Made in India, for India, is Next Wave of Growth for Region's Medical Technology Sector

WASHINGTON, Sept. 27, 2011 /PRNewswire/ -- Nearly three quarters of the medical technology market in India is comprised of products imported from developed markets, but the next wave of growth is likely to come from new innovation, developed specifically for the unique needs of the India market, according to preliminary findings of a study by PwC's PRTM Management Consulting, which were presented today at AdvaMed 2011, the annual MedTech conference in Washington, DC.

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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."

India's healthcare market landscape was discussed at today's conference by a panel of leading medical device industry executives, including Christopher Cerone, vice president of government Affairs, Zimmer; Biten Kathrani , head of research and development, Johnson & Johnson Medical Devices India; and Suresh Vazirani, founder of Tranasia.

Durst, who moderated the panel, 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 look at:

• What will the next wave of opportunity be for medical device companies in India, and what are the options for establishing business, brand and offerings to maximize growth potential?
• What business and operating models are most appropriate?
• What risks should medical device companies consider before expanding operations and markets in India?
• What is India doing to create investment opportunities and incentives for multi-nationals?
• How does India compare with other emerging markets worldwide?
• How are regulations governing medical devices changing?

As a well known 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.

About PwC's Pharmaceutical, Medical Device and Life Sciences Industry Group

PwC's Pharmaceutical, Medical Device and Life Sciences Industry Group (www.pwc.com/us/pharma and www.pwc.com/us/medtech) is dedicated to delivering effective solutions to the complex strategic, operational and financial challenges facing pharmaceutical, biotechnology and medical device companies. We provide industry-focused assurance, tax and advisory services to build public trust and enhance value for our clients and their stakeholders.  Follow PwC Health Industries at http://twitter.com/PwCHealth.

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