India Unveils ₹3,420 Crore Plan to Boost Domestic Medical Device Industry
The Indian government has unveiled a ₹ 3,420 crore incentive package over five years to bolster the domestic medical device industry. This move aims to reduce dependence on imports and transform India into a global healthcare manufacturing hub.
Currently, over 75% of medical device sales in India are imported, despite the industry's potential to reach US$ 50 billion by 2025. The Central Government's announcement addresses this imbalance by providing financial support to stimulate growth.
To ease business in the MedTech sector, a single window comprising different nodal ministries is proposed. This will streamline processes and reduce bureaucratic hurdles. Additionally, the Confederation of Indian Industry (CII) has suggested zero rating GST on healthcare services, a National Medical Device Policy, and promoting indigenous manufacturing to minimize import dependence.
Quality, access to capital, and convergence of inter-related sectors are identified as critical factors for India's transformation. Setting up world-class Medical Technology Zones and standardizing the quality of manufactured healthcare products are key strategies to achieve this goal.
The COVID-19 pandemic has accelerated digital transformation in healthcare, with technologies like AI, ML, and VR playing significant roles. However, it has also highlighted vulnerabilities in India's medical manufacturing supply chain and the shortcomings of overdependence on imports. The government's incentives aim to address these issues and strengthen India's healthcare infrastructure.
The Central Government's ₹ 3,420 crore incentive package, along with proposed policies and strategies, seeks to transform India into a global healthcare manufacturing hub. By reducing import dependence, improving quality, and embracing digital technologies, India aims to provide effective and accessible healthcare solutions.
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