About a dozen chief executives on the panel and all of them were jittery. They weighed their words carefully and in a measured, patient tone answered a volley of questions to balance the popular opinion. They were neither evil nor irrational. On 1 June, the Medical Technology Association of India (Mtai), representing multinational companies like Bausch + Lomb, Boston Scientific, Johnson & Johnson, and others, had met at Le Meridian hotel in Delhi to present their side of the story, three months after stent prices were capped in India.
First stents, now knee implants. India’s price control wave will deplete the market
The state does not produce them. It hardly buys them. Now, its hunt against the few who do produce them will leave the patient weaker in the long run
For the multinational manufacturers, India accounts for just over 1.3% of their market but Indian patients depend on medical devices, 75% of which are imported
Two multinationals, Abbott and Medtronic, asked the regulator in April to let them withdraw their ‘next generation’ stents from the Indian market, as these had become commercially unviable at capped prices
Medical device manufacturers are not introducing newer products under capped prices in the Indian market
Stents and orthopedic implants are just two of the 22 devices, whose price can be controlled by the drug regulator