The recent Australian-India Economic Cooperation and Trade Agreement (AIECTA) is expected to increase the accessibility and affordability of Cochlear Ltd’s cochlear implants in India owing to gradual removal of tariffs on its hearing implants and accessories, says GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Hearing Implants Market Size (Value, Volume, ASP) by Segments, Share, Trend and SWOT Analysis, Regulatory and Reimbursement Landscape, Procedures, and Forecast, 2015-2030’, reveals that Cochlear Ltd accounted for approximately 50% of India’s cochlear implant market in 2021.
Chetna Kaushik, Medical Devices Analyst at GlobalData, comments: “Despite increasing health spending, the high cost and limited awareness of cochlear implants always acted as restraints to their usage in India. The new trade deal is set to offer a solution to these limitations by reducing import tariffs on Cochlear Ltd’simplants by 7.5% to 15% followed by a gradual complete elimination of tariffs, improving skill set of medical staff and by increasing awareness amongst people.”
With about 63 million people suffering from hearing impairment in India, the government aims to increase awareness, ensure timely diagnosis and treatment of hearing loss, and provide reimbursement for hearing implants by initiating programs such as National Programme for the Prevention and Control of Deafness.
Kaushik concludes: “The Austrade deal combined with the government efforts to improve patient outcomes will further help India in achieving its goal. On the other hand, with India already being one of the largest importers of Cochlear Ltd’simplants, the new trade deal is expected to further boost the sales of the company.”
Follow The Indian Sun on Twitter | Instagram | Facebook
The recent Australian-India Economic Cooperation & Trade Agreement (AIECTA) is expected to increase the accessibility & affordability of Cochlear Ltd’s #cochlear #implants 🦻 in India owing to gradual removal of tariffs. 🇦🇺🇮🇳 #TheIndianSunhttps://t.co/T1CKekjeiV
— The Indian Sun (@The_Indian_Sun) July 13, 2022
Donate To The Indian Sun
Dear Reader,The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.
Thank you for your support.
Best wishes,
Team The Indian Sun
