India’s National Pharmaceutical Pricing Authority (NPPA) is developing a specialized India medical device pricing strategy for medical devices, transitioning away from the conventional drug-centric framework. This innovative strategy will incorporate international pricing tactics tailored to India’s unique market demands and serves as a response to previous policies on medical commodities such as stents and knee implants. The objective is to render medical devices both obtainable and economically viable, thus stimulating industry expansion and technological innovation.
The anticipated growth of India’s medical device market to $50 billion by 2025 highlights the importance of implementing fair pricing strategies as part of the India medical device pricing strategy. Rajiv Nath from the Association of Indian Medical Device Industry advocates for a market ecosystem that values product quality over profit margins. The proposed pricing framework aims to prevent price increases and create a value-driven market, benefiting both consumers and manufacturers.
This report was based on information referenced from the Economic Times, Mumbai edition, dated April 26, 2024.
