Exclusive: Ahead of Modi visit, U.S. lawmakers ask India to rethink price cap on stents [Reuters]
Boston Scientific Corporation (BSX)
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Source: Reuters
Exclusive: Ahead of Modi visit, U.S. lawmakers ask India to rethink price cap on stentsNEW DELHI A group of U.S. lawmakers has backed medical device makers by urging India to reconsider its decision to cap prices of heart stents, raising the issue ahead of Prime Minister Narendra Modi's visit to the United States later this week.In a letter sent to the Indian ambassador to Washington last month, and seen by Reuters, 18 members of Congress said they were "troubled" by the price cap, warning that it could deter firms from launching new medical products in India.Modi's government has in recent years capped prices of hundreds of life-saving drugs to make them more affordable. And in February, it imposed a 75 percent price cut for certain heart stents - wire mesh tubes used to treat blocked arteries.The government justified its action by citing "huge unethical markups". But global medical device makers have protested the new cap, with some saying it would force them to sell below cost.The
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