New Strategy Opens India To Australian Exporters
20th Jul 18
The Australian Government has released its report on 'An India Economic Strategy to 2035' which outlines opportunities and hurdles for Australian businesses looking to export dental products.
Key Issues For The Dental Industry —
In its report An India Economic Strategy to 2035' the Department of Foreign Affairs and Trade (DFAT) found that there is no market over the next twenty years that offers more growth opportunities for Australian business than India. This is due to the fact that by 2025, one-fifth of the world’s working age population will be in India. By 2035, India’s five largest cities will have economies of comparable size to middle income countries today.
With respect to the health sector, the Indian health sector will rapidly expand with increased availability of medical infrastructure and more government spending, albeit off a low base.
DFAT has estimated that demand in India’s healthcare market will keep increasing due to India’s:
■ Large and growing population;
■ Growing consumer class;
■ Ability to spend on healthcare;
■ Growing penetration of insurance supporting greater spending; and
■ Under-provision of medical goods such as technologies, devices, and pharmaceuticals.
India’s medical device market is currently growing at a rate of 15 per cent annually and stands at $7.5 billion, of which 77% is imported. Further details are available from the full report available via the link below:
Businesses that manufacture dental products in Australia are able to leverage Australian Government funding mechanisms for the Medtech, biotech, and pharmaceutical (MTP) sector including: MTPConnect (≈$30million); the Biomedical Translation Fund (≈$250 million, with another $250 million from industry); and the Medical Research Future Fund (≈$1 billion per annum at maturity). This funding and activity is intended to drive a step change in the economic contribution of the sector.
Compared to other sectors of the Indian economy, its healthcare system is relatively open to investment as it allows 100 per cent Foreign Direct Investment (FDI) in the hospital sector and in the manufacturing of medical devices compared to around 50 per cent in other sectors.
Businesses looking to export should be mindful of the fact that one of the main barriers to trade in medical devices in India is the nation’s regulatory framework for medical devices. This is still in its infancy compared to the frameworks already in place in a number of other countries. Given the potential for changing requirements, or the lack of clear requirements all together, compliance will be a challenge for Australian businesses seeking to trade with India. ADIA will support its members and work with the Australian Government in its efforts to eliminate technical barriers to trade.
Australian dental product manufacturers looking to access the Indian market are encouraged to participate in the ADIA-MIG Manufacturers Interest Group which provides a forum that puts you in contact with Australian Government agencies looking to support the sector.
Member Engagement —
ADIA provides leadership, strategy, advocacy, and support. Our members set our agenda, fund our activities, and directly benefit from the results. With respect to the Association's work to support businesses that import and export dental products the team in the ADIA national office receive advice and guidance from members serving on the ADIA-TCPC Trade & Commercial Policy Committee.
Further Information —
Businesses looking to export dental products can keep up to date with the latest news by subscribing to the Twitter feed @AusDental or follow us on Facebook at www.facebook.com/dental.industry. Alternatively, you can contact the Association via email at firstname.lastname@example.org or by telephone on 1300 943 094.
Currency Of Information & Disclaimer —
This update was issued on 20 July 2018 and please note that changes in circumstances after the publication of material or information may impact upon its accuracy and also change regulatory compliance obligations. The statements, regulatory and technical information contained herein are believed to be accurate and are provided for information purposes only. Readers are responsible for assessing its relevance and verifying the accuracy of the content. To the fullest extent permitted by law, ADIA will not be liable for any loss, damage, cost or expense incurred in relation to or arising as a result of relying on the information presented here.
This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the ADIA logo, images and where stated.
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