Connect with us

Headlines of The Day

Prices of eight key medical devices drop 25.74% since pandemic

The prices of eight key medical devices have come down by 25.74% since the pandemic, said a latest report by Datawise.

The report, commissioned by the National Minorities Development and Finance Corporation, said that the reduction in prices has led to higher demand which has also improved the availability of these eight devices: pulse oximeters, nebulisers, glucometers, cardiac stents, knee implants, oxygen concentrators, blood pressure monitors and digital thermometers.

The report, while estimating the market size of the market of devices at $2 billion, said that there have been price adjustments across all medical devices, with nebulisers’ prices reduced by 39%, digital thermometers by 32% and pulse oximeters and glucometers by 21%.

It may be noted that in 2020, the department of pharmaceuticals (DoP) had regulated the prices of all medical devices under Drug (Prices Control) Order (DPCO) 2013 whereby their MRPs cannot be increased by more than 10% in a year. Subsequently, in July 2021, the NPPA (National Pharmaceutical Pricing Authority) capped the trade margins of 6 medical devices to make them affordable during the pandemic.

The DPCO is a government order to control the prices of essential medicines and medical devices. A new version of DPCO is on the cards.

As per the report, which is based on a field survey across 20 states and 50 districts, among all medical devices, nebulisers, cardiac stents, and oxygen concentrators have shown the highest increase in supply across different regions of the country, particularly in terms of their manufacturing.

Also, the wholesalers of these medical devices have emerged as key players in the industry, experiencing a positive increase in profitability of medical devices, the report adds.

Despite the marked improvement in affordablility and availability, there are some challenges that needs urgent attention from the government.

For instance, to address imbalances in regional prices of essential medical devices, the report said that it is crucial to implement a transparent pricing mechanism that takes into account regional disparities in healthcare infrastructure and purchasing power. “Leveraging data analytics and market insights can facilitate the formulation of pricing policies that reflect local market dynamics while ensuring affordability and accessibility for patients,” the report adds.

In addition, there’s a need for bringing in subsidy programmes or insurance coverage for these devices which can significantly reduce the financial burden on consumers. “Collaborating with healthcare insurers to include these devices in coverage plans or offering subsidies for their purchase can make them more accessible to a wider demographic,” the report said. The Financial Express

Copyright © 2024 Medical Buyer

error: Content is protected !!