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Med-Tech Sector Scouts For Export
Incentives Under RoDTEP To Boost R&D Ecosystem
Indian med-tech industry now sees the increasing need for
favourable policies in line with the current inflationary challenges. This along
with export incentives under the Remission of Duties and Taxes on Export
Products Scheme (RoDTEP) would boost R&D ecosystem in the sector.
The RoDTEP scheme will not only accelerate development of the
local med-tech players, but also create a level playing field for the Indian
companies in the international arena. The government backing in this difficult
inflationary phase would definitely promote exports.
The medical device industry is highly capital intensive,
hence requires the constant intercession of the government to encourage
manufacturing and production, both in scale and quality, pointed out Anish Bafna,
CEO & MD, Healthium Medtech.
As India gears up for the Union Budget of 2023-24 with the
spirit of self-reliance, the industry demands favourable policymaking in line
with the current inflationary challenges. Reduction of custom duties on raw
material, removal of the additional 5 percent health cess and increasing export
incentives under RoDTEP remains critical for trade margin rationalization.
Relooking at the tax and tariff structures on medical device imports would go a
long way to provide some leeway for the industry to flourish and consequently
boost the domestic R&D ecosystem, Bafna told Pharmabiz.
In this regard, the Union Budget of 2023-24 needs to outline
industry supportive policies, simplified protocols, and simple GST norms to aid
the overall development of the medtech sector, pointed out the Bengaluru-based
Healthium chief.
Dr Vedam Ramprasad, Chief Executive Officer, India, MedGenome
Labs, noted that COVID-19 genome sequencing is an excellent example of how new
genomic tools have the ability to provide better insights into diseases. Further
advancements in this field will rely on greater investments in R&D, focus on
healthcare technology, collaboration among industry, academia and the government
and building the right talent pool.
COVID-19 genome sequencing is an excellent example of how new
genomic tools have the ability to provide better insights into diseases.
Predictive genomic testing is seen as the next major weapon in the arsenal of
healthcare technology. Further advancements in this field will rely on greater
investments in R&D, focus on healthcare technology, collaboration among
industry, academia and the Government and building the right talent pool, said
Dr Ramprasad.
“The delivery of healthcare is fraught with difficulties due
to factors including the population, the doctor-to-patient ratio, accessibility,
and the complexity of the private and public healthcare systems. Clinical
Decision Support System (CDSS) implementation at the institutional level will
lower medical errors and raise the standard of treatment, said Harish
Ramachandran, Country Head, Clinical Effectiveness, Wolters Kluwer India.
http://www.pharmabiz.com/NewsDetails.aspx?aid=155760&sid=1 ; January 14,
2023
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