Last Updated on December 31, 2023 by The Health Master
Experts are stressing that the state and central governments must give a big push to the Research and Development (R&D) for the new start-ups which are venturing out with innovative development technologies to counter the future challenges in the medical devices, healthcare, pharma, biotech and other allied sectors.
Expressing their concern, lead experts during a panel discussion at BioAsia’s CEO Conclave which concluded recently, opined whatever the state and central governments that are giving to the industry in the country is very less and it needs to be amplified to ensure Indian industry gains the much needed manufacturing capacity, to suffice not just its own needs, but also supply to the world population.
“Whatever the central government is claiming to have been giving under the Production Linked Incentive scheme is very meager.
Though it is a good initiative to begin with, however this has to be enhanced further and the state and central governments need to come up with specific schemes and entrepreneur encouraging policies for start-ups so as to expedite innovative research,” said Bhargav Kotadia of SMT, a stent manufacturing firm in India.
Also read:
‘India Pharma Innovation of the Year’ Award to Glenmark: GoI
Pharma Industry welcomes PLI Scheme, awaits implementation details
PLI Scheme for Pharmaceuticals approved: Read the details
Dr. Eshwara Reddy, joint drug controller, Central Drugs Standard Control Organization (CDSCO) informed that under the PLI Scheme the central government has granted Rs. 700 crores for 9 medical devices to be developed indigenously in India.
“India is heavily depending on imports of medical devices like medical equipment, medical instruments etc. So, to reduce these imports, the government had decided to promote indigenous manufacturing and medical device parks.
The government has already cleared 4 categories of medical devices and will provide 5% incentives on incremental sales on devices manufactured in India.
Coming to the second scheme, i.e., establishment of medical parks in India, the government is scrutinizing the requests received from 16 Indian states to set up these parks,” Dr. Reddy said.
Adding further Reddy said that pharma industry in India is having a wide scale manufacturing base and the 5% incentive was based on the technical committee recommendation.
The technical committee consists of industry manufacturers and leaders. Bulk drug parks will receive incentives up to INR 1000 Cr and in the coming days, the government will support the med parks better.
Referring to incentives provided by the Telangana government to giving a push to the medical devices sector, Jayesh Ranjan, Principal Secretary, Industries and Information Technology, government of Telangana said that the state government has realized the value and Importance of medical devices sector long back and accordingly have set up a Medpark in Hyderabad in 2017.
“Apart from vaccines, Biotech, R&D, bulk drugs, etc we also realized the need for medical devices sector and set up an exclusive medical devices park over an extent of 250 acres in Sultanpur where in 40 companies have already applied for setting up their facilities and investing over Rs. 1200 crores.
We are providing all required necessary infrastructure and even providing incentives as per the government polices to encourage innovators,” said Jayesh Ranjan.
Sharavan Subramanyam, another expert from medical devices sector expressed concern that 5 per cent incentive under PLI will not suffice and it needs to be enhanced to encourage other investor in to the medical devices sector.
Madan Krishnan, representing Medtronic said their company is going by the principle of core competency that India can offer right now. And clearly R&D in India is world class.
“Currently the Indian Medical devices market is 16% of global market. Manufacturing in India with smaller incentive window will be tough, we are working with global companies to interest them in India and this would be more catalyzed if the government opens its incentive window further,” observed Madan.
Also read:
For more details on licensing process of Medical devices, click here
For notifications of Medical Devices, click here
The Health Master is now on Telegram. For latest update on health and Pharmaceuticals, subscribe to The Health Master on Telegram..
Go to main website, click here
Follow and connect with us on Facebook and Linkedin
Subscribe for daily free updates, click here
For daily free updates on WhatsApp, click here
