The Union Minister of Chemicals & Fertilizers and Health & Family Welfare has launched a scheme aimed at strengthening India’s medical device industry. The scheme, with a total outlay of Rs 500 crore, targets critical areas such as manufacturing, skill development, and clinical studies. A press release on the launch was issued on November 8, 2024.
Key Components of the Scheme
- Common Facilities for Medical Devices Clusters: This sub-scheme will provide financial assistance to create shared infrastructure like R&D labs, testing centers, and animal labs within medical device clusters.
- Marginal Investment Scheme: This scheme will offer financial support to manufacturers of key components and raw materials, reducing India’s dependence on imports.
- Capacity Building and Skill Development: This sub-scheme will fund training programs and courses to develop a skilled workforce for the medical device industry.
- Medical Device Clinical Studies Support Scheme: This scheme will provide financial support for conducting clinical studies on medical devices, accelerating their development and market entry.
- Medical Device Promotion Scheme: This scheme will support industry associations and export councils in promoting Indian medical devices in global markets.
The Future of India’s Medical Device Industry
Indian companies are increasingly developing innovative and cost-effective medical devices that can compete with international brands. The new scheme is expected to further accelerate the growth of the industry and position India as a global leader in medical device manufacturing.
