India’s medical equipment companies, who account for about 90% of the world’s medical device market, are making a comeback.
India’s biggest medical devices makers are doing well, despite having suffered from a tough economic climate for years, with the country’s consumer sentiment plummeting to a 25-year low.
But some of the country-based companies are making huge strides, and they are showing their potential.
The industry is also getting a boost from the emergence of more generic medicines.
The Indian government has recently rolled out a national generic prescription program to help revive the medical equipment industry, but there is still a long way to go.
The new government’s drug-supply plan, announced in March, aims to supply medicines directly to patients through generic manufacturers.
India is one of the countries that have some of its most expensive prescription medicines and India has the highest share of those prescriptions in the world.
The country is also grappling with an opioid epidemic that has claimed more than 15,000 lives in the last five years, including the lives of hundreds of people from poor and rural areas.
The pharmaceutical industry has been struggling with the shortage of medicines, particularly as the country has struggled to contain the increase in the number of opioid deaths.
According to an article in Business Standard, India’s largest pharmaceuticals maker PharmaNexis has said that the Indian government will allow the company to produce up to 10% generic medicines for patients.
In April, the government also signed an agreement with a global pharmaceutical company, Roche, to develop an India-based generic drug to combat the opioid crisis.
However, it remains to be seen if the new deal will actually bring the entire industry to the table, as the Indian pharmaceutical industry still has a long ways to go to get the medicines to patients.