(MENAFN- KNN India)
New Delhi, Nov 9 (KNN)
In a significant move to bolster India's medical device sector, Union Minister Jagat Prakash Nadda unveiled a new comprehensive scheme aimed at strengthening the nation's medical device industry.
The launch ceremony was attended by Anupriya Patel, Union Minister of State for Chemicals and Fertilisers and health & Family Welfare, along with Secretary Arunish Chawla and industry representatives.
The initiative targets critical areas including component manufacturing, skill development, clinical study support, infrastructure development, and industry promotion.
Speaking at the launch, Minister Nadda emphasised the scheme's potential as a 'gamechanger' in advancing India's self-reliance in medical device manufacturing, highlighting it as another step forward in Prime Minister Narendra Modi's action-oriented governance approach.
Minister of State Anupriya Patel underscored the growing significance of medical devices in healthcare delivery, noting the sector's rising demand and the government's commitment to supporting its growth through targeted policies.
The Indian medical device market, currently valued at USD 14 billion, is projected to reach USD 30 billion by 2030.
The scheme comprises five key components, addressing various industry challenges.
The first provides grants up to Rs 20 crore for common facilities and Rs 5 crore for testing facilities in medical device clusters. A second component offers capital subsidies of 10-20 per cent (capped at Rs 10 crore per project) to strengthen domestic supply chains and reduce import dependence.
To develop skilled technical workforce, the third component supports various educational initiatives, including Masters' programs and short-term courses.
The fourth, groundbreaking element provides financial assistance up to Rs 5 crore for clinical studies, benefiting both established companies and startups in product validation and international market access.
The final component focuses on industry promotion through support for conferences, events, surveys, and studies.
With these comprehensive measures, the government aims to create an environment conducive to developing high-quality medical devices domestically, positioning Indian manufacturers to compete effectively in the global market while delivering innovative, cost-effective healthcare solutions.
(KNN Bureau)
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