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It is a comprehensive scheme which targets critical areas of the medical device industry and is expected to make India self-reliant in the sector
- India’s medical device market is valued at approximately $14 billion and is expected to grow to $30 billion by 2030.
Features of the Scheme
- Total Outlay: 500 crore
- Components: It consists of five sub-schemes namely:
- Common Facilities for Medical Devices Clusters: aims to enhance infrastructure by creating shared facilities, including R&D labs, design and testing centers, and animal labs etc.
- Marginal Investment Scheme for Reducing Import Dependence: aims at localized production of key components, raw materials etc.
- Capacity Building and Skill Development for Medical Devices: offers financial support for running various courses to develop skilled technical workforce.
- Medical Device Clinical Studies Support Scheme: provide financial aid for animal studies, human trials, and clinical performance evaluations.
- Medical Device Promotion Scheme: supports industry associations and export councils for organizing conferences, conducting studies and surveys.
- Challenges faced by the Medical device Industry: lack of infrastructures like R&D labs, design and testing center; high import dependence for high-end devices, low capital investment, inverted duty structure
India’s Initiatives for Promotion of Medical Devices Manufacturing
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