Lamenting that almost Rs 10000 crore out of the estimated Rs 12000 crore of medical technology product consumption being met from imports, Dr G S K Velu, Managing Director, Trivitron Healthcare Private Limited seeks specific scheme like Medical Technology Park schemes with Capital Subsidies, 10 Years Income Tax/ Sales Tax/ Excise Duty Exemption to attract investments etc.

Explaining the rationale behind his expectations, Dr Velu said, " Medical Instruments and Devices Segment is the third vital pillar in the Healthcare Industry apart from Helathcare Services and Pharma Segments. This segment is being continously ignored by the Govt and the Industry is completely import dominated with over 80% of Medical Technology Products demand being met by Imports only. Almost 10,000 crores out of estimated 12,000 crores of Medical Technology products consumption is being met out of Imports. With continous incentives and motivation from the Govt, China which was in the similar position has moved up to become one of the top three exporters of Medical Technology Products within Ten Years. Hence we are expecting Govt of India to come out with a specific scheme like Medical Technology Park schemes with Capital Subsidies, 10 Years Income Tax/ Sales Tax/ Excise Duty Exemption to attract investments from both Domestic and International Medical Technology Companies into India. Apart from this several Customs Tariff Structure has inbuilt anomalies with inverse duty structure wherein Components/ Raw Materials are being charged in higher customs duty compared to finished goods. This is acting as a disincentive for Manufacturing initiatives of Medical Technology Products in the country. We have represented these facts through our Indusctry associations such as CII, FICCI, AIMED, AMDSI etc. We hope Govt start recognising this Industry and provide necessary impetus to bring this Industry out of Import Clutches by addressing these concerns in the upcoming budget."