Monitoring by financial institutions and impact on firm performance: Evidence from India

There is a long debate about whether the doctors have a duty to take care of the patient in using medical devices in treatment. Similarly the debate lies what makes a doctor expert or skilled in discharging his professional duties.

This philosophical debate inspired this researcher to enter or to undertake the study on the question of liability of doctors or manufacturers in using medical device of health-related technologies. This debate has created a problem for law relating to medical device. Theories have been advanced in law of negligenceon twostrong beliefs. Firstly, it ispointless to try to makeproducers take moreprecaution than they would under the negligence standard, secondly it is unfair to place the burden on compensating the injured-on producers when they have behaved reasonably. This basic tenet has a strong resonance with ordinary people's view of justice therefore there will need to be strong reasons for departing from them. With this background of philosophical and legal issues this study is an attempt to find out an appropriate legal principle to protect rights of the patient. Hence this study is very much needed in the present social context and to provide probable answers to the debate. We have witnessed for a long time that there are a large number of incidents where a patient suffers as a result of a defective medical device or as a result of negligence of the doctor in using of the device. However, the major dilemma lies with fixing the liability for the suffering of the patient. India considered medical devices as drugs under the Drugs and Cosmetics Act, 1940 which leads to a lot of uncertainty. The researcher has researcher has analysed the development of medical device and technology in human treatment and related legal issues with regard to innovation. The study has also dealt with the concept of medical negligence in India. The researcher has made a comparative study of laws related to Medical Devices in US, UK, Japan and India. The analysis of cases in this study reveals that there is a need of specific legal principle to deal with medical devices and consequential liability. Most countries give primary importance to medical devices as it is one of the essential factors for providing health care facilities to patients. India should develop a specif ic legislation and an efficient mechanism todealwith medical devicesas itwill help in fixing the liabilityof manufacturers. With that end in view The Drugs and Cosmetics (Amendment) Bill, 2013 has been introduced in the Indian Parliament.