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New Publication: Medical Device Industry in India

New Publication: Medical Device Industry in India

Posted by By at 4 May, at 16 : 09 PM Print


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Medical Device Industry in India

Regulatory, Legal and Tax Issues

May 04, 2023

 

India is counted among the top 20 global medical devices market and is presently valued at USD 11 billion and is expected to reach USD 65 billion by 2024. The Indian medical device market is dominated by imported products, which comprise of around 80% of total sales.

The Indian medical device market offers a great opportunity not only in terms of its size, but also because of encouraging policies and regulations that the Government has introduced to give a fillip to the medical device industry. For instance, in March 2020, the government approved ‘Production-Linked Incentives (PLI) Scheme for Medical Devices. Earlier in 2019, the government undertook to set up four medical devices parks in Andhra Pradesh, Telangana, Tamil Nadu and Kerala. The medical device parks are expected to reduce manufacturing costs, as these will be equipped with the necessary infrastructure. In addition to PLIs, as of 2023, the Government is also considering offering Research Linked Incentives (RLIs) for indigenous research and production.

The regulatory landscape for medical devices in India has undergone a colossal revamp in 2020 and the Government is still in the process of implementing the same. In this paper we have outlined the legal and regulatory landscape India and the India-specific considerations global medical device companies should keep in mind. In addition, we also discuss entry strategies, intellectual property considerations and the tax regime that affects the medical device industry in India.

Regards,

Varsha RajeshEshika PhadkeDarren Punnen and Dr.Milind Antani

We hope you find this paper useful.

Please click here to access our paper.

For any help or assistance, please email us on concierge@nishithdesai.com.

Do visit us at www.nishithdesai.com.

 


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The contents of this Publication should not be construed as legal opinion. View detailed disclaimer.

This Publication provides general information existing at the time of preparation. The Publication is intended as a news update and Nishith Desai Associates neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this Publication. It is recommended that professional advice be taken based on the specific facts and circumstances. This Publication does not substitute the need to refer to the original pronouncements.
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