Medtech Industry Frowns on India Price Caps

In response to India’s price capping for certain medical devices, medtech industry group AdvaMed is calling for the perks India enjoys under the U.S. Generalized System of Preferences (GSP) to be withheld. This year, India’s National Pharmaceutical Pricing Authority (NPPA) implemented price caps on coronary stents and knee implants. The coronary stent pricing control went into effect in February 2017 and was followed in August by pricing control on knee implants. The price caps inflicted steep cuts ranging from 70%–85%. Now, AdvaMed has filed a petition with the U.S. Trade Representative asking for India’s participation in GSP—which removes duties on certain products imported from numerous developing nations including India—to be revoked. “AdvaMed and its members are deeply concerned about recently implemented price controls on coronary stents and knee replacement implants in India that have slashed prices by as much as 85% and 70%, respectively, following by signals that price caps for additional life-saving and life-improving medical devices may be forthcoming,” AdvaMed President and CEO Scott Whitaker said in an October 17 statement. He added, “Our intention is not for India to lose the benefits of GSP, but rather to advance engagement and meaningful discussions on restoring market access for medtech in India while keeping patients’ interests at the center of all discussions.” The NPPA’s move was intended to lower the cost of healthcare and provide ...
Source: MDDI - Category: Medical Devices Authors: Tags: Medical Device Business Source Type: news