Centre launches new scheme to bolster medical device sector

The Centre has announced a new initiative, dubbed the “Assistance to Medical Device Clusters for Common Facilities” scheme, aimed at fortifying the medical device sector.

The scheme plans the establishment of additional quality testing labs, the development of shared infrastructure facilities, and the provision of financial aid to manufacturers, underpinning the Centre’s commitment to bolstering this critical industry.

Guidelines for the scheme were issued by the Department of Pharmaceutical against the backdrop of the recently launched National Medical Devices Policy. The department has outlined a need for improved regulatory compliance and a boost in the availability of skilled personnel. The plan is set to roll out in the next fiscal year, running from 2023-24 through to 2026-27, further underlining the Centre’s commitment to this critical industry.

It is important to note that the Indian medical device industry is currently the 4th largest Asian medical devices market after Japan, China and South Korea. It is estimated at $11 billion and has the potential to reach $50 billion by 2030.

The union health minister Mansukh Mandaviya will launch the new scheme during the eighth edition of international conference on ‘India Pharma & India Medical Device 2023’ to held from 26-27 May. LiveMint