MEDICAL DEVICES & DIAGNOSTICS
Medical devices are shaping the modern Healthcare industry by helping health care providers with quick diagnoses and patients with efficient & customised treatment solutions to overcome sickness and improve the quality of life itself.
There are about 1.5 Mn medical devices available today, saving millions of lives that would otherwise have been lost due to inaccurate or delayed diagnosis. Advance medical software has helped doctors to diagnose diseases in a timely manner and determine the appropriate treatment method.
Medical devices today take care of significant portions of diagnosis and treatment so healthcare professionals can attend to multiple patients efficiently. Simultaneously, they have helped to decrease the burden on healthcare facilities offering patients real-time and accurate access to their health parameters and bridge a quick tele-consult with their doctor.
To improve the safety, quality, and efficacy of medical devices and equipment, GOI has decided to bring them under Central Drugs Standards Control Organisation (CDSCO), thereby covering them under the purview of the Drugs and Cosmetics Act, 1940. This will also bring about centralised control. Post-implementation, all medical devices must be registered with the Central Licensing Authority.
The Make in India initiative by the GOI, presents a platform for the sector to revisit the operating model, identify critical imperatives for growth and explore possibilities for creating a step-change in the medical devices sector. At present, 80-90% of the country’s requirements in the medical devices sector are met through imports. Adapting to a Make in India Model would allow Indian manufacturers to bring in affordable options for crucial equipment such as CT scans, catheters, dialysis equipment and many more, saving the country valuable foreign exchange.