The Department of Pharmaceuticals will shortly circulate a draft note of the proposed new Medical Device Policy 2022 for cabinet approval that will seek to turn India into a global manufacturing hub for medical devices.
All stakeholder consultations have been completed and the government think tank NITI Aayog has asked the department to prepare a mechanism to attract venture capital funding and drive local production of medical devices.
The aim is to make medical devices one of the champion sectors and boost India’s 10-12% share of the global medical devices industry.
The draft note envisages that by 2047, India will be among the top five global manufacturing hubs in terms of value and technology for medical devices, and it will emerge as a champion in critical components, cancer diagnostics, medical imaging and ultrasonic scans among others. India now ranks among the world’s top 20 global medical devices market, and is the 4th largest medical devices market in Asia after Japan, China, and South Korea.
“We have received remarks from all the stakeholders and departments. They have accepted and supported the policy also. So, we have got a very good response from all the people,” said an official aware of the matter requesting anonymity. “In fact, NITI Aayog has told the Department of Pharmaceuticals to raise the capacity of domestic manufacturing by exploring venture capital and private equity,” the official said. LiveMint