Last Updated on December 31, 2023 by The Health Master
GREATER NOIDA: The Centre on Friday granted in-principle approval to the medical device park off the Yamuna Expressway.
The ministry of chemicals and fertilisers asked the UP chief secretary and the additional chief secretary of the industries department to start work on the project and compile a report before December 23.
The medical device park, which is being planned over 350 acres, is expected to attract investments worth Rs 15,000 crore in the long run. In the first phase itself, officials are hoping to get Rs 5,200 crore of investments.
Medical Device Park
The Yamuna Expressway Industrial Development Authority (YEIDA), which will execute the project, had submitted its vision plan for the park with the Centre. In the proposal, YEIDA had highlighted the need for such a park, pointing out that UP had 46 medical colleges and 130 educational institutes that offered courses related to pharmaceuticals, bio-technology and medical studies.
It had also said that NCR needed such a medical device park to supply equipment to neighbouring states. According to a rough estimate, more than 70% of medical devices, surgical supplies and equipment are imported from abroad.
A total of 16 states and Union territories had shown interest in setting up the medical device park. Among them, the proposals of UP, Himachal Pradesh, Madhya Pradesh and Tamil Nadu were accepted and parks were approved in the four states.
YEIDA has now approached Kalam Institute of Health Technology to prepare the detailed project report. “A common facility centre and allied infrastructure would be provided to all the entrepreneurs. The operational cost would be rationalised too.
Subsidy will also be offered by the state government to those setting up units,” said Arun Vir Singh, the YEIDA CEO.
YEIDA has already decided to develop the first phase of the project over 90 acres in Sector 28. It will also demarcate 89 plots that will be offered in the first phase. Officials said the park had to be made operational by March 2025 to claim the benefits and financial assistance being offered by the department of pharmaceuticals.
YEIDA is working with IIT Kanpur and Noida International University for technology transfer programmes and improving the facilities that would be offered in the park. The Authority is expected to rake in Rs 1,000 crore of financial assistance from the central government once the park is operational.
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