New Delhi: In a move set to bolster India’s medical device industry, Union Minister for Chemicals and Fertilizers, Shri Jagat Prakash Nadda, today launched the “Scheme for Strengthening the Medical Device Industry.” The comprehensive scheme, boasting an outlay of Rs. 500 crore, aims to address critical areas of the sector, including manufacturing, skill development, clinical studies, infrastructure, and industry promotion, a PIB press release stated.
Speaking at the launch, Nadda emphasized the scheme’s potential to be a “game-changer,” stating that it would significantly benefit the industry and contribute to India’s self-reliance. He highlighted the government’s commitment to supporting the initiative and urged industry stakeholders to utilize the scheme effectively. He also said, “these interventions may look small but the outcomes are big.”
The scheme comprises five sub-schemes, each targeting a specific aspect of the industry’s needs. These include:
Common Facilities for Medical Devices Clusters: This sub-scheme will provide financial assistance to establish shared infrastructure, such as R&D labs and testing centers, within medical device clusters.
Marginal Investment Scheme for Reducing Import Dependence: This scheme aims to incentivize domestic manufacturing of key components and reduce reliance on imports. It will offer capital subsidies ranging from 10% to 20%, capped at Rs. 10 crore per project.
Capacity Building and Skill Development for Medical Devices: This sub-scheme focuses on developing a skilled workforce by providing financial support for Masters’ and short-term courses in medical device design and development.
Medical Device Clinical Studies Support Scheme: This initiative aims to assist companies in conducting clinical studies, offering financial support for animal studies and human trials, up to Rs. 2.5 crore and Rs. 5 crore, respectively.
Medical Device Promotion Scheme: This sub-scheme will provide funding for industry associations and export councils to organize promotional activities, conduct surveys, and support studies.
The “Scheme for Strengthening the Medical Device Industry” is expected to significantly contribute to the growth of India’s medical device market, valued at approximately Rs. 14 billion today and projected to reach Rs. 30 billion by 2030. By addressing key challenges, such as infrastructure gaps and import dependence, the scheme aims to foster innovation and self-reliance within the sector.
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