09.29.11
Nearly three quarters of the medical technology market in India is composed of products imported from developed areas, but the next wave of growth likely will come from new innovation, developed specifically for the unique needs of the Indian market, according to preliminary findings of a study conducted by PwC’s PRTM Management Consulting.
Multinational medical technology companies that participated in the study consider India to be one of the top three markets in the world for direct investment and growth. However, as access to healthcare in India expands to the vast population beyond the current middle class, challenges increase for multinational medical device companies seeking growth there.
“The Indian medical technology market is rapidly changing and the complexity of addressing the market opportunities and risks has increased,” said Tim Durst, a principal with PwC’s PRTM Management Consulting and a leading advisor to medical device and diagnostics companies. “Changes in regulatory, reimbursement, healthcare infrastructure, and competitive dynamics require new business strategies to be successful. Past approaches to accessing this thriving market will not succeed as the market continues to evolve.”
Durst moderated a panel discussion on India’s healthcare market landscape during the second day of AdvaMed 2011 - The MedTech Conference in Washington, D.C. Panel members included Christopher Cerone, vice president of government Affairs, Zimmer Holdings Inc.; Biten Kathrani, head of research and development, Johnson & Johnson Medical Devices India; and Suresh Vazirani, founder of Transasia.
Because the Indian healthcare market is so diverse, panel members agreed that pre-conceived innovation models and assumptions quickly will lead to failure. IP protection, for example, scares off many potential investors in the market even though the country has fairly strong laws against intellectual property protection violations.
“What you think about India can be true, but it also can be wrong,” Vazirani noted. “You think Indians cannot afford expensive healthcare, but there are people who can afford expensive healthcare. It’s a huge country, a huge market, and it’s totally untapped. It’s really up to you regarding how you go about it. There’s no one set formula that works in India. The key is understanding which aspect of India you want to target, how you want to do it, and exactly where you want to [provide care].”
Durst presented early results of a study pertaining to medical technology companies and their interests in India. The full findings will be released later this fall, and will examine:
• The next wave of opportunity be for medical device companies in India, and the options for establishing business, brand and offerings to maximize growth potential.
• Appropriate business and operating models.
• The risks medical device companies must consider before expanding operations and markets in India.
• The steps India is taking to create investment opportunities and incentives for multinational firms.
• How India compares with other emerging markets worldwide.
• The ways in which regulations governing Indian medical devices are changing.
A specialist on innovation strategies and operational transformation, Durst works with some of the world’s largest Fortune 500 companies in the medical device, medical equipment and supplies, medical diagnostic and pharmaceutical industries. He focuses on strategic growth and transformation, product and portfolio innovation and supply chain management.
PwC acquired the global management consulting firm PRTM in August. The acquisition further expands PwC’s offerings in areas of critical importance to clients, including supply chain management, product and services development, customer value management and business model innovation.
Multinational medical technology companies that participated in the study consider India to be one of the top three markets in the world for direct investment and growth. However, as access to healthcare in India expands to the vast population beyond the current middle class, challenges increase for multinational medical device companies seeking growth there.
“The Indian medical technology market is rapidly changing and the complexity of addressing the market opportunities and risks has increased,” said Tim Durst, a principal with PwC’s PRTM Management Consulting and a leading advisor to medical device and diagnostics companies. “Changes in regulatory, reimbursement, healthcare infrastructure, and competitive dynamics require new business strategies to be successful. Past approaches to accessing this thriving market will not succeed as the market continues to evolve.”
Durst moderated a panel discussion on India’s healthcare market landscape during the second day of AdvaMed 2011 - The MedTech Conference in Washington, D.C. Panel members included Christopher Cerone, vice president of government Affairs, Zimmer Holdings Inc.; Biten Kathrani, head of research and development, Johnson & Johnson Medical Devices India; and Suresh Vazirani, founder of Transasia.
Because the Indian healthcare market is so diverse, panel members agreed that pre-conceived innovation models and assumptions quickly will lead to failure. IP protection, for example, scares off many potential investors in the market even though the country has fairly strong laws against intellectual property protection violations.
“What you think about India can be true, but it also can be wrong,” Vazirani noted. “You think Indians cannot afford expensive healthcare, but there are people who can afford expensive healthcare. It’s a huge country, a huge market, and it’s totally untapped. It’s really up to you regarding how you go about it. There’s no one set formula that works in India. The key is understanding which aspect of India you want to target, how you want to do it, and exactly where you want to [provide care].”
Durst presented early results of a study pertaining to medical technology companies and their interests in India. The full findings will be released later this fall, and will examine:
• The next wave of opportunity be for medical device companies in India, and the options for establishing business, brand and offerings to maximize growth potential.
• Appropriate business and operating models.
• The risks medical device companies must consider before expanding operations and markets in India.
• The steps India is taking to create investment opportunities and incentives for multinational firms.
• How India compares with other emerging markets worldwide.
• The ways in which regulations governing Indian medical devices are changing.
A specialist on innovation strategies and operational transformation, Durst works with some of the world’s largest Fortune 500 companies in the medical device, medical equipment and supplies, medical diagnostic and pharmaceutical industries. He focuses on strategic growth and transformation, product and portfolio innovation and supply chain management.
PwC acquired the global management consulting firm PRTM in August. The acquisition further expands PwC’s offerings in areas of critical importance to clients, including supply chain management, product and services development, customer value management and business model innovation.