Big Makers of Medical Devices Form Industry Trade Group in Asia
Published By : 24 Apr 2015 | Published By : QYRESEARCH
Some of the big medical device makers in the world that include Abbott, Johnson and Johnson, GE Healthcare, and Boston Scientific have come together to form the first industry trade group in India.
The group which will be called, Asia Pacific Medical Technology Association (APACMed) hopes that the region which has been fragmented earlier, owing to the formation of the group regulators will think for policies in the interest of the group.
The group will comprise local device makers as well as multinational companies, and the constituents of the group will make policy makers look into the interest of the group. The members of APACMed are mostly western medical device makers and also companies from China, Japan, Korea, Singapore, and India.
The key issues to be addressed are new regulations for medical devices in China that were laid out last year, and this could stall product time from 12 months to 24 months to come into the market. In North America and Europe there have been industry trade groups, in Asia this is the first time as it has been a fragmented market. Industry leaders have been in talk over a year for to come together and form a group that would govern ethics, laws, policies, regulations, and treatment guidelines for the group.
The leader also commented, it is time of inflection for the Asian medical device market. This is going to help as more and more people in the region can afford and want better healthcare but are short of such services.