The medical devices sector was nothing short of thanking the government of India for the recently announced approved policy National Medical Devices Policy, 2023 by the Union Cabinet, chaired by the Prime Minister of India Narendra Modi. The policy is expected to help the medical devices sector to grow from present $11 billion to $50 billion in next five years. It is being touted by experts in the medical devices sector as a positive step where the industry is likely to become Atmanirbhar which will help to make affordable high quality and safe medical devices accessible to the world. This Policy will be in addition to the existing Production Linked Incentive (PLI) schemes that are underway.
Notably, till the recent 2023 Budget, the sector wasn’t all too pleased with the government’s position, as nothing substantial was announced for the sector. The sector had been seeking reforms since the past few years and ultimately it can now heave a sigh of relief.
Key focus areas
The current policy aims to put in place a comprehensive set of focus areas for the growth of the sector in a coordinated manner. The policy aims to bring a range of interventions in a coherent manner that would facilitate focussed and efficient support and facilitation for the sector by the respective agencies.
This story is from the BioSpectrum Asia June 2023 edition of BioSpectrum Asia.
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This story is from the BioSpectrum Asia June 2023 edition of BioSpectrum Asia.
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