The medical technology industry in India has lagged behind other countries because of insufficient government support, say industry veterans. According to G.S.K. Velu, managing director, Trivitron Healthcare, the Centre has not incentivised local manufacturing and innovation in the industry, said . The Prime Ministers Office is seized of the issue now.
In the past three decades, multinational companies had been allowed to come to India and trade freely in medical technology equipment. The same MNCs had put up a number of manufacturing facilities in China, Velu said. He added: It is more attractive to trade than to manufacture in India. If you import raw materials and components, you pay a higher customs duty than for finished goods. Big companies that entered the sector in the 1980s exited in the 1990s because it was not attractive enough for them to stay on, said Velu.
T.S. SubramanianCOMMents
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