With a Rs 500 crore budget, Union Health and Family Welfare Minister JP Nadda unveiled the “Strengthening the Medical Device Industry” initiative on November 8, 2024. By strengthening domestic manufacturing skills, decreasing reliance on imports, and increasing the nation’s self-sufficiency in this crucial industry, the effort seeks to address major issues facing India’s medical device sector. The plan, which Nadda called a possible “game changer,” is in line with the government’s “Viksit Bharat” vision, which aims to make India a global leader in medical equipment while pursuing the objective of an independent India by 2047.
The scheme’s main goal is to support several important facets of the medical device industry. These include producing necessary parts and accessories, encouraging the development of skills, assisting with clinical research, building a common infrastructure, and advancing the sector both nationally and internationally. Nadda emphasized the necessity of reducing imports, pointing out that recent policy changes have made India an exporter in a number of areas. He emphasized that the program is a component of the government’s larger effort to improve India’s industrial environment.
Speaking to the crowd, Union Minister of State Anupriya Patel said the program will help the medical equipment industry, which is a vital component of the healthcare system. Patel underlined that the government is creating policies and initiatives to help and encourage the medical device industry in light of the rising demand for these devices.
Each of the five sub-schemes that make up the scheme focuses on a different area of development. In order to create shared infrastructure for medical device makers and facilitate economies of scale, Rs 110 crore has been allotted to the first sub-scheme, Common Facilities for Medical Devices Clusters. With a budget of Rs 180 crore, the second sub-scheme, the Marginal Investment Scheme for Reducing Import Dependence, seeks to encourage investments that will lessen India’s dependency on imported medical equipment. With Rs 100 crore set aside for enhancing the competencies of employees in the medical device industry and assisting with clinical research, the third sub-scheme is centered on capacity building and skill development. Lastly, there is the Medical Device Promotion Scheme, which aims to market Indian medical products both locally and internationally and has a budget of Rs 10 crore.
All things considered, the “Strengthening the Medical Device Industry” plan is an all-encompassing attempt to position India as a leader in the medical device industry through enhancing production, cutting imports, and encouraging innovation and self-sufficiency.
SOURCE :
ANI NEWS
