Globally, diseases of heart valve constitute a major cause of cardiovascular morbidity and mortality with rheumatic heart disease being the dominant Valvular Heart Disease (VHD) in developing countries including India. Indian Council of Medical Research (ICMR) has informed that as per experts, around 15-20% of total patients attending the hospitals with heart disease suffer from VHD.
A position paper published by Federation of Indian Chambers of Commerce & Industry (FICCI) (2014-15) informs that Indian medical device industry is primarily import driven with imports contributing close to 75% of the market. Medical electronics and Hospital equipments and surgical instruments form more than 50% of sale with 87% being imported as per the document on “Recommendations of Task Force on the Medical Devices sector in India – 2015”.
As informed by Department of Pharmaceuticals, the Government of India had taken up the issue with leading manufacturer of stents to reduce the prices voluntarily. As an outcome one manufacturer has reduced the prices of coronary stents by 10%. Further, a few other manufacturers have informed that there has been substantive reduction in prices of coronary stents manufactured by them.
As informed by Drug Controller General of India, the Drugs & Cosmetics Act and Rules there under do not mandate that maximum retail price (MRP) should be indicated on the label.