified an area with in the campus for
setting up this highly anticipated incubator centre which is expected to be
operational in six to seven months. According to Dr Manish Nivsarkar, director,
PERD, “We are happy to be a part of such an initiative that is aimed at
encouraging new entrepreneurs to take up research activities as we have always
believed in supporting innovation through research and development. Today there
is a severe crunch in innovation based discoveries and initiatives and one of
the main reasons for this is lack of financial aid in the form of incentives and
encouragement. One of the best way to tackle this issue is by encouraging
government, industry and academia interaction at a frequent interval.”
(Ref: http://pharmabiz.com/NewsDetails.aspx?aid=70911&sid=1)
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