With the shifting market in dynamics caused by Covid-19 pandemic, pretty much everything is in overhaul mode. Within the burgeoning health tech ecosystem, the medical devices market is also witnessing a dramatic shift as policies are being changed to accommodate the high demand.
But at the same time, it also becomes crucial for medical device manufacturers, hospitals, research institutions and regulators to validate medical devices thoroughly for safety, reliability and quality, thereby following stringent testing protocols, safety measures and ethical approval processes. So the industry is currently balancing the seemingly incompatible goals of releasing more devices than and also allowing time for testing.
Many industry experts that Inc42 spoke to said that the medical device approval process in India is a highly time consuming, but also an rewarding one of the market potential is huge. Besides the obvious current upside in use-cases such as screening, diagnosis and treatment for Covid-19, medical devices can also contribute to revenue from exports, and shore up the healthcare ecosystem in the long run.
The Covid-19 pandemic has just highlighted the importance of medical devices more than ever. A lot of startups, researchers and medical device manufacturers are currently focusing on improving the quality of care and also developing affordable devices, including ventilators, contactless wearable devices, UV sterilising chambers, testing kits, PPE among others.
At the same time, the Indian government has been supportive in this context and is easing the regulatory process for mass testing & production, where they are pushing startups and SMEs to develop medical devices that help in India that tackle the pandemic and other lifestyle and chronic diseases.
Under the new Medical Devices (Safety, Effectiveness and Innovation) Bill, the government has also proposed an improved regulatory framework which said that to improve the ease of doing business by providing a sound environment for innovation and approval of medical devices in the country.