Updated on 28 November 2012
Besides the price hurdle of new technologies at the initial stage, regulatory framework poses a big challenge for the Asian innovators to get access to international market. Dr Lawrence Ho from Singapore wanted to launch international clinical trial of his MASTER robot but stringent regulatory framework of the US and Europe stopped him from entering the developed countries and the first clinical trial was conducted in India and Hong Kong.
Mr Jayant Singh, associate director, Medical Technology, Healthcare Practice, Frost & Sullivan South Asia & Middle East, shares his insight on the landscape of medical technologies in India and the challenges involved. "There are a lot of things being done on paper, but when it comes to real-time innovation, the success rate is very low. Companies such as GE, Philips and Wipro have set certain milestones in smart medical technologies, but the local industry has to gear up for such accomplishments."
Mr Singh further mentions that regulatory environment poses a challenge in market access. "In India, the regulatory framework for medical technologies is vague or absent, and it very much follows the stamp of the FDA, EMEA or the TGA. This makes it difficult for local players to get their products approved in the country."
Given the number of innovations on in medical technology, the market is open to new things. Countries such as India, China, Singapore and Korea are spending on healthcare technologies that reduce patient time in hospitals. However, getting through the regulatory approval process is a nightmare to technology developers.
However, the pace of innovations in medical technology is accelerating, giving way to efficient clinical outcomes with less complex procedures and lower costs. This brings a fundamental change in healthcare delivery, creating space for new and low cost diagnosis, monitoring and treatment procedures.