The Indian Government has taken steps for National Medical Devices Policy to implement the PLI Scheme for medical devices and establish 4 Medical Devices Parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh. At present, 26 projects worth Rs 1206 crore have been approved under the scheme, with an investment of Rs 714 crore realized.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
India Pavilion At Global Education & Training Exhibition Inaugurated At Dubai
In the next 25 years, we will achieve a 10–12% market share in the expanding worldwide market while pursuing an accelerated growth path with a patient-centric mindset. We will do this by being the world leader in the manufacture and innovation of medical devices. By 2030, the medical device industry is anticipated to rise from its current $11 billion in revenue to $50 billion.
The policy outlines a plan for the sector’s quick development in order to fulfil the following objectives: access and universality, affordability, quality, patient-centered care, preventive and promotion of health, security, research and innovation, and skilled labour.
A set of plans covering six major areas of governmental interventions will help and direct the medical device industry.
In order to improve the ease of conducting research and business and further to balance patient safety with product innovation, measures such as the development of a “Single Window Clearance System” for Licencing of Medical Devices, coopting all the stakeholder departments/organizations such as AERB, MeitY, DAHD, etc., enhancing the role of Indian Standards such as BIS and designing a coherent pricing regulation, will be followed.
The National Industrial Corridor Programme and the proposed National Logistics Policy 2021, both of which fall under the purview of Prime Minister Gati Shakti, both envision the establishment and strengthening of large medical device parks, clusters, and facilities equipped with top-notch common infrastructure in close proximity to economic zones with the necessary logistics connectivity.
The goal of the policy is to support the Department’s proposed National Policy on R&D and Innovation in the Pharma-MedTech Sector in India while promoting research and development in India. Additionally, it intends to create innovation centres, ‘plug and play’ infrastructures, centres of excellence at academic and research institutions, and support for start-ups.
In addition to current initiatives and programmes like Make in India, Ayushman Bharat, Heal-in-India, and the Start-up Mission, the policy promotes private investments, rounds of funding from venture capitalists, and public-private partnerships (PPP).
The policy calls for the establishment of an Export Promotion Council specifically for the sector inside the Department, which will make it possible to address a variety of market access issues:
Overall, the National Medical Devices Policy, 2023 is expected to strengthen the medical device industry into a competitive, self-reliant, resilient, and innovative industry that caters to global healthcare needs while meeting the evolving healthcare needs of patients in India.
Also Read: PM Modi to flag off India’s first Water Metro in Kochi
Every year on December 22, India celebrates National Mathematics Day. This date marks the birth…
In competitive exams like SSC, Defence, State Exams, and Railways, current affairs are crucial. This…
On Saturday, December 21, 2024, several explosive-laden drones, believed to be part of Ukraine's ongoing…
Uttar Pradesh, one of India's most populous states, is known for its rich cultural and…
The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, convened ministers from 28…
India participated in the 24th BIMSTEC Senior Officials Meeting (SOM), hosted virtually by Thailand on…