In a series of moves to crack down on the overpricing of medical devices, India’s National Pharmaceutical and Pricing Authority (NPPA) has announced plans to establish a pricing scheme for all orthopedic implants in the country. The new pricing scheme follows NPPA’s establishment of price caps for coronary stents earlier in February, which resulted in price cuts of over 80%.
However, establishing a pricing scheme is expected to be a time-consuming task. With over 200 bones and 700 joints in the human body, it would be difficult to merely document all the types of implant devices. There is also a significant price variation across India’s huge and fragmented markets. Nevertheless, the NPPA is determined to implement the price cap, which would greatly lower costs for patients and insurers.
Other high margin medical devices, such as intraocular lenses, should expect to see similar pricing regulations in the near future.