Why MRP and its enforcement on medical devices is critical.
In 2013, Medtronic envisaged partnerships with 88 hospitals in various Indian cities, known as the Healthy Heart For All initiative. These hospitals were chosen with the target on paper: “keeping in mind 20-50 implants were to be done per month”. Medtronic offered to help the hospital attract new patients with a financing programme, backed by marketing campaigns. Working with a consulting firm hired by Medtronic, hospitals published advertisements in newspapers promoting Healthy Heart and organised promotional events.
These hospital partners conducted free screenings in their nearby areas and villages for heart ailments, and one in 10 was referred to the hospital for additional tests for a Medtronic pacemaker, coronary stent or defibrillator. Records show that as the programme was scaled up, Medtronic roped in Arogya Finance, a non-banking financial company (NBFC), to provide loans to purchase their products. Allegedly, Medtronic funded the NBFC by providing “unsecured borrowings” worth Rs 3.61 crore. It is interesting to note that the financing company was offering loans only to patients using Medtronic’s products. A stent that cost around Rs 30,000 in the market was being sold for Rs 1.2-1.5 lakh. more
On Mon, Jan 21, 2019 at 12:58 PM Dhinakaran C <email@example.com>