Union Chemical and Fertilizers Minister JP Nadda on Friday launched a Rupees 500 crore scheme for strengthening India’s medical devices industry. As communicated by government the initial outlays of Rupees 500 crore will be for three years, up to financial year 2026-27.
The key focus of this scheme is on manufacturing key components and accessories, skill development, support for clinical studies, development of common infrastructure, and industry promotion.
The scheme consists of five components, which includes common facilities for device clusters , capacity building and skill development, a marginal investment for reduction on import dependence, clinical studies support, and medical device promotion scheme.
Under the scheme, Rupees 110 crore has been allotted to strengthen infrastructure through creation of common facilities such as R&D labs, design and testing centers and animal labs.
According to chemicals and fertilizers ministry “Grants of up to Rupees 20 crore for common facilities and Rupees 5 crore for testing facilities will be provided”.
For marginal investment scheme Rupees 180 crore has been allocated, to deepen value chain of producing key raw materials.
Government to provide a support scheme worth Rupees 100 crore for the clinical studies of medical devices, enabling developers and manufacturers to apply for financial assistance.
JP Nadda’s Statement On The Scheme
Nadda described the scheme as game changer and mentioned that, it will not only benefit industry but also represent a significant step in making India self-reliant.
“The government is committed to strengthening the medical devices industry through focused interventions that yield substantial and transformational outcomes,” he added.
With market size of 14 billion dollar, , Indian medical devices sector is the fourth largest in Asia. It also ranks among the top 20 global medical device market.
MD Of Poly Medicure On The Scheme
Himanshu Baid, managing director of Poly Medicure, said that, these measures will accelerate sectoral growth and reduce import dependency and enhance India’s position as leading exporter of medical devices.
He stated that, “this will not only benefit the industry but also strengthen country’s healthcare infrastructure”.
