Search Result for : Medical Devices

No need of NOC for pharma exports: Govt

The Dollar Business Bureau In a bid to facilitate exports and make easier to do business, the Government on Wednesday eased the guidelines for drugs, medical devices and cosmetics exporters. Now the pharmaceutical companies will no longer have to get ‘no-objection’ certificate (NOC) from regulatory authority to export drugs and medical devices. “The pharmaceutical exporters can continue exporting without having to obtain no-objection certificates (NOC) from the regulatory authorities,” said the Central Drugs Standard Control Organisation (CDSCO) in a notice. Earlier, this facility was only available for exports to Australia, US, Japan, Canada, and European Union. Now CDSCO has extended the rule for exports to all other countries. “In partial modification of notice of even number dated December 11, 2015, removing the requirement of NOC for ...

Duty hike on imported medical devices to boost manufacturing

The Dollar Business Bureau    To encourage domestic manufacturing, the government has increased the rate of basic customs duty levied on the import of certain medical equipment from 5% to 7.5% and imposed special additional customs duty (SAD) of 4% on such items. The duty has been revised on the basis of recommendations of a task force which was constituted to examine various issues concerned with the domestic medical devices sector. “Taking into consideration the recommendations of the task force, the government has increased the rate of basic customs duty on certain specified medical device from 5% to 7.5%. Simultaneously, the exemption from additional customs duty (SAD) on these medical devices has also been withdrawn, and they will now attract 4% ...

Six pharma and two medical device parks soon

The Dollar Business Bureau    Indian pharmaceutical sector can get doubled in the next four years to touch Rs.4 lakh crore on the back of key policy initiatives of the government, Union Chemicals and Fertilizers Minister Ananth Kumar has said. Stating that the sector is growing at the rate of 14% per annum and has to show additional 1-2% growth every year to reach $55 billion target by 2020, the Minister spoke on various initiatives being taken up by the government for overall development of the pharma and other related industry. To boost indigenous manufacturing, he announced that the government will set up six pharma parks and two medical device parks “very soon” at an investment of about Rs.30,000 crore. The Minister ...

Pharma expo focuses on R&D and exports

Union Minister of Chemicals and Fertilizers Ananth Kumar announced the setting up of the first medical device industry park in Gujarat The Dollar Business Bureau The Union Minister for Chemicals and Fertilizers Ananth Kumar at the India Medical Expo-2016 in Bengaluru on Thursday.   The India Pharma Expo being held in Bangalore is aimed at increasing overall growth of the pharmaceutical sector including exports and focuses on increasing domestic production. The three-day international exhibition and conference also strives to encourage Make in India for manufacturing drugs and pharma machines and also provides a platform to global investment community to connect with stakeholders. Speaking at inaugural session of the conference, Minister of Chemicals and Fertilizers Ananth Kumar said that the government is working on removing bottlenecks ...

Review Of Foreign Direct Investment (FDI) Policy On Various Sectors

Dated November 10th, 2015 | Press Note | Today, India is the fastest growing economy among major Nations. The World Bank has improved India’s ranking by 12 places in the 2016 Study of Ease of Doing Business. FDI has gone up by 40%. Several Global Institutions have projected India as the leading destination for FDI in the World. IMF has branded India as the brightest spot in the Global Economy whereas the World Bank projects India's growth at 7.5% and even better. 2. With coming of NDA Government to power, Shri Narendra Modi has expressed his commitment to poverty elimination, inclusive development [make India a developed Country] and also to make India a Global Manufacturing Hub. Being aware of the constraint of financial ...

Medical Devices Industry: 'Collaboration between MNCs & domestic players key for growth'

Interview by Sai Nikesh | The Dollar Business The Dollar Business (TDB): Are there any notable improvements in the Indian medical devices industry post the issuing of ‘National Medical Devices Policy-2015’ by the Department of Pharmaceuticals? Pavan Garikapati (PG): Draft NMDP 2015 was released by Department of Pharmaceuticals on June 3, 2015. Three major points of the policy are Promotion of Industry, Promotion of Quality and Promotion of Skills. It is highly commendable to focus on these aspects. This policy has great potential to boost the quality, reliability and competitiveness of the Indian Medical Device industry. However, the details need to be chalked out to implement this policy. The regulations should be aligned to the policy. The policies can be prioritized ...

New policy to boost Indias medical device industry

The Dollar Business Bureau In a move to strengthen the Indian medical devices industry, the Department of Pharmaceuticals (DoP) has come up with a National Medical Device Policy (NMDP) 2015, aimed at promoting ‘Make in India’ in this industry by reducing dependence on imports. A draft was issued by DoP on June 3, 2015, seeking comments prior to implementation. The policy intends to set up a strong base for manufacturing of medical devices in India, especially for the affordable variety. It comes during a time when the aforesaid industry is dependent on imports from developed nations. According to DoP estimates, global market for medical devices is valued at around $20 billion, with US leading the supply pack with a 45% share, ...

Medical devices manufacturing has lot of growth potential: Expert

 Jayarama Emani | The Dollar Business “With India importing 70% of its medical devices requirements, the industry provides a great opportunity for entrepreneurs to make it big domestically,” said Dr Babu Thomas, Director, HLL Lifecare Limited. Talking to The Dollar Business, Thomas said, “The current size of the industry is around Rs 30,000 crore of which, the share of the domestic industry is Rs 9,000 crore only, leaving an untapped potential of Rs 21,000 crore.” Thomas went on to add, “China was an importer not long ago, but is an exporter now.” Welcoming the Government of India’s move to set up Medical Devices Parks in the country, Thomas said, “HLL Lifecare Limited is developing a medical devices park in ...