Goyal promises 100% funding for medical device testing
Commerce and Industry Minister Piyush Goyal on Monday pitched for development of high-quality medical devices for global customers, and said the Government is ready to provide 100 per cent fund for the acquisition of testing equipment.
Addressing two events of the pharma industry in New Delhi, he said domestic firms should bring technology partnerships, encourage joint ventures, and invite global innovators and large pharma companies to India.
“We must develop a critical component ecosystem by strengthening our domestic capabilities with high quality. We must create shared testing infra facilities where these equipment can be tested, benchmarked to the best in the world, certify and demonstrated to global customers. “From BIS (Bureau of Indian Standards), we are willing to support 100 per cent cost of the best testing equipment for your equipment...100 per cent Government of India will fund the acquisition of testing equipment...demand from us, there is no proposal from you. And we’ll set up the most modern labs,” Goyal said.
He also called for improving design, copyrights, patent laws, and the IPR (intellectual property right) ecosystem so that internationally people look up to come to India and India can become a global hub of innovation because the country has a huge cost advantage. “We must bring technology partnerships, we must have better buyer and seller relationship, we must encourage joint venture...We must co-design, and co-develop licence wherever required...look for joint R&D centres with other countries,” he added.
The minister further called upon insurers and health-tech companies to build products and platforms that make the patient journey more seamless, and ensure timely reimbursements.
He suggested the industry to train and certify caregivers and develop a skilled workforce capable of providing healthcare of international standards; and encourage more hospitals to publish honest and transparent treatment packages.
