Medical Device Industry Boost: New Scheme to Launch Soon

New Delhi, Aug 21 (PTI) A new scheme to strengthen the domestic medical device industry will be rolled out in the next one month, Department of Pharmaceuticals Secretary Arunish Chawla said on Wednesday.

The scheme is being formulated after detailed consultations with the medical device industry, he stated while participating in an event here.

"This (the scheme) will be launched in the next one month. It was part of the stakeholder consultation so that different parts of the scheme are firmed up and are aligned with the needs of the industry," Chawla said.

He further said: "We have already received in-principle approval from the Finance Ministry for launching the new scheme."

Participating in the second Meditech Stackathon, the secretary said the scheme envisages a reduction in import dependence on medical devices going forward.

"The scheme is being brought in order to make the domestic industry self-reliant in the long run," Chawla said.

He noted that the Production Linked Incentive (PLI) scheme for medical devices has worked well so far with 20 big greenfield projects having already commenced operations.

Various high-tech medical devices like computed tomography (CT) scan, MRI, ultrasound and dialysis machines, among others, are now being manufactured in the country.

Last year in April, the Union Cabinet approved the National Medical Devices Policy to increase domestic production and reduce imports of such equipment.

The policy is expected to help the medical devices sector grow to USD 50 billion in the next five years.