A new emerging trend is poised to transform the scale of the healthcare industry in India starting July 23, when the Finance Minister of the country, Nirmala Sitharaman is expected to present her seventh straight budget. There is expectation for an imminent landmark program to be launched for the enhancement of the medical device industry in the country which is expected to bring about radical measures that can alter the domestic manufacturing landscape.
Informed sources indicate a broad plan that goes beyond conventional confines and covers all the scopes of medical devices and some of the critical use items like dressings, needles, and syringes. This move is set to create new standards in quality and is bound to cut down on import dependency in a big way, which is in sync with India’s strategic goal of indigenization of essential healthcare segments.
Pledged to this are proposed strict norms to be laid down by such institutions as Quality Council of India and Bureau of Indian Standards that will promise efficient functioning of the regulatory frame work, effective post market surveillance and thorough clinical assessments. These measures are not only intended to enforce compliance but also to raise the standards of the product’s efficacy and safety. Championed by the Department of Pharmaceuticals under the Ministry of Chemicals and Fertilisers, this long-term vision is in the process of transforming India into a leading supplier of medical devices.
