Last Updated on November 12, 2024 by The Health Master
Medical Device
In a significant move to bolster India’s medical device industry, the Union Ministry of Chemicals and Fertilizers has unveiled a new scheme worth Rs 500 crore.
This initiative, spanning three years from 2024-25 to 2026-27, aims to propel the sector’s growth and reduce reliance on imports.
A Comprehensive Approach
The scheme is a holistic endeavor that addresses multiple facets of the medical device industry.
Key areas of focus include:
- Manufacturing of Critical Components and Accessories: Encouraging domestic production of essential medical device components.
- Skill Development: Upgrading the skills of the workforce to meet industry standards.
- Clinical Studies Support: Facilitating the conduct of clinical trials to validate the efficacy of medical devices.
- Common Infrastructure Development: Creating shared facilities to foster innovation and collaboration.
- Industry Promotion: Undertaking promotional activities to enhance the visibility of Indian medical devices globally.
Govt’s Commitment to Self-Reliance
Union Minister for Chemicals and Fertilizers, J P Nadda, emphasized the government’s dedication to strengthening the medical device sector.
He described the new scheme as a “game-changer” that will drive significant transformation.
Nadda highlighted the vision of making India a global leader in the medical device industry.
By reducing import dependency and fostering self-reliance, the government aims to contribute to the realization of the “Viksit Bharat@2047” goal.
Key Components of the Scheme
The scheme is divided into five sub-schemes:
- Common Facilities for Medical Devices Clusters: Allocating Rs 110 crore to establish shared infrastructure for medical device manufacturers.
- Marginal Investment Scheme: Investing Rs 180 crore to incentivize domestic manufacturing and reduce import dependence.
- Capacity Building and Skill Development: Dedicating Rs 100 crore to enhance the skills of medical device professionals.
- Medical Device Clinical Studies Support Scheme: Providing Rs 100 crore to support clinical trials and regulatory approvals.
- Medical Device Promotion Scheme: Allocating Rs 10 crore to promote Indian medical devices in domestic and international markets.
A Thriving Medical Device Ecosystem
India’s medical device market is poised for exponential growth, with an estimated value of $11 billion and projected to reach $50 billion by 2025.
The sector has been witnessing a robust CAGR of 15% over the past three years.
The country boasts a vibrant ecosystem of 750-800 domestic medical device manufacturers, who contribute significantly to the domestic market.
Additionally, over 250 startups are actively engaged in innovative solutions for addressing critical healthcare challenges.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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