Last Updated on February 3, 2024 by The Health Master
Domestic medical devices to be promoted
NEW DELHI: In a bid to build a robust indigenous medical device manufacturing ecosystem in India, the government of India is all set to initiate a phased manufacturing programme (PMP) to promote domestic production of medical devices.
In a first such initiative, a roadmap has been prepared to promote domestic production of X-Ray machines and components whereby financial incentives will be provided to the manufacturing companies.
The first consultative meeting to this effect will be held on Thursday by the Ministry of Electronics and Information Technology (MeitY) and will be attended by industry experts, secretaries from ministry of health, department of pharma, DPIIT, among others.
Also read: Opportunity for select domestic pharma firms
“The phased manufacturing programme (PMP) will be implemented with the objective of progressively increasing domestic value addition for establishment of a robust medical XRay machine manufacturing ecosystem in India.
The PMP shall enable the medical X-Ray machine and related sub-assembly / component industry to plan their investment in the sector.
The PMP shall also be extended to parts, sub-parts, inputs of sub-assemblies as the manufacturing ecosystem evolves over a period,” stated a concept note by MeitY.
The move gains significance as the global medical X-ray market, valued at $11.2 billion in 2018 is expected to surpass $15 billion by 2024, witnessing a CAGR of 6.1% between 2019-2025.
The PMP is aimed at taking this growth story to a new level.
Also read: Govt to begin: new drug molecule made in India
For informative videos by The Health Master, click on the below YouTube icon:
For informative videos on Medical Store / Pharmacy, click on the below YouTube icon:
For informative videos on the news regarding Pharma / Medical Devices / Cosmetics / Homoeopathy etc., click on the below YouTube icon:
For informative videos on consumer awareness, click on the below YouTube icon:
