The medical device business is led largely by companies based in North America, Europe and Japan and many of these are leaders in the Indian medical device marker. Some of these companies such as Abbott Labs, Allergan, Johnson & Johnson and Novartis are also large players in the pharmaceutical business. Other large companies such as General Electric, Siemens, Philips, have substantial business outside the medical arena. But many, such as Intuitive Surgical and Medtronic, are pure-play medical device companies. While highly regulated, the industry is driven by innovation. Historically success in India has meant the import of medical devices made in and for Western markets.
This penchant for innovation is visible as several multi-billion dollar organizations continue to spend more than 10 percent of their annual revenue on research and development, including Boston Scientific, Edwards Life Sciences and St Jude Medical. Much of the innovation was historically driven by companies headquartered in Australia, Canada, France, Germany, Israel, Japan, Switzerland and the United States. Venture-funded and private companies are also important components of the ecosystem.
We at Amritt are helping lead the medical device business into globalization toward emerging economies such as India. Population and GDP growth has slowed down in the United States, Canada, Australia, Europe and Japan. There is pressure on regulatory approvals and third party reimbursements. At the same time, the younger populations of China, India and other emerging countries are demanding better medical care; both per capita GDP and the size of the addressable patient market are growing rapidly, making for a virtuous cycle. Looking to enter and expand into medical device markets such as India, leaders of international sales and marketing functions retain Amritt's global marketing services, click here to see more.
India and China are graduating large numbers of engineers and scientists. Many of them are going to work to in medical device engineering to help improve existing medical devices or design new ones. Some of these engineers work for captive offshore technical centers located in cities such as Bangalore and Beijing. Others work for Indian engineering service providers. And significant numbers of scientists and engineers innovate in government labs and universities funded largely by the Indian and Chinese governments. Chief Technology Officers and VPs of Product Development in the medical device business turn to Amritt for guidance on using global technical resource effectively, click here more information on our services. Medical device development is changing and thought leaders are leveraging India and China in ways that are transforming medical equipment manufacturers in India, China and America.
Amritt’s medical device clients have benefited across the entire spectrum of activity outlined above as well as from our guidance in medical device registration in India. Indian medical device regulations are still limited and are often based on European and American standards but there are specific requirements and concerns that need to be addressed.
See our presentations at:
MDM West 2013, the largest medical device show and conference in the United States
IAOP 2010, Orlando Florida. “Outsourcing R&D and Product Development”
IMDI India 2013, the largest medical device industry gathering in India, held in Ahmedabad.