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India Union Budget 2017: Reactions from Dr. Velu, Chairman & Managing Director, Trivitron Healthcare

01 - February - 2017

This budget announcement comes as a mixed bag for the Indian medical devices industry. It has concentrated a lot on macro health, however no concrete measures are specified to accelerate ‘Make in India,’ especially in the medical devices sector. It is heartening to hear that new rules will be formulated to support the medical devices industry and this move will significantly bring down the healthcare costs to the common man. But what we need to still wait and watch is whether the Indian manufacturing segment will be benefited in any way as part of all these moves since we are still a 70% import-dependent industry. Unfortunately honorable Finance Minister in his budget statement  has not addressed Indian medical device manufacturing industry's request for a nominal duty protection of at least 10% for all items with export of over more than 5 crores and at least 7.5 % for rest. 

It would be good if the following aspects are taken into consideration while drafting new rules for medical devices sector- Ban import of second hand medical equipment and electronics to ensure safety of patients by way of protection from Radiation or inaccurate results by validation, calibration and testing. Just like we do not allow import of second hand cars fearing the loss of huge investments in automotive sector, government should be more diligent when it comes to people’s health. Government should also look at giving a 15% preferential pricing for all Indian origin medical devices.

To sum it up, as someone aptly said, "Let's put India First to Make India First ".

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