Marketwatch.com reports on PWC’s presentation at the annual Advamed meeting in Washington. According to the report, nearly three quarters of the medical technology market in India is comprised of products imported from developed markets, but the next wave of growth is likely to come from new innovation, developed specifically for the unique needs of the India market. This is according to preliminary findings of a study by PwC’s PRTM Management Consulting, which were presented today at AdvaMed 2011, the annual MedTech conference in Washington, DC this week.
Multinational medical technology companies that participated in the study consider India to be one of the top three markets in the world for direct investment and growth. However, as access to healthcare in India expands to the vast population beyond the current middle class, challenges increase for multinational medical device companies seeking growth there.
“The Indian medical technology market is rapidly changing and the complexity of addressing the market opportunities and risks has increased,” said Tim Durst, a principal with PwC’s PRTM Management Consulting and a leading advisor to medical device and diagnostics companies. “Changes in regulatory, reimbursement, healthcare infrastructure, and competitive dynamics require new business strategies to be successful. Past approaches to accessing this thriving market will not succeed as the market continues to evolve.”
India’s healthcare market landscape was discussed at the Advamed conference by a panel of leading medical device industry executives, including Christopher Cerone, vice president of government Affairs, Zimmer; Biten Kathrani , head of research and development, Johnson & Johnson Medical Devices India; and Suresh Vazirani, founder of Tranasia.
The full press release can be found here.
Source: Marketwatch, PR Newswire