BioSpectrum India Magazine November issue BioSpectrum India Magazine | Page 34

34
BioTalk
BioSpectrum
Make in
India’ - a
major boon
to medical
technology
industry
«
Dr GSK Velu
Chairman & Managing
Director, Trivitron
Healthcare Group of
Companies
Having a solid expertise in research and
development, Trivitron manufactures
and distributes exceptional medical
technology products to 165 countries
for the last 20 years. Today, Trivitron
Healthcare, through successful inorganic
synergies with local and global firms,
has a revenue turnover of Rs 750 crore.
BioSpectrum India spoke to Dr GSK
Velu, Chairman & Managing Director,
Trivitron Healthcare Group of Companies
to about the status of medical technology
market in India and competition coming
from Chinese medical devices.
Excerpts of the interview
|
November 2017
|
www.biospectrumindia.com
What is the current status of medical
technology market in India?
The current med tech industry is driven by
innovation and new technologies. With the advent of
engineering innovations, recent development have led
to low cost products that are at par with existing
products on quality. The Medical technology market in
India is growing at about 10-12 per cent. Domestic
companies in India focus more on consumables, test
kits and lower-value equipment. There lies a greater
opportunity for indigenous solutions and domestic
Medtech production. With the availability of advanced
and sophisticated medical technology, there is a surge
in creating new markets with an increased dependency
by doctors on advanced medical devices leading to
rapid de-generation of existing medical technology
which is creating a demand for replacement and up
gradation of many products.
How do you see the growth of the market
in the coming years?
India’s healthcare system is paradoxical - on the
one hand, it boasts of ‘best in class’ healthcare delivery
attracting medical tourists from across the world, and
on the other, it is characterized by a near absence of
accessible, affordable quality health services for a large
part of its population. Existing infrastructure, especially
in smaller towns/ rural areas, is inadequate to meet the
ever-growing needs of the Indian population. A
transforming medical technology landscape, improving
healthcare delivery and financing mechanisms, and
changing patient profile are driving growth in the
medical technology industry currently. With new rules
coming into the scenario, the industry can use the
‘Make in India’ platform to plunge into a secure,
affordable and most importantly, patient safety-
compliant future.