India is the fourth largest market of medical devices across Asia, its market size of the medical devices industry is estimated to be $5.2 billion. However, the domestic production against the same to meet the requirement is comparatively less creating requirements to import. With an aim to reduce overall dependence on China’s products and to strengthen the pharma sector of the country’s economy, the government of India released guidelines to set up four medical device parks and three bulk drug parks in India as a part of conceptualizing the motion of ‘Atmanirbhar Bharat’. The development of these parks will help subsidize India’s dependency on imports and make the country emerge as a major pharma exporter across the globe.
The medical device parks are to be set up in a way that benefits economies of scale and will be available to the medical device producers in terms of common infrastructure and logistics facilities to produce world-class devices at affordable prices for treatment.
As per the sources, the government has approved setting up of these parks in four states namely Andhra Pradesh, Telangana, Tamil Nadu, and Kerala adding that Uttarakhand and Gujarat have also approached the Centre for a go-ahead of these parks.
Under the umbrella scheme of Assistance to Medical Device Industry for Common Facility Centre, financial assistance of ₹25 Crores or 70% of the project cost, whichever is less may be provided for the creation of common facilities under Medical Device Parks.
The scheme envisages providing common testing and laboratory facilities which will help reduce manufacturing costs and supply complex medical machinery affordable.