Schedule a Call Back
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)
Related Stories
Electrical & Electronics
France’s Exxelia acquires 70% stake in Indian magnetic component maker SVM
With this with strategic investment in SVM, Exxelia expands footprint in India and enhances its magnetics offering for medical and adds busbars to its power electronics passive components portfolio.
Read moreAutomation & Robotics
Bridgestone to invest $85 million for premium car tyre production in India
Recent trends in the market have produced an outlook of stable economic development and growth in the number of automotives both owned and produced.
Read moreAutomation & Robotics
AspenTech launches Microgrid Management System to meet net-zero goals
The capabilities delivered by AspenTech MMS are critical to high-energy consumers today as the power grid is at a critical juncture with increasing energy demand, aging and at-capacity grid infrastr..
Read moreRelated Products
Programmable Controllers - Pcd-33a Series
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Pro-Med Instruments (P) Ltd offers a wide range of programmable controllers - PCD-33A Series.
Gasket Graphite Powder
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Arihant Packing & Gasket Company offers a wide range of gasket graphite powder.
Asahi Kasei expands 3D printing filament sales in North America
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Asahi Kasei, a leading resin and compounding technology provider, has initiated the sales of 3D printing (3DP) filaments in North America through Asahi Kasei Plastics North America (APNA). The soft la Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
