Covestro, leading supplier of high-performance polymer materials and innovative product solutions has been a category leader in global medical device segment through their tailor made polycarbonate solutions.
Indian medical device sector, the fourth largest in Asia, is currently valued at approx. US$7 billion and is growing at 10-15% annually. While the emerging Indian market presents an exciting bouquet of business landscape and opportunities, the medical device market in India is dominated by imported products comprising 75% of total sales.
Commenting on the opportunity in the Indian medical device market, Mr. Anand Srinivasan, Head – Polycarbonates, Indian Sub Continent, Covestro India said “With increase in public spending and private investment on healthcare, rise in the number of hospitals and increased requirement for healthcare facilities to provide accurate treatment to individuals; Indian medical device sector offers huge potential and unrivalled investment and business opportunities. With impetus from Government of India schemes, India is beginning to look forward to being recognized as a manufacturing destination for sophisticated medical technology.”
Speaking on the challenges of the market he further added, “The linking of the medical device sector with pharmaceutical through a common act and regulatory regime has been a big stumbling block for the medical device sector in the country. However, it is encouraging to see the government taking cognizance of these challenges and working towards developing an effective regulatory structure to counter these challenges.”
In addition to these, lack of a single nodal authority for medical device industry, policy to promote local manufacturing, training and capacity building programme and inverted duty structure have been creating an impediment in the growth story of Indian medical device industry.
Commenting on the role of Covestro, Mr. Ajay Durrani, Managing Director, Indian Sub Continent, Covestro India said: “Distinguishing medical devices from pharmaceuticals will go a long way in boosting the medical technology penetration and healthcare infrastructure in the country. Covestro with its pioneering expertise in producing tailor made material solutions, remains committed towards creating value for the society.” Covestro is showcasing its latest offerings in medical polycarbonate resins and blends at the ongoing 13th National Conference and Technology Exhibition on Indian Medical Devices & Plastics Disposables / Implants Industry 2016 at AMA, Ahmadabad. Covestro is also keeping a close watch on the global trends in biocompatible material for medical device manufacturing and will be presenting these once the new regulatory regime in the sector is in effect.
About Covestro AG
With 2015 sales of EUR 12.1 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and sports and leisure industries. Covestro, formerly Bayer MaterialScience, has 30 production sites worldwide and employed approximately 15,800 people (calculated as full-time equivalents) at the end of 2015.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.