Cabinet approves National Medical Devices Policy, 2023 to increase global market share to 50 billion by 2030
- The Union Cabinet has approved the National Medical Devices Policy, 2023, to facilitate growth in the medical device sector and thereby meet the public health objectives of access, affordability, quality and innovation.
- Cabinet has also initiated implementation of Production Linked Incentive (PLI) Scheme for Medical Devices.
- Under the PLI scheme, a total of 26 projects have been approved with a committed investment of Rs 1,206 crore. Out of this, an investment of Rs 714 crore has already been achieved.
- Besides, the government has also proposed to set up 4 Medical devices Parks in the States of Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.
- With this new policy, the government aims to achieve 10-12 percent share in the growing global market over the next 25 years. Currently India’s share in the global medical devices market is just around 1.5 percent.
- The National Medical Devices Policy, 2023 is expected to help the market size of medical devices sector to grow from $11 billion (Rs 90,000 crore) in 2020, to $50 billion (Rs 4.5 trillion) by 2030.
- Among other things, the policy aims at establishing “centres of excellence” in academic and research institutions, innovation hubs, “plug and play” infrastructure and support to start-ups.
- The policy also envisages the creation of a dedicated Export Promotion Council for the sector.
- Union Minister for Health & Family Welfare Mansukh Mandaviya.
Source: Business Standard