National Medical Devices Policy 2023: The Union Cabinet approved the building of 157 nursing colleges at a cost of Rs 1,570 crore, in conjunction with the medical colleges that have been established in the country since 2014.
In another move, the Union Cabinet approved the National Medical Devices Policy 2023, which aims to stimulate domestic manufacture and enable the fledgling sector to develop from USD 11 billion (one billion = 100 crore) to USD 50 billion in the next five years while reducing reliance on imports.
All You Need To Know About National Medical Devices Policy 2023:
The Union Cabinet approved the National Medical Devices Policy, which aims to promote domestic production while decreasing imports of such equipment.
PM @NarendraModi Ji led Cabinet approves the National Medical Devices Policy, 2023 🩺
In line with PM Modi Ji’s clarion call of ‘Make in India, Make For the World’, the policy will help in making 🇮🇳 a global leader in the manufacturing and innovation of medical devices. pic.twitter.com/ClyuvkwtR1
— Dr Mansukh Mandaviya (@mansukhmandviya) April 26, 2023
According to the government, the National Medical Devices Policy 2023 is expected to enable the orderly growth of the medical device sector in order to satisfy public health objectives of access, affordability, quality, and innovation.
It also stated that this emerging sector is expected to reach its full potential through strategies such as “creating a robust and streamlined regulatory framework, providing support in training and capacity building programmes, and promoting higher education to foster talent and skilled resources in line with industry requirements.”
Furthermore, boosting domestic investments and medical device production supports the government’s ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives.
Last year, the government issued a consultation paper on the draught national medical devices policy 2022. The initiative aims to boost the medical device sector from $11 billion to $50 billion over the next five years.
The medical devices business in India is a rising star that is rapidly expanding. The medical devices business in India is expected to be worth around 90,000 crore in 2020, with a 1.5 percent share of the worldwide medical device market.
Notably, the government has already begun implementing the PLI Scheme for medical devices and has offered support for the establishment of four medical device parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu, and Uttar Pradesh.
So far, a total of 26 projects have been approved under the Production Linked Incentive (PLI) plan for medical equipment, with a pledged investment of Rs 1,206 crore, and an investment of Rs 714 crore has been accomplished.