What Members Say About Us? Very delighted to see taking the necessary initiatives and as a result now we can feel that we are being respected by the DCGI also. Congratulations to the leaders.
Sanjay Bhutani India accounts for only 1. Any custom duty increase would have a significant impact on the medical devices. November 24, What are your views on Make in India for Medtech Sector?
The global pharma industry is of 1. If you look at the India numbers, Indian pharma industry is about 35 billion dollars whereas medical device is only 7 billion dollars which accounts for just 20 percent. India counts for only 1.
The global medical device industry is growing at 4. I think it requires effort both from the government to handhold the industry and Indian healthcare diagnostics equipments and reagent the medical device companies to go out in India and promote the products.
What is the impact of GST bill on medical devices sector? The rate in GST bill announced in November is talking about 4 tier rates which are 5, 12, 18 and 28 percent but there is also 0 percent for the essential commodities.
If we look at the current rates in the current regime taking vat, excise and custom duty into account, the blended number would be about 9 to 10 percent. Then the service which is a very smaller part of any medical device, the service tax would be about 15 percent. So as an industry we are contemplating and hopeful that it should be around 5 percent rate.
Though considering the affordability and the poor people in India, the rate should be zero.
What are your recommendations on GST to the government for you sector? In the current regime the hospitals are exempted. In exempt category the hospitals are buying services, pharmaceutical products and medical devices but in the end they are not allowed to charge it to the patient.
So the patient is not aware and he feels that the healthcare services that he is getting from the hospital are at a zero rate but it is embedded into the bill.
In a country like India where affordability is an issue, I think 9 and 10 percent is quit high as compared to other countries in the world.
My recommendation would be instead of exempting the hospitals it should be a zero based GST rate. The laws should be simpler for the hospital to claim their refund.
If the private hospitals in India have a zero rate then I think that they are on a level playing field, the compliance rules are much simpler and the administration part should be easier for them to claim the GST refund.
Second, the GST rates for medical devices should be zero because of the affordability issue. It is not easy to sell any equipment without the doctors or the clinics having the first hand view of the product.
So they would require a demo. Right now the draft tell that there would be a GST on the demo equipments which would unnecessarily increase the cost even if it is claimable which would unnecessarily block the working capital of the medical device industries. Demo for 30 to 60 days should be exempted from paying GST and if it is beyond 60 days then you can always claim back.
So the government should also look at what needs to be done with the demo. What are the key challenges faced by India? The industry is in a very nascent stage and it accounts for only 1. It may make the business unviable for the multinational companies in India.
You cannot pay price for apples for the oranges though both are fruits and may have different nutritional value, it has to be different otherwise the advanced technological products would not come into India or the companies would bring in lower quality products which would impact the patients health.
Custom duty increase has a significant impact on the medical devices. How do you foresee the future of medical device industry in India? I think the government is going in the right way where they are distinguishing between the medical devices and the drugs but still a lot needs to be done.
Even in the draft rules there are couple of challenges in terms of the shelf life which is 5 years but medical devices globally have a shelf life of 5 to 10 years and that is a cost advantage. Another is the labelling part where the product you get only has the legal manufacturers name, the date of expiry and the address of the legal manufacturer but in India you would need to also get the actual manufactures name and the date of manufacturing from the source which might impact the overall industry.
People would not be able to import because none of the manufacturers are putting their labelling on the medical devices and considering India is only 1. The IP rules need to be strengthened for any technology transfer happening in India as the multinational would come in only if they feel that they are really protected.Comprehensive range of laboratory diagnostics equipment The above products are just a sample of the huge range of diagnostics equipment that HUMAN offers.
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