Regulation quagmire, inclusive innovations and arrested development: evidence from the Indian medical device industry

In any healthcare sector, the medical device industry plays an important role in reducing overall healthcare costs and ensuring effective access to healthcare. However, in developing countries such as India compared to the success of the pharmaceutical and biotechnology industry, the medical device industry has not witnessed similar growth. In this context this paper studies factors and issues that hampered development of the medical device industry in India. Specifically it explores the link between regulatory policies and their impact on innovation and technology capability development in the Indian medical device industry. Further it examines the complex relationship between healthcare regulation, innovation, and sustainable development within the context of an increasingly globalising economy. It shows crucial role of smart and appropriate regulation in creation of the basic technological capabilities, incentivising inclusive innovation and affordable healthcare.