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Make In India' - A Major Boon To Medical Technology Industry
Bio Spectrum
|November 2017
Having a solid expertise in research and development, Trivitron manufactures and distributes exceptional medical technology products to 165 countries for the last 20 years. Today, Trivitron Healthcare, through successful inorganic synergies with local and global firms, has a revenue turnover of Rs 750 crore. BioSpectrum India spoke to Dr GSK Velu, Chairman & Managing Director, Trivitron Healthcare Group of Companies to about the status of medical technology market in India and competition coming from Chinese medical devices.
Excerpts of the interview
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What is the current status of medical technology market in India?
The current med tech industry is driven by innovation and new technologies. With the advent of engineering innovations, recent development have led to low cost products that are at par with existing products on quality. The Medical technology market in India is growing at about 10-12 per cent. Domestic companies in India focus more on consumables, test kits and lower-value equipment. There lies a greater opportunity for indigenous solutions and domestic Medtech production. With the availability of advanced and sophisticated medical technology, there is a surge in creating new markets with an increased dependency by doctors on advanced medical devices leading to rapid de-generation of existing medical technology which is creating a demand for replacement and up gradation of many products.
How do you see the growth of the market in the coming years?
India’s healthcare system is paradoxical - on the one hand, it boasts of ‘best in class’ healthcare delivery attracting medical tourists from across the world, and on the other, it is characterized by a near absence of accessible, affordable quality health services for a large part of its population. Existing infrastructure, especially in smaller towns/ rural areas, is inadequate to meet the ever-growing needs of the Indian population. A transforming medical technology landscape, improving healthcare delivery and financing mechanisms, and changing patient profile are driving growth in the medical technology industry currently. With new rules coming into the scenario, the industry can use the ‘Make in India’ platform to plunge into a secure, affordable and most importantly, patient safety compliant future.
What are the challenges do you see in the years?
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