Goyal Calls Pharma Industry To Make India Medical Hub For Global Patients
Announces 100% Govt funding for medical device testing
New Delhi: Commerce and industry minister Piyush Goyal on Monday said that the government is ready to provide a 100 per cent fund for the acquisition of testing equipment. The minister also called for development of high-quality medical devices for global customers.
“We must develop a critical component ecosystem by strengthening our domestic capabilities with high quality. And we must also create shared testing infra facilities where these equipment can be tested, benchmarked to the best in the world, certified and demonstrated to global customers,” Goyal said while addressing an event here.
The minister further said that domestic firms should bring technology partnerships, encourage joint ventures, and invite global innovators and large pharma companies to India. “We must bring technology partnerships and we must have better buyer and seller relationships. Besides, we must co-design, and co-develop licence wherever required and look for joint R&D centres with other countries," he added.
He also called for improving design, copyrights, patent laws, and the 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.
“From Bureau of Indian Standards (BIS), we are willing to support 100 per cent cost of the best testing equipment for your equipment. The government will fund 100 per cent for the acquisition of testing equipment. Demand from us, there is no proposal from you. And we'll set up the most modern labs,” the minister said.
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. “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,” he said.
In order to attract foreign patients, he suggested creating a pool of interpreters for patients arriving from different countries and speaking different languages, so that they have greater confidence and communication between patients and the medical system becomes easier.
“The pharma sector has the potential to take India to the world, earn goodwill and serve people globally while creating a huge number of jobs and business opportunities in the manufacture of drugs, medical equipment and consumables. While 3.5 million patients have benefited from India's medical value tourism ecosystem in the last seven years, the country’s target should be 10 million patients a year,” he said.
