Under the “Promotion of Medical Device Parks” plan, the Centre has made a major effort to assist the medical devices sector in reaching its potential in the future years, in a daring move that would make India “Aatmanirbhar.”
The objectives for the promotion of Medical Device Parks, according to the Ministry of Chemicals and Fertilizers, include easy access to standard testing and infrastructure facilities through the creation of world-class common infrastructure facilities for increased competitiveness, which will result in a significant reduction in the cost of medical device production, leading to better availability and a better quality of life.
The programme has received “in-principle” approval from the governments of Himachal Pradesh, Tamil Nadu, Madhya Pradesh, and Uttar Pradesh, according to the ministry.
The scheme’s entire financial expenditure is Rs 400 crore, and it will run from FY 2020-2021 to FY 2024-2025, according to the government.
It went on to say that a chosen Medical Device Park will get financial support worth 70% of the project cost of shared infrastructural amenities. Financial support would be 90% of the project cost in the case of the North-Eastern States and the Hilly States. The maximum amount of support available under the plan for a single Medical Device Park will be Rs 100 crores.
The Medical Device Parks that will be built under the plan will offer shared infrastructure facilities in one location, resulting in a strong ecosystem for medical device manufacture in the nation and a substantial reduction in manufacturing costs.
Under the programme, 16 states and union territories were accepted. The states and union territories (UTs) are chosen using a challenge approach, which is reflected in the scheme’s assessment criteria.
Source: Business Standard