U.S.-India Business Council concludes successful talks on Medical Device Investment

The U.S.-India Business Council (USIBC) concluded its Medical Device Trade Mission to New Delhi on 22 December 2015. The delegation, led by Maulik Nanavanty, Senior Vice President and President for Neuromodulation at Boston Scientific, comprised of representatives from Boston Scientific, The Boston Consulting Group (BCG), Abbott, Medtronic, Johnson and Johnson, Varian Medical, GE Healthcare, Underwriters Laboratory and other U.S.-based companies. The delegation expressed its commitment to working with the Indian government to create the proper ecosystem to incentivize investment in the medical technology sector (MedTech) and ensure better health outcomes across the country.

BCG’s analysis provides insight into the unique nature of the MedTech industry relative to biopharmaceuticals and other industries. The report notes the crucial role local R&D plays alongside testing, clinical trials and manufacturing as growth drivers in the industry and noted that in order to “Make in India”, an ecosystem must first be created to “Innovate in India.” The analysis also highlights the relationship between MedTech exports and the size of local MedTech market, with the exception of jurisdictions with significant tax advantages. Read More…