Indian medical-technology industry is about to experience high growth despite ambiguities in the current regulatory framework, says Jibu Mathew, Business Development Head–Life & Health Sciences, UL South Asia, in an interview with e-HEALTH Magazine.
The international market opens up exciting opportunities for the Indian med-tech industry for various reasons. The interview addresses many of them. UL is all set to help India capitalize on the domestic and global market opportunities with the prime agenda of ensuring medical-device compliance with regulatory and quality standards.
The med-tech industry needs to follow country-specific regulatory standards to succeed in respective markets. To bridge the knowledge gap on safety and regulatory frameworks, UL assists medical device manufacturers, right from conceptualizing a product, through its lifecycle, until it reaches the end-user. This ensures that manufacturers stick to the end-user framework while UL steers them through the complex regulatory compliance mandatory for international markets.
The medical devices industry in India has grown considerably. However, its entry into healthcare is still considered marginal. With the ‘Make in India’ campaign gaining momentum, Indian med tech industry seeks to reach $50 million by 2025. The target gives the industry a huge impetus.
Earlier, the lack of a specific framework in India had led medical devices to be identified under Drugs and Cosmetics Act, with no unique identity. But the current regulatory framework scenario looks promising with positive changes gradually being implemented.
The Indian medical devices market is growing with med-tech start-ups contributing to the sector’s growth. In spite of complex regulatory frameworks in EU and US markets, UL solutions for such start-ups ensured their products a welcome entry in those markets. UL is in constant endeavor to work in compliance with the present government and bring about a standardized framework, which is acceptable globally and easily adoptable in India, Jibu told eHEALTH.
Read the complete interview on eHEALTH Magazine.