The medical device business is led largely by companies based in North America, Europe and Japan and many of these are leaders in the Indian medical device market. Some companies such as GE Healthcare, Johnson & Johnson and Phiilps are also active outside medical devices. But many, such as Intuitive Surgical and Medtronic, are pure-play medical device companies. While highly regulated, the industry is driven by innovation. Historically success in India has meant the import of medical devices made in and for Western markets. In recent years this has started to change with some American companies innovating for India and some Indian companies creating new products for domestic and global markets
This penchant for innovation is visible as several multi-billion dollar organizations continue to spend more than 10 percent of their annual revenue on research and development, including Boston Scientific, and Edwards Life Sciences. Much of the innovation was historically driven by companies headquartered in Australia, Canada, France, Germany, Israel, Japan, Switzerland and the United States. Venture-funded and private companies are also important components of the ecosystem.
We at Amritt are helping lead the medical device business into globalization toward emerging economies such as India. Population and GDP growth has slowed down in the United States, Canada, Australia, Europe and Japan. There is pressure on regulatory approvals and third party reimbursements. At the same time, the younger population of India and other emerging countries are demanding better medical care; both per capita GDP and the size of the addressable patient market are growing rapidly, making for a virtuous cycle. India’s government runs a program (Ayushman Bharat) that provides basic medical insurance to the poorest 500 million Indians, making it the largest such program in the world. Looking to enter and expand into medical device markets such as India, leaders of international sales and marketing functions retain Amritt’s global marketing services, click here to see more.
India graduates large numbers of engineers and scientists. Many of them are going to work to in medical device engineering to help improve existing medical devices or design new ones. Some of these engineers work for captive offshore technical centers located in cities such as Bangalore and Hyderabad. Others work for Indian engineering service providers. And significant numbers of scientists and engineers innovate in government labs and universities funded largely by the Indian government. Chief Technology Officers and VPs of Product Development in the medical device business turn to Amritt for guidance on using global technical resources effectively, click here more information on our services. Medical device development is changing and thought leaders are leveraging India in ways that are transforming medical equipment manufacturers in India, America and the world.
Amritt’s medical device clients have benefited across the entire spectrum of activity outlined above as well as from our guidance in medical device registration in India. Indian medical device regulations are still limited and are often based on European and American standards but there are specific requirements and concerns that need to be addressed.
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