New Scheme to Bolster Domestic Medical Device Industry Unveiled

A new initiative to strengthen India's domestic medical device industry is set to launch within a month. The scheme, developed after consultations with the industry, aims to reduce import dependence and make the sector self-reliant. The policy is expected to boost the medical device market to USD 50 billion in five years.

A new initiative to bolster India's domestic medical device industry is expected to roll out within the next month, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals.

Chawla made the announcement during an industry event, highlighting that the scheme was developed following detailed consultations with stakeholders to ensure it meets the needs of the industry. The initiative aims to reduce the nation's dependence on imported medical devices.

Chawla also noted that the Finance Ministry has given in-principle approval for the scheme, which is designed to promote self-reliance over the long term. The existing Production Linked Incentive (PLI) scheme has already seen 20 high-tech medical device projects commence operations, paving the way for further growth anticipated under the National Medical Devices Policy, which aims to expand the market to USD 50 billion within five years.

(With inputs from agencies.)