The Indian Pharmaceutical sector is expected to grow to US$100 billion by 2025. The market is expected to grow to US$ 55 billion by 2020, thereby emerging as the sixth largest pharmaceutical market globally by absolute size. The Medical Devices industry in India is presently valued at US$ 5.2 billion and contributes 4-5% to the US$ 96.7 billion Indian health care industry. As per industry estimates, the Indian medical devices market will grow to US$ 50 billion by 2025.
LIFE SCIENCES EXECUTIVE COMMITTEE
The Life Sciences Executive Committee influences and advances policy and regulatory regimes by promoting best practices and market-based solutions to positively impact life sciences companies in both India and the United States. It formulates an annual work plan and leverages key platforms like the U.S.-India Health Dialogue and the Trade Policy Forum. It also leads industry trade missions to India to directly advocate for policy reforms and develop platforms for members to interact with business leaders and government officials. The Life Sciences Executive Committee influences and advances policy and regulatory regimes by promoting best practices and market-based solutions to positively impact life sciences companies in both India and the United States. It formulates an annual work plan and leverages key platforms like the U.S.-India Health Dialogue, the U.S.-India Commercial Dialogue, the Trade Policy Forum, and the U.S.-India IP Dialogue. It also leads industry trade missions to India and USA (a) to directly advocate for policy reforms and develop platforms for members to interact with business leaders and government officials (b) showcase to Central and State Health Ministers/Secretaries to U.S. innovative technologies and discuss policy level issues with the stakeholders.
Pharmaceuticals, Medical Devices, and Health care Providers
The Government of India is in the process of developing regulatory schemes to ensure security for network elements and safety for Indian consumers. Member companies actively engage with the Government of India to advocate for globally recognized standards and mutual recognition of testing facilities worldwide.
Intellectual Property (IP)
Secure IP protections, consistently enforced, are aligned with the Government of India’s goals of bringing growth to India through research, innovation, and manufacturing. There is a strong, positive, and well-recognized correlation between foreign direct investment inflows and reliable IP regimes. The Council will continue to urge government officials to reassure investors that India values innovation and the protection of IP.
Pricing and Reimbursement
The Council encouraged the Government of India to consult with all relevant stakeholders, including industry, in advance of decisions affecting the pricing of pharmaceuticals and medical devices.
Healthcare Spending and Infrastructure
The Committee has supported the Government of India in its efforts to increase access to health care by setting a goal of 2.5% of GDP by 2025, up from the current 1.15% with more finance flow to the states and an effort to achieve Universal Health Coverage.
Meeting with Deputy CEO Ayushman Bharat, New Delhi
Organized a roundtable with Deputy CEO Ayushman Bharat on ways for U.S. firms can contribute to the success of the scheme. The roundtable included U.S. Embassy Health Attaché, USAID Health Officer and USFDA officials.
Led an executive-level delegation of USIBC membership including life science companies to meet with Andhra Pradesh governments to discuss investment opportunities, as well as conducted meetings
Coordinated regular meetings with the Indian Embassy and U.S. Government stakeholders on both company-specific and industry-wide issues to raise awareness and understanding. Continue to engage with USTR and GOI Ministry of Commerce and Department of Pharmaceuticals on issues relating to pricing of medical device.
For more information, please contact Sandeep Maini.
Mayank Rohatgi currently serves as the Director of Life Sciences, Manufacturing, and Logistics & Supply Chain at the U.S.-India Business Council at the U.S. Chamber of Commerce. Mayank’s work experience includes 7 years with the Confederation of Indian Industry (CII) and last 18 months as Deputy Director of Medical Technology Association of India (MTal) where he actively worked with companies to provide input on government policies and regulations for the Medical Technology sector.