In Short:
The Union Budget may introduce a new scheme to promote domestic manufacturing of medical devices to achieve self-reliance and reduce healthcare costs. The details and financial support for the scheme are still being worked on. This initiative aligns with the goal of making India a global manufacturing hub for medical devices. Currently, most medical devices in India are imports.
Union Budget to Introduce New Scheme for Domestic Medical Device Manufacturing
Hey there, folks! Exciting news coming your way from New Delhi! The Union budget is gearing up to introduce a new scheme to boost domestic manufacture of medical devices, similar to the existing scheme for drugmakers. This initiative aims to promote self-reliance in medical gear production, with the goal of reducing healthcare expenses for all.
Exploring Financial Support
While the exact financial support details are still under wraps, the government has been actively discussing the inclusion of this scheme in the upcoming budget. Minister J.P. Nadda is pushing for upgrading domestic manufacturing of drugs and medical devices to meet global standards within the next three years. The focus is on enhancing the meditech sector, seen as the future of India.
Queries sent to spokespersons of the department of pharmaceuticals and finance ministry have gone unanswered as of now.
A Fresh Proposal for Meditech Sector
The proposed scheme is aimed at boosting the local production of medical devices. Most devices manufactured in India are disposables like catheters, syringes, and implants such as cardiac stents. India’s medical equipment market was valued at $11 billion in 2022 and is estimated to grow to $50 billion by 2030, with a significant compound annual growth rate (CAGR).
The new scheme, which may model the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme (RPTUAS), is expected to enhance the sector’s technological capabilities and global regulatory approvals. This move aligns with India’s vision to become a global manufacturing hub for medical devices.
Industry Growth and Challenges
The medical device industry is capital-intensive, with long development cycles and a constant need for new technologies. Despite recent strides in domestic production, India heavily relies on imports for high-value devices. Currently, 86% of India’s medical devices are imported, reflecting a critical need for local manufacturing growth.
Minister Nadda emphasized the importance of quality standards and upgradation in the sector during a recent meeting, signaling the government’s commitment to boosting India’s medical device industry.
Exciting times lie ahead as India steps up its game in the medical device manufacturing sector. Stay tuned for more updates!
