Government Unveils New Schemes to Strengthen India's Meditech Sector
Updated: 28-01-2025 at 7:17 AM
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The Government of India has rolled out a game-changing scheme to augment the Medical Device Industry with a funding of ₹500 crores spread over three years, from 2024-25 to 2026-27. In this regard, the initiative which consists of five sub-schemes also seeks to build indigenous manufacturing capabilities, cut down on imports, and make India self-sufficient in the Meditech space.
Key Features
The government scheme has been strategically formulated to enhance the development of medical devices in the country and reduce the dependency on imports. It aims at increasing indigenous production, upgrading skills and encouraging innovations. Below are the key features of the scheme:
| Sub-Scheme | Budget Allocation | Objective |
|---|---|---|
| Common Facilities for Medical Device Clusters | ₹100 crore | Establish common facilities for the production and evaluation of medical devices |
| Marginal Investment to Reduce Import Dependence | ₹180 crore | Promote domestic manufacturing of essential components and reduce reliance on imports. |
| Capacity Building and Skill Development | ₹100 crore | Train and educate specialists to build a skilld workforce in the medical devices sector. |
| Clinical Studies and Research | ₹110 crore | Conduct clinical trials and research to improve medical device technologies. |
| Medical Device Promotion | ₹10 crore | Promote Indian-manufactured medical devices globally and attract investment in the sector. |
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Objectives
The government scheme seeks to help the Meditech Industry in India be self-reliant and competitive in the international market as well. The following are the key goals of the scheme:
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Self-Reliance: Promote the “Atmanirbhar Bharat” call for action by minimising the import of medical devices.
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Export-Led Development: Increase the exports of India’s medical device industry through the support of domestic manufacturers.
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Skill Development: Create a skilled workforce that can cater to the needs of the industry in this sector.
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Industry Sourcing: Encourage research and clinical trials on new technologies.
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Market Leadership: To make India a dominant player in the medical device market.
India’s Increasing Meditech Sector
The Post-Harvest Marketing Scheme in India offers several benefits to help farmers manage and sell their produce effectively. Below are the key benefits provided under this scheme:
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India is now Asia’s 4th largest medical device market and is also featured among the top 20 in the world.
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Market size is estimated to be around 14 billion dollars with exports increasing at the rate of 13.8% over the last 3 years.
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Items such as Ventilators, PPE kits, Diagnostic kits, Surgical gloves and Coronary stents are now being exported by India.
Impact on Domestic Manufacturing
The intended objective of this new government scheme is to revive Indian manufacturers who had opted for either trading or pseudo-manufacturing due to dependency on imports. As noted by Rajiv Nath, Forum Coordinator of the Association of Indian Medical Device Industry, this effort will encourage firms to carry out manufacturing of medical devices and components in India, thereby fostering self-sufficiency and boosting local output.
Vision for the Future
According to Health Minister J.P. Nadda, the govt scheme is a ‘game changer’ and is critical in realising the vision of a developed India, Viksit Bharat@2047. The scheme aims to make India a leader in the global medicine industry by encouraging innovation, self-reliance, and growth in exports while simultaneously providing cost-effective and high-quality healthcare solutions to the Indian market.
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Conclusion
The government’s new scheme for the medical sector reflects its commitment to transforming India into a hub for medical devices. With strategic investments and a clear vision for self-reliance, the initiative is set to reduce import dependence, boost exports, and foster innovation, paving the way for a robust and globally competitive industry.
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