Medical devices industry News

Medical devices industry has strongly opposed the government's proposal to increase the import duty, saying it will increase healthcare costs for patients and hurt the Rs 50,000-crore industry.

Amidst reports of rising prices of medical devices including stents, the Government has asked the companies to review their pricing and submit maximum retail price (MRP) details of their products to drug price regulator NPPA.

Government is aiming to increase the size of domestic medical devices sector to USD 50 billion by taking of a slew of measures, including setting up of two parks, Fertiliser Minister Ananth Kumar said Wednesday.

Currently, the size of medical device industry in India is estimated to be around USD 4 billion and represents just 7-8 per cent of the total healthcare industry, he added.