With Proper Government Support India Can Rule Medical Device Sector
In February, India’s drug price regulator, the National Pharmaceutical Pricing Authority (NPPA), slashed prices of coronary stents by up to 85% in a bid to provide relief to patients. But the price cut has hurt profitability of hospitals, which, as per NPPA’s observations, were making huge margins on stents. Stent price cuts was followed by price cuts of knee implants, and it has apparently angered several multinational medical device makers who are the key suppliers of these products.
Capping the prices has benefitted the patients to a certain extent only. That being said, the government further needs to undertake steps to decrease cost of other operation essentials as well as provide higher levels of accessibility to needy patients. In the meantime, access to innovative technologies and quality control are to be of equally measured.
Sahajanand Medical Technologies (SMT) is a leading developer and manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolio in the industry. Its portfolio includes drug eluting stents, bare metal stents, balloon catheters and inflation devices. The company aims to expand the portfolio covering all facets of cardiovascular treatment support. It has a strong international presence with global footprints in more than 60 countries. It is the first company to secure CE marking approval for European market for the biodegradable polymer-based drug eluting stets. Ganesh Sabat, CEO, SMT speaks to BioSpectrum about the stent market potential, issues and challenges. Excerpts:
How big is the stent market in India and what is its growth potential?
Over the past year, over 4.75 lakh patients have undergone an angioplasty procedure in India. This has resulted in the usage of about 6 lakh stents as per National Intervention Council. Based on this data and comparing the Percutaneous coronary intervention (PCI) rate in USA, we can assume that India needs at least 30-40 lakh angioplasties every year; the market is huge. We are expecting the market to grow by 15% to 20% every year.
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