Center ready to send medical device policy for final approval

Consultations with all stakeholders have been completed and the government think tank NITI Aayog has asked the department to draw up a mechanism to attract venture capital funding and drive local production of medical devices.

It aims to make medical devices one of the champion sectors and boost India’s 10-12% share in the global medical device industry.

The draft note states that by 2047, India will be among the top five global manufacturing hubs in terms of value and technology for medical devices, and it will stand as a champion in critical components, cancer diagnostics, medical imaging and ultrasonic scans. Will emerge India now ranks among the top 20 global medical devices market in the world, and is the fourth largest medical device market in Asia after Japan, China and South Korea.

“We have received comments from all stakeholders and departments. They have also accepted and supported the policy. Hence, we have received a very good response from all the people,” said an official familiar with the matter, requesting anonymity. “In fact, NITI Aayog has asked the pharmaceutical department to enhance the capacity of domestic manufacturing by scouting venture capital and private sector. asked for. equity,” the official said.

first article