May 31, 2018 Source: Ddu 321
New Delhi: National Information for Transforming India (policy think tank of the government of India) (NITI AAYOG), yesterday held a meeting to improve the production of the medical device in India, the experts conducted the meeting to estimate on tax-based incentives and caps on distributor and retailer margins of medical devices products. The meeting was attended by senior government officials from different ministries as well as industry representatives.
Niti Aayog is focusing on proposals to encourage domestic manufacturing of medical devices following orders from the Prime Minister's Office, said the expert. The meeting was focused on identifying the problems in local manufacturing and quality of the devices produced in India and also to spot the solution for the issues.
"This was a routine meeting to discuss how India can have a complete ecosystem with respect to law, import duties and infrastructure (to incentivize local manufacturing)," said expert. "Incentives like tax reduction and providing land at reasonable prices were also discussed." In addition, it discussed to caps on trade margins to level down prices of medical devices as opposed to capping their maximum retail prices
India's medical devices sector is fixed at a $5.2 billion (Rs35, 097.40 crores), show government estimates. Closely 70% of the country's medical devices requirement is met through imports, according to industry estimates.By Ddu
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