New Delhi, April 26 (). The Union Cabinet chaired by Prime Minister Narendra Modi has approved the National Medical Device Policy, 2023 on Wednesday. The medical devices sector in India is an essential and integral part of the Indian healthcare sector.
The contribution of the Indian medical device sector has become even more significant, as India has exported ventilators, rapid antigen test kits, real-time reverse transcription polymerase chain reaction (RT-PCR) kits, infrared (IR) thermometers, personal protective equipment (PPE) ) kits and has supported the domestic and global fight against the COVID-19 pandemic through mass production of medical equipment and diagnostic kits such as N-95 masks.
According to the Central Government, the medical devices sector in India is an emerging sector which is growing at a rapid pace. The market size of the medical device sector in India is estimated to be US$ 11 billion (around Rs 90,000 crore) in 2020 and is expected to account for 1.5 per cent of the global medical device market. Government of India has already initiated the implementation of PLI scheme for medical devices and support for setting up of 4 Medical Device Parks in the States of Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.
A total of 26 projects have been approved so far under the PLI scheme for medical devices with an investment of Rs 1206 crore. Out of this, an investment of Rs 714 crore has been secured so far.
Under the PLI scheme, a total of 14 projects producing 37 products have been commissioned and domestic manufacturing of state-of-the-art medical equipment has commenced, including Linear Accelerator, MRI Scan, CT-Scan, Mammogram, C-Arm, MRI Coil , state-of-the-art X-ray tubes etc. The rollout of the remaining 12 products will be taken up in the near future. Five projects under Category B have been recently approved for domestic manufacturing of 87 products out of a total of 26 projects.
Listing out the salient features of the National Medical Devices Policy, 2023, the Union Government said that its vision is to accelerate growth path with patient-centric approach and drive medical devices manufacturing and innovation by achieving 10-12 per cent share in the growing global market in the next 25 years. To emerge as a global leader in The policy is expected to help the medical devices sector grow from the current USD 11 billion to USD 50 billion by 2030.
GCB/SGK
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