On March 21, 2020, the Union Cabinet chaired by PM Modi approved the Medical Device Park Scheme. The scheme is to be implemented for the next five years. The GoI has approved Rs 13,760 crores for the scheme. The amount is mainly to be used in medical devices and drugs production.
The scheme aims to boost the domestic manufacturing of medical devices in the country. It includes setting up of medical device parks in Tamil Nadu, Kerala, Telangana and Andhra Pradesh. Every park is to receive Rs 100 crores. The grants are to be provided to the state and the projects are to be implemented by respective state governments.
The parks will help to reduce imports and also increase standard of medical testing. Also, the scheme will help to reduce cost of production.
India is the fourth largest market for medical devices in Asia. However, the domestic medical devices industry in India is very small. India’s domestic medical devices stand at 2% of the global industry.