Indian medical equipment industry comprises only 6% of the Indian healthcare sector. It is estimated at USD 2.5 billion and is growing at a healthy rate of 10-12% over the last few years. The industry has a wide variety of equipment with over 14000 numbers in various categories. International companies are also using India as their base by setting up facilities are acquiring companies. Indian government also plans to set up Medical Technology Parks to facilitate the industry. Some key challenges faced by the industry is affordability to the masses, lack of regulatory environment and awareness. Currently, the market is disproportionately small and the per capita spending in medical equipment is around USD 3.0 and around 77% of the needs are met from imports.
Telangana government has set up a medical devices manufacturing park at Sultanpur in the state. The manufacturing park spread over 250 acres is touted to be the largest facility in India for medical devices and electronics and will focus on medical innovations, R&D and manufacturing. Currently, 14 companies have set up production facility in the park with an investment of Rs.4250 million. Apollo Hospitals and Cyient are among the initial movers into the medical devices park. The park has also signed with China Medical City located at Taizhou, and Medical Devices Park located in Gwangju in South Korea for exchange of knowledge
National Pharmaceutical Pricing Authority has revised the price of stents in India, reducing it by over 75%. The price of stent has been capped at Rs 7,260, whereas both drugeluting stents (DES) and biodegradable stents will now cost Rs 29,600. It has also mandated institutions to disclose separately the cost of the stent while billing a patient. Medical facilities, including retailers and dealers of stents, will also have to display price list of stents on a part of their premises which is easily accessible to any person wishing to consult the same.