GST, the biggest tax reform in independent India, is on course to implementation and is set to change the way we do business. The medical device sector is smallest overall within India's healthcare industry. Globally medical devices draw in about $400 billion, accounting for about 36% of the $1.3 trillion global pharma industry. India accounts for only 1.8% of the medical device industries worldwide, and it is at a nascent stage. With more than 70% of demand for medical devices supported by imports, this move will only hike the healthcare cost in India.

Source: Forbes February 22, 2017 18:47 UTC