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New scheme to strengthen India’s medical device industry to launch soon
Industry News- Aug 26,24
Additionally, the Union Cabinet's approval of the National Medical Devices Policy last April is expected to further drive growth in the sector.
The Department of Pharmaceuticals will soon unveil a new scheme aimed at bolstering India’s domestic medical device industry, with a rollout expected within the next month, announced Arunish Chawla, Secretary of the Department of Pharmaceuticals. The scheme has been developed following extensive consultations with industry stakeholders.
“This scheme is set to launch within the next month. We have ensured it addresses the industry's needs through stakeholder feedback and alignment with their requirements,” Chawla stated during an event.
He also confirmed that the scheme has received in-principle approval from the Finance Ministry. The initiative aims to reduce India’s reliance on imported medical devices and foster long-term self-reliance within the domestic industry.
At the second Meditech Stackathon, Chawla highlighted the success of the existing Production Linked Incentive (PLI) scheme, which has led to the commencement of 20 major greenfield projects. These projects include the manufacturing of advanced medical devices such as CT scanners, MRIs, ultrasound machines, and dialysis equipment.
Additionally, the Union Cabinet's approval of the National Medical Devices Policy last April is expected to further drive growth in the sector. The policy aims to increase domestic production and decrease imports, with a goal of expanding the medical devices sector to USD 50 billion within the next five years.
(ET)
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