New medical device policy will be a game changer for industry: Experts, ET HealthWorld

New Delhi: Medical devices play a vital role in modern healthcare by helping diagnose, treat and manage a wide variety of medical conditions. By enabling early detection and treatment of medical conditions, we support medical professionals, support medical research, while helping improve treatment outcomes and reduce total healthcare costs. To keep up with new innovations, healthcare system personnel must undergo ongoing training. The Federal Cabinet recently approved a new Medical Devices Policy for 2023, calling it the need now. The program is expected to increase medical device industry revenue from $11 billion today to $50 billion by 2030.

Domain experts believe the long-pending reform could be an inflection point for the industry. They argue that the new policy could reduce the country’s dependence on importing high-end medical equipment, optimize innovation and encourage domestic medical device manufacturing.

Welcoming the endorsement of the National Medical Devices Policy for 2023, Portair Medical Co-Founder and CEO Bhaibab Tewari said, “This policy provides a comprehensive and coordinated approach to the growth of India’s medical device sector. We believe this policy will help us achieve the public health objectives of access, affordability, quality, and innovation. is excited about its potential to drive innovation, enhance and support regulatory processes, and develop a skilled workforce in the medical device sector.”

Medical devices are important tools for revenue cycle management in healthcare organizations. However, the country’s heavy reliance on imported medical equipment has driven up the cost of treating patients, especially in tertiary care hospitals. India as a whole relies on imports for he 70-80% medical equipment.

The policy emphasizes boosting the economy by creating an ecosystem for manufacturing medical devices, fostering innovation, supporting training and capacity building, and encouraging domestic investment, making India a major player in medical devices. into a manufacturing and innovation hub. Hellcube CEO Runam Mehta said: The policy outlines key strategies such as simplification of regulation, development of infrastructure, research and development, promotion of innovation, attraction of investment, talent development and brand positioning. ”

Nilesh Aggarwal, CEO of IJCP Group and founder of MedTalks, says the introduction of tighter regulations will give patients more assurance of medical devices and deliver better outcomes for healthcare providers. . He elaborated further. This policy will greatly benefit our country in achieving this goal. ”

Experts say policy will drive growth in the medical device sector, highlighting public health goals of accessibility, affordability, quality and innovation at the forefront and ensuring access to quality healthcare for all. suggests that it is an important step for The Production Linked Incentives (PLI) program for the sector already in place will be complemented by the National Medical Devices Policy 2023.