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Medical device sector applauds Centre's Rs 5 billion boost
Industry News- Nov 11,24
The medical device market in India, valued at around $14 billion, is anticipated to grow to $30 billion by 2030, underscoring its importance in healthcare, from diagnostic tools to surgical devices.
Union Minister for Chemicals and Fertilizers, J.P. Nadda, acknowledged challenges in India's medical device sector, including infrastructure gaps, while launching the new Central Scheme for Strengthening the Medical Device Industry. This government initiative, with an outlay of Rs 5 billion, aims to enhance the sector's capacity and reduce import reliance.
The scheme targets key areas such as manufacturing core components, skill development, clinical study support, common infrastructure, and industry promotion. The medical device market in India, valued at around $14 billion, is anticipated to grow to $30 billion by 2030, underscoring its importance in healthcare, from diagnostic tools to surgical devices.
Himanshu Baid, Managing Director, Poly Medicure, hailed the scheme as transformative, promoting growth and export potential. He emphasised that shared facilities within medical device clusters would drive collaboration, innovation, and cost efficiency. Capacity-building initiatives and clinical study support would also bolster product quality and international competitiveness, he noted.
Anish Bafna, CEO and MD, Healthium Medtech, highlighted the scheme's focus on reducing import dependence. The Rs 1.8 billion allocated to the marginal investment scheme is expected to fortify the local supply chain, while Rs 1 billion for clinical study support will aid in regulatory compliance and market expansion, ultimately boosting self-reliance and innovation.
The scheme encompasses five sub-schemes, including Common Facilities for Medical Device Clusters, which will provide shared resources like design and testing centres. These facilities, alongside capacity-building programs, are anticipated to reduce dependence on imported materials. Financial support of up to 20%, capped at Rs 100 million per project, will be offered for infrastructure development in device clusters.
Furthermore, the government will support educational initiatives, providing up to Rs 210 million for master’s programs in central institutions and stipends for vocational training to cultivate a skilled workforce. Industry experts view these measures as instrumental in accelerating sector growth, enhancing India's position as a leading medical device exporter, and strengthening national healthcare infrastructure.
(The Hindu)
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