Prices of key medical products have fallen by a quarter since the pandemic – Healthcare News

Datawise’s latest report shows that prices for eight key medical devices have dropped by 25.74% since the pandemic.

A report commissioned by the National Minority Development and Finance Corporation found that the price reduction led to greater demand, which also improved the availability of these eight devices: pulse oximeters, nebulizers, glucose meters, cardiac stents, knee implants, oxygen concentrators, blood pressure monitors and digital thermometers.

Market assessment report $2 billion device market, said there had been price adjustments for all medical devices, with nebulizers down 39%, digital thermometers down 32%, and pulse oximeters and glucose meters down 21%.

It may be noted that in 2020, the Department of Pharmaceuticals (DoP) regulated the prices of all medical devices under the Drug Price Control Order (DPCO) 2013, according to which their MRPs cannot be increased by more than 10% in a year. Then in July 2021, the NPPA (National Pharmaceutical Pricing Authority) restricted the trade margins of 6 medical devices to ensure their affordability during the pandemic.

DPCO is a government regulation aimed at controlling the prices of essential medicines and medical devices. A new version of DPCO is already on the cards.

Among all medical devices, nebulizers, cardiac stents and oxygen concentrators showed the highest supply growth in various regions of the country, especially in terms of their production, according to the report, which is based on a field survey conducted in 20 states and 50 counties.

Wholesalers of these medical devices have also become key players in the industrynoting a positive increase in the profitability of medical devices, the report adds.

Despite clear improvements in affordability and accessibility, there are some challenges that require urgent government attention.

For example, to address imbalances in regional prices for essential medical products, the report said it is crucial to implement a transparent pricing mechanism that takes into account regional disparities in healthcare infrastructure and purchasing power. “The use of data analysis and market knowledge can facilitate the formulation of pricing policies that reflect local market dynamics while ensuring affordability and accessibility for patients,” the report adds.

Additionally, there is a need to introduce subsidy or insurance programs for these devices, which can significantly reduce the financial burden on consumers. “Working with health insurers to include these devices in insurance plans or offer subsidies for their purchase could make them more accessible to a broader demographic,” the report says.