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India's medical device imports surge by 21%, sparks calls for policy re-evaluation
Industry News- Jan 18,24
The top five HS codes, constituting almost 80% of total imports, witnessed a 26% increase, notably in consumables and equipment (HS code 9018), which saw a 14% rise to approximately Rs 18,700 crore, forming 32% of the import basket.
The Association of Indian Medical Device Industry (AiMeD), representing the domestic medical devices sector, compiled data from the Department of Commerce, revealing a notable surge in India's reliance on imported medical devices from November 2022 to October 2023. Imports rose by 21%, reaching Rs 61,262.84 crore, with the primary suppliers being the US, Germany, and the Netherlands.
The top five HS codes, constituting almost 80% of total imports, witnessed a 26% increase, notably in consumables and equipment (HS code 9018), which saw a 14% rise to approximately Rs 18,700 crore, forming 32% of the import basket. Similarly, imports of imaging medical electronics increased by 10% to around Rs 6,900 crore.
Imports from the US grew by 33%, Germany by 27%, and the Netherlands by 20%, while imports from China increased by 11%. Despite the automobile industry having a duty protection of over 100% and auto component imports facing a 40% duty, the medical devices industry has been advocating for a long-overdue nominal 15% duty.
Expressing concern, Rajiv Nath, the forum coordinator for AiMeD, emphasised the need for policymakers to review the significant increase in imports, particularly the 33% rise from the USA and the 27% increase from Germany. He underscored the importance of implementing nominal 15% duties and urged policymakers to reconsider the current trend.
Rajiv Nath's sentiments were echoed by Chandra Ganjoo, Group Chief Executive Officer of Trivitron Healthcare, who highlighted the MedTech industry's high expectations for the Union Budget 2024-25. Ganjoo stressed the need for a comprehensive strategy, including incentives for research and development, promoting indigenous production, streamlining regulatory processes, and enhancing infrastructure and skills.
A report from the Global Trade Research Initiative (GTRI) suggested that the Indian medical devices industry could potentially expand from $12 billion to $50 billion by 2030, reducing import reliance to 35% and increasing exports to $18 billion. The report emphasised the significance of catalysing domestic manufacturing to achieve self-reliance in medical technology and alleviate the financial burden associated with high import bills.
Source: Business Standard
India
Department of Commerce
AiMeD
Association of Indian Medical Device Industry
US
Germany
Netherlands
Rajiv Nath
Chandra Ganjoo
Trivitron Healthcare
MedTech
Global Trade Research Initiative
GTRI
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