Despite government assistance, India’s medical device manufacturing sector faces several challenges, particularly lack of infrastructure, Union Minister for Chemicals and Fertilizers JP Nadda admitted while recently launching the Central Scheme for Strengthening the Medical Devices Industry.
The move was welcomed by the industry with the government allocating a total cost of ₹500 crore. “The comprehensive scheme targets critical areas of the medical device industry that include manufacturing of key components and accessories, skill development, support for clinical studies, public infrastructure development, and industry promotion,” the Ministry said.
Calling it a game changer that will not only help the industry but will also help India become self-reliant, the Center noted that the medical device industry is an important pillar of healthcare delivery. From diagnostic machines to surgical instruments, and from stents to prosthetics, medical devices are essential to the prevention, diagnosis, and treatment of disease. India’s medical device market is worth about $14 billion and is expected to grow to $30 billion by 2030, according to the Ministry.
Good luck. Himanshu Baid, managing director, Poly Medicure said the new scheme for medical devices marks an important milestone for India’s MedTech sector, boosting growth and export potential.
“Key initiatives such as the identification of common facilities for medical device clusters will encourage collaboration, innovation, and cost efficiency. Capacity building and skills development programs are essential to address the talent gap, ensure high manufacturing standards and clinical expertise,” he said.
He added that the medical device clinical study support scheme will boost the development of high-quality, globally competitive products, increase India’s presence in the international market, while the marginal investment scheme to reduce import dependence will stimulate domestic manufacturing, improve self-reliance, and reduce import costs.
Industry experts note that these measures will accelerate sectoral growth, reduce import dependency, and improve India’s position as an exporter of medical devices. A comprehensive approach is expected to benefit the industry and strengthen the country’s health infrastructure.
The new scheme consists of five sub-schemes including – Common Facility for Medical Devices Cluster, Marginal Investment Scheme to Reduce Import Dependency and Capacity Building and Skill Development for Medical Devices.
Anish Bafna, CEO and MD, Healthium Medtech, said, “The government’s new ₹500 crore scheme for the medical device industry marks a major step towards boosting domestic manufacturing and reducing import dependency. With ₹180 crore dedicated to the marginal investment scheme, there is a significant boost to developing a strong local supply chain, thereby reducing costs and accelerating innovation. In addition, ₹100 crore in clinical study support will help the company generate critical evidence for regulatory compliance. For the medical device industry, the initiative provides a strong foundation to drive innovation, promote self-sufficiency, and position India as a global leader in medical technology.
The Central Government through a sub-scheme for common facilities for medical device clusters, will provide financial assistance to medical device clusters to establish common infrastructure facilities including – design and testing centers, animal laboratories etc. for manufacturers located in the cluster. The additional scheme aims to reduce dependence on imported components.
“At present, most raw materials and key components are imported, making Indian manufacturers dependent on external supplies for the production of medical devices. This sub-scheme offers a one-time capital subsidy of 10-20%, with a maximum cap of ₹10 crore per project,” the release said. which is published by the Ministry.
Meanwhile, under another scheme, the Central government will provide financial support for running various Masters and short-term courses. Under the sub-scheme, it supports up to ₹21 crore for master’s courses in central government institutions; and ₹10,000 per candidate for short-term courses along with ₹25,000 per candidate for Diploma courses to National Council of Vocational Education and Training approved Institutions will be available.
Published – November 09, 2024 19:04 IST
