New Delhi, April 15: The $2.17-billion Indian medical equipment industry will now work in a more structured way than it does at present, thanks to a new mechanism, a top health ministry official said on Tuesday.

"Within a couple of months, the government will put some regulations for the medical devices industry that is growing in a haphazard manner," said Debasis Panda, joint secretary, Ministry of Health and Family Welfare.

Panda, who was speaking here at a medical technology conference organised by Confederation of Indian Industry (CII), said the ministry is in the process of implementing a new regulatory structure for the medical equipment industry to avail quality healthcare for all.

According to CII, the medical equipment industry is estimated at $2.17 billion and the sector is growing at 15 percent per year. The industry is expected to reach $4.97 billion by 2012.

Panda further said his ministry was working with medical equipment industry for developing mechanism to regulate the sector.

He said other important agendas of the ministry include the National Rural Health Mission (NRHM) and doing away with the regional imbalance in medical colleges.

Renowned heart surgeon Dr. Naresh Trehan, president of the Indian Healthcare Federation, said India was doing well in the health sector.

But, he said, it was imperative to accelerate growth through partnering with the key stakeholders including the healthcare service providers, medical technology industry and medical insurance companies.

Industry experts said in five years time India's healthcare sector would be worth Rs.1,400 billion.

"The medical services and devices industry must tap into this emerging market and explore the potential of India as a future production hub," said Anjan Bose, business head of Philips Electronics India Ltd.

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