|[August 28, 2014]
USIBC Concludes Successful Medical Device Mission to India
NEW DELHI --(Business Wire)--
The U.S. India Business Council (USIBC) led a delegation of medical
device executives from Abbott, Baxter, Boston Scientific, Covidien, GE
Healthcare, Johnson & Johnson, and Medtronic to meet with the new
government in New Delhi, India.
Over the course of the two day mission, the delegation led by Mark
Rooney, Vice President and Managing Director for Covidien in India, met
with a wide range of public and private sector representatives as well
as medical experts from the All India Institute of Medical Sciences
(AIIMS) to convey the global medical device industry's long term
commitment to working with the Indian Government and key stakeholders to
address the country's public health challenges. Meetings with the
Government of India included the Department of Biotechnology, National
Pharmaceutical Pricing Authority, Department of Pharmaceuticals, Drugs
Controller General of India, the Ministry of Commerce, and a briefing
with U.S. Embassy Officials.
In the meetings, the companies wanted to hear the Government of India's
priorities for the medical device industry and healthcare. The delegates
shared their ongoing capacity building efforts across India. Many of the
companies are creating high-skilled jobs by investing in manufacturing
and R&D projects focused on product innovation for the Indian market.
Medical device companies are expanding clinical training programs for
India's nurses, doctors, and medical professionals to provie better
healthcare outcomes for patients.
"We were encouraged by our thoughtful engagement with the Indian
government. Through USIBC, we look forward to future opportunities for
the device industry to partner with the government towards policy
solutions leading to greater capacity-building and healthcare delivery
in India," said Mark Andrew Rooney of Covidien.
The group explored areas where the medical device industry and the
Indian government can work together to promote access to medical
technology and improving healthcare solutions for the Indian population.
To this end, the delegation encouraged the government to move forward
with the development of specific regulations for medical devices. The
industry is working to engage with the government and stakeholders to
partner on solutions to increase access to medical technology for the
"With the new government in place and focus on governance, the medical
device industry is hopeful for a set of regulations that rightly
separates devices from the pharmaceutical industry in the near future,"
said Michael Green from USIBC. "Unlike pharmaceuticals, the device
sector covers a vast array of medical technology and equipment, involves
multiple scientific disciplines, and product development and recovery
periods are comparatively short. Appropriate regulations are needed to
reflect these distinct differences," he continued.
About the Medical Device Industry in India
The medical device industry, which forms a critical segment of the
healthcare industry is going through rapid growth in India and is
projected to grow even faster as health insurance becomes more widely
available and the country's consumers continue to demand better
healthcare services. The Indian medical device industry is currently
valued at US $ 4.4 billion, which is the fourth largest in Asia and
provides thousands of jobs in R&D, manufacturing and sales in India.
Experts predict the sector to grow to $5 and $7 billion by 2016 with a
growth rate between 10% and 15% annually.
Formed in 1975 at the request of the U.S. and Indian governments, the
U.S.-India Business Council (USIBC) is the premier business advocacy
organization advancing U.S.-India commercial ties. Today, USIBC is the
largest bilateral trade association in the United States, with liaison
presence in New York, Silicon Valley, and New Delhi, comprised of 300 of
the top-tier U.S. and Indian companies. The Chairman of USIBC is Ajay
Banga, CEO and President, MasterCard (News - Alert) Worldwide.
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