Domestic medical device makers urge the government to impose up to 15% import duty to reduce reliance on inbound shipments. Imports have increased by over 21% in the past 12 months, reaching ₹61,000 crore. The industry specifically highlights the steep increase in imports from the US, Germany, the Netherlands, China, and Singapore. To address this, the industry calls for a predictable tariff policy, correction of inverted duty, and the imposition of a 5% health cess on remaining medical devices. They also expect an increase in custom duty to a nominal 10-15% in the Budget.
Medtronic beat second-quarter profit and revenue estimates and raised its annual earnings forecast on Tuesday, banking on strong sales in its surgical and diabetes units, sending shares of the company up about 2% in premarket trading. Medical device makers are seeing higher demand for their products due to a steady recovery in surgical procedures that were deferred during the pandemic, especially by older adults, as well as easing staff shortages at hospitals. Medtronic, which makes pacemakers, catheters and tools used in heart and gastrointestinal surgeries, joins Abbott Laboratories and Boston Scientific, which have also benefited from soaring demand for non-urgent surgeries.