‘All our products are fairly priced and competitive to market rates and in no way, compromise on quality’
Mayank Lakhani, MD, La-med Healthcare in an exclusive interaction disscusses with Express Healthcare the future of the medical device industry in India and how National Medical Device Policy will help domestic players
Low cost is always linked to low quality. As a medical device manufacturer, how do you counter this perception? How affordable are your medical devices?
We can co-relate your question with our motive which is ‘quality is never an accident’. It is always the result of the best intention, a sincere effort, intelligent direction and skilful execution. Low price doesn’t always mean low quality, but it could entail a challenge to the other existing high-end products. All our products are fairly priced and competitive to market rates and in no way, compromise on quality. On the contrary, we pride ourselves on the high-standards we follow internally to ensure each product is top-notch. Our products sold through tenders are even further discounted to meet social regulations. There are sufficient players in the market so prices cannot be fixed arbitrarily.
How do you see India’s drug-pricing regulator, National Pharmaceutical Pricing Authority’s (NPPA) move on price control on a few medical devices? With increasing price constraints, will regulatory requirements viz accreditation be an additional burden on local manufacturers?
We think this move is great. Not only does this ensure a level playing field for all medical-device manufacturers, customers also benefit from a cap in prices as they don’t end up spending so much on their medical expenses. As a manufacturer, we will happily comply with all regulatory requirements of the government as long as they are reasonable and for the good of all parties involved.
Do you think the National Medical Device Policy will help domestic players? Reasons?
Yes. Absolutely. The National Medical Device Policy will help domestic players accomplish timely development of medical devices in India, make quality Indian products at par with their international counterparts and also put in place a system of checks and balances that will prevent third-rate medical products from hitting the market.
How do you see the future of the medical devices sector panning out in the country in the next five years?
India’s medical-devices industry is set for significant growth in the next five years. It is currently valued at approximately $6 billion and has expanded at a significant growth rate over the past few years. Having said that, the industry is still at a nascent stage with sub optimal penetration and usage of medical devices. India comprises only 1.7 per cent of the world market as our industry is still import dependent. There are 750–800 domestic medical devices producers in India with an average speculation of $2.3–2.7 mn and a turnover of $6.2–6.9 mn. Around 65 per cent of the makers are mostly domestic players operating in the consumables segment and catering to local consumption with limited exports. The medical device market size is expected to reach $50 bn by 2025. The orthopaedic prosthetics and patient aids segments will be the two fastest-growing verticals by 2020, projected to grow at a CAGR of 9.6 per cent and 8.8 per cent, respectively. (Source: skpg.com)
You have been in the medical devices market since 2007. What are some innovative products you offer and how do you stand out in such a competitive, crowded medical devices market?
Our company has a strong innovation-led team which focusses on both bettering our existing products as well as introducing new products as per the market feedback. In the critical care division, we have innovative products like CVC kit with NF1, three-way stop cock with NF1 and NF2. Also, our product link CT with check valve is among the most important products used for the MRI scan of patients. Six sigma process controls and TQM measures have been built into our processes rather than being externally implemented. The company’s products are CE marked with DNV Norway and are registered in more than 55 countries across the world. We’ve gained the status of a trusted quality manufacturer of medical devices across major government hospitals and institutions pan India and across the world.
Tell us about your company’s latest product offerings which will help you retain your leadership position in the domestic as well as the international market?
The company believes in providing premium quality medical devices to its customers which in turn, helps us retain our leadership position in the domestic as well as international market. In the last few years, we’ve offered some great innovations to our targeted market such as needle-free connectors, Ventilator Circuit with Combo Kit, PTCA Kit, Anti UV Extension Line, etc. Moreover, the company has plans to introduce many innovative products with the underlining principle of safety and simplicity to facilitate better patient care through innovation in line with our philosophy of conscious care.