Trade Deal to Boost Access to Cochlear Implants in India

The Australian-India Economic Cooperation and Trade Agreement (AIECTA) is expected to increase the accessibility and affordability of Cochlear Ltd.’s cochlear implants in India due to the gradual removal of tariffs on its hearing implants and accessories, claims GlobalData.
 
A recent GlobalData report reveals that Cochlear Ltd. accounted for approximately 50% of India’s cochlear implant market in 2021.
 
“Despite increasing health spending, the high cost and limited awareness of cochlear implants always acted as restraints to their usage in India,” said Chetna Kaushik, a medical devices analyst at GlobalData. “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. 
 
“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,” said Kaushik.