Cabinet nod for medical devices policy to help sector grow to USD 50 billion
“The policy is expected to help the medical devices sector grow from present $11 Bn to $50 Bn by 2030,” said Union Health Minister Mansukh Mandaviya.
NEW DELHI: The Union Cabinet on Wednesday approved National Medical Devices Policy 2023 to promote domestic manufacturing and help the sunrise sector grow from the present USD 11 billion to USD 50 billion by 2030 and reduce import dependence.
Briefing media after the Union Cabinet meeting, which was chaired by Prime Minister Narendra Modi, Union Health Minister Mansukh Mandaviya said there has been a rising demand for medical devices in India, and so, there is a need to promote domestic manufacturing.
He said the vision is to accelerate growth with a patient-centric approach and to emerge as the global leader in the manufacturing and innovation of medical devices by achieving a 10-12% share in the expanding global market over the next 25 years.
“The policy is expected to help the medical devices sector grow from present $11 Bn to $50 Bn by 2030,” he added.
The minister also said that in the globalised world there would also be imported, but the aim of the Policy is to meet the maximum requirements from locally manufactured products.
The policy focuses on six strategies to tap the potential of the sector with the ‘implementation of action plan’.
The six strategies planned under the policy are Regulatory Streamlining; Enabling Infrastructure; Facilitating R&D and Innovation; Attracting Investments in the Sector; Human Resources Development; and Brand Positioning and Awareness Creation.
According to a statement issued by the union health ministry, the Indian medical devices sector’s contribution has become even more prominent as India supported the domestic and global battle against the Covid-19 pandemic through the large-scale production of medical devices and diagnostic kits like ventilators, rapid antigen test kits, RT-PCR kits, PPE Kits and N-95 masks.
The policy is expected to provide the required support and directions to strengthen the medical devices industry into a competitive, self-reliant, resilient and innovative industry that caters to the healthcare needs of India and the world.
It also aims to place the medical devices sector on an accelerated path of growth with a patient-centric approach to meet the evolving healthcare needs of patients.
Last year, the government had floated an approach paper on the draft national medical devices policy 2022 for consultation.
The market size of the medical devices sector in India is estimated to be USD 11 billion (about Rs 90,000 crore) in 2020 and its share in the global medical device market is projected to be 1.5 per cent.
The government is implementing a production-linked incentive (PLI) scheme for medical devices and extended support for setting up four medical device parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh, Mandaviya said.
Under the PLI scheme for medical devices, till now, a total of 26 projects have been approved, with a committed investment of Rs 1,206 crore and out of this, so far, an investment of Rs 714 crore has been achieved, the release said.
Under the scheme, a total of 14 projects producing 37 products have been commissioned.