New Delhi: Commerce and Industry Minister Piyush Goyal on Monday pitched for the development of high-quality medical devices for global customers, and said the government is ready to provide 100 per cent funding for the acquisition of testing equipment.

Addressing two events of the pharma industry here, he said domestic firms should bring in technology partnerships, encourage joint ventures, and invite global innovators and large pharma companies to India.

“We must develop a critical component ecosystem by strengthening our domestic capabilities with high quality. We must create shared testing infra facilities where equipment can be tested, benchmarked to the best in the world, certify and demonstrated to global customers,” he said.

Full Government Funding for Testing Infrastructure

“From BIS (Bureau of Indian Standards), we are willing to support 100 per cent cost of the best testing equipment for your equipment…100 per cent government of India will fund the acquisition of testing equipment…demand from us, there is no proposal from you. And we’ll set up the most modern labs,” Goyal said.

He also called for improving design, copyrights, patent laws, and the IPR (intellectual property right) ecosystem so that internationally people look up to come to India, positioning the country as a global hub of innovation given its huge cost advantage.

“We must bring technology partnerships, we must have better buyer and seller relationship, we must encourage joint venture…We must co-design, and co-develop licence wherever required…look for joint R&D centres with other countries,” he added.

Call for Better Patient Experience and Transparent Pricing

The minister further called upon insurers and health-tech companies to build products and platforms that make the patient journey more seamless, and ensure timely reimbursements.

He suggested the industry train and certify caregivers and develop a skilled workforce capable of providing healthcare of international standards, and encouraged more hospitals to publish honest and transparent treatment packages.

Emphasis on Ethical Practices and Global Accreditation

He stressed that hospitals must follow ethical practices and never attempt to cheat patients, as one wrong action can lead to loss of goodwill, business and credibility for India.

There is a need to organise exhibitions and presentations across the world, establish facilitators and tie-ups with hospitals globally, and ensure that only National Accreditation Board for Hospitals & Healthcare Providers (NABH)-enabled, verified and panelled hospitals are allowed to treat patients coming from abroad, he said, adding that quality healthcare cannot be different for Indians and foreigners.