July 2015

Mohammad Anas Wahaj | 29 jul 2015

The US-India Business Council (USIBC) expects collaborative opportunities between India and US in the medical devices sector. This will boost investments and skilled human resources to the sector. USIBC seeks from the Indian government to remove barriers to doing business in India and proposes a separate regulatory framework for medical devices, that are currently considered as pharmaceuticals under the Drug and Cosmetics Act of India. It estimates the Indian medical devices industry to grow from the current US$ 4.4 billion (4th largest in Asia) to US$ 7 billion by 2016. 'Make in India' have potential to drive the sector through innovation and investments and developing an ecosystem for medical devices industry. According to Maulik Nanavaty, SVP of Boston Scientific and the head of the USIBC delegation visiting India, 'India has made considerable strides in developing innovative industries across a number of sectors and maintains strong potential to do the same in medical devices.' USIBC Director and Legal Counsel Amy Hariani says, 'Medical devices industry is going through rapid transformation in India and is projected to grow at a higher rate as health insurance becomes more widely available and the country's consumers continue to demand better healthcare services.' Read on...

Moneycontrol: Indian medical device industry can grow to $7bn by 2016: USIBC
Author: NA

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Mohammad Anas Wahaj | 29 jul 2015

According to the recent report by National Skill Development Corporation (NSDC), India's healthcare sector is expected to grow to Rs. 9.64 lakh crore by 2017 while the incremental workforce requirement is estimated to reach 74 lakh in 2022. In 2013 healthcare human resources requirement figure was 35.9 lakh. There are 11 lakh allied healthcare professionals in diverse fields and 6.21 lakh allopathic doctors and the sector is still quite short of the current demand. The report further states that there are only 356 registered medical institutions with the total admission capacity of 45000 at undergraduate level and about 24000 at post-graduate level. Dilip Chenoy, MD and CEO of NSDC, says 'There is a need for both qualitative and quantitative skill development initiatives in the healthcare sector. We also need to focus heavily on upgrading technical skills of the workforce for advanced healthcare services.' Read on...

The Economic Times: India's healthcare sector to require 74 lakh employees by 2022: NSDC
Author: NA

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Mohammad Anas Wahaj | 15 jul 2015

There seems to be lack of commitment by companies regarding the Corporate Social Responsibility (CSR) rules, that came into effect from 01 April 2014, and were introduced in the new Companies Act of 2013. Only 1/3rd of the top listed companies, from the half of the BSE-30 that have disclosed their CSR spending figures for 2014-15, were able to spend the required, minimum 2% of the profits, on CSR activities in the first year. Those taking their CSR with the proactive approach include RIL, Wipro, ITC, Hindustan Unilever and Mahindra & Mahindra. And the corporates that missed the 2% spending mark include Infosys (marginally), HDFC Bank, ICICI Bank, Axis Bank, SBI, Dr. Reddy's and Bajaj Auto. The total amount spent by the 15 companies was a little more than Rs 2100 crore. The government in its efforts to improve monitoring of social welfare activities of companies under the companies law has set up a six-member panel and asked it to provide suggestions. According to the Ministry of Corporate Affairs website, members of the panel include - Anil Baijal, Former Secretary of Govt. of India; Prof. Deepak Nayyar, Jawaharlal Nehru University; Onkar S. Kanwar, Chairman & MD of Appollo Tyres; Kiran Karnik, Former President of NASSCOM; Secretary, Department of Public Enterprises; Additional Secretary, Ministry of Corporate Affairs. Read on...

The Economic Times: CSR regime begins on disappointing note; two-third companies miss target
Author: NA

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