The Union Cabinet approved the National Medical Devices Policy on April 26, 2023, in line with the ‘Atmanirbhar Bharat’ campaign and the ‘Make in India’ programme.
The country’s medical devices sector is thriving and the role it played during the pandemic has augmented its importance. The policy provides a framework to facilitate the sector’s growth and, in this regard, six strategies have been devised – Regulatory streamlining, advancement of infrastructure, promotion of research and development as well as innovation, encouraging investments in the sector, human resources development and the setting up of an Export Promotion Council. With the help of this policy, the market size of the medical devices sector is expected to grow from USD 11 Billion to USD 50 Billion by 2030 and the sector’s share in the global market is also estimated to increase from 1.5% to 10-12% in the next 25 years.
In the past, the Government has taken several steps to promote the growth of the medical devices sector. Its Production Linked Incentive (PLI) Scheme facilitates the manufacturing of medical devices in India by providing incentives for the same and accordingly, the production of high-end products such as MRI scans, high-end X-ray tubes, etc. has begun in the country. Additionally, support has been provided by the Government for setting up four medical device parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.