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India Launches Scheme for Promotion of Medical Device Parks
Published on: November 12th, 2021
In a bold move that would make India ‘Aatmanirbhar’ (“self-reliant India”), the Government of India has taken a key initiative to help develop “Medical Device Parks.” The government hopes to support the medical devices industry to reach its potential in the coming years, identifying the industry is as a sunrise sector with great potential for diversification and employment generation. The scheme for “Promotion of Medical Device Parks” is a key initiative to support the medical devices industry with with a financial outlay of Rs. 400 crore (~US$51 million). The Scheme aims to significantly reduce manufacturing cost, optimize resources, build on economies of scale, and provide easy access to standard testing and infrastructure facilities Himachal Pradesh, Tamil Nadu, Madhya Pradesh and Uttar Pradesh given “in-principle” approval to set-up Medical Device Parks under the scheme
Recognizing the need for higher levels of investments for the creation of proper infrastructure in the sector, the Department of Pharmaceuticals has notified the Scheme for “Promotion of Medical Device Parks.” This follows other moves by the government to boost domestic production like when they encouraged Indian public hospitals to purchase domestically produced products.
The original press release can be found here.
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