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Assocham seeks swift access to USFDA by Indian medical device firms

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NEW DELHI: Industry body Assocham has suggested that Indian firms engaged in the manufacture of medical devices should be enabled faster access to the US drug and pharmaceutical regulator, FDA.

An Assocham report has also called upon the Indian government to create a fast track foreign direct investment (FDI) desk in India to facilitate such a dispensation.

"The medical devices sector has been witnessing an increased interest from the MNCs which have stepped up their footprint in India, along with locating their key research centres in Indian cities,” the Assocham-Nomura Research Institute joint study said.

The report suggested that financial measures need to be taken to incentivise manufacturing in this emerging sector, and specifically in creating an ecosystem in the early stages of the manufacturing.

The other suggested measures include that parity of duty on raw materials and finished goods should be maintained and focus can be given to product segments.

The world medical devices and technology market is expected to grow to $520 billion by 2020. The Indian market is among the top 20 in the world by market size, and fourth in Asia after China, Japan, and South Korea, the study noted.

India's medical device industry is worth over Rs 60,000 crore even as India’s import bill for this segment amounts to over Rs 23,000 crore while exports amount to about Rs 7,000 crore, it said.

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