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20 Feb 2012

Medical Device firms seek duty on foreign cos.

20 Feb 2012

With less than a month to the Union Budget, Indian medical device manufacturers want the government to encourage local manufacturing by imposing duties on the import of foreign medical devices. The Indian medical device market is estimated at `32,000 crore, of which, 80 per cent is imported. India has become the dumping ground for foreign manufacturers, said Dr G.S.K. Velu, the managing director of Trivitron Healthcare. Since medical devices are critical for patient care, Indian hospitals preferred equipment from foreign companies. The situation has changed as the domestic equipment is now comparable to foreign ones. Dr Velu wants the government to levy duties on the foreign makers to force them to set up manufacturing facilities to India. In India, the government has not yet recognized us as an industry. There is neither a proper regulatory system nor incentive for to manufacture in India, Dr Velu said, pointing out that China has successfully promoted its local manufacturers in this space.


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