Union Health Minister Mansukh Mandaviya said, backed by growing healthcare needs and the government’s commitment to facilitate growth, the Indian medical devices industry has the power to emerge as the global leader in manufacturing and innovation in the next 25 years.
The medical devices sector is an essential and integral constituent of India’s healthcare sector, he said during his interaction with representatives of Japanese medical devices companies in Tokyo.
“The sector’s contribution became even more prominent as India supported the domestic and global battle against COVID-19 pandemic through large scale production of medical devices and diagnostic kits,” he said. Dr Mandaviya noted that the medical devices sector has the potential to grow from its current size of USD 11 billion to four times by 2030.
Mandaviya further stated that “backed by growing health care needs and the government’s commitment to facilitate growth, the Indian medical devices industry has the power to emerge as the global leader in manufacturing and innovation in the next 25 years, and we are committed to its growth and progress to become self-reliant and contribute towards the goal of universal healthcare in line with India’s G20 presidency mantra of ‘One Earth, One Family, One Future’.”
The minister also highlighted that to invite investors from across the world, India is allowing 100 per cent FDI (foreign direct investment) under the automatic route for both Greenfield and Brownfield setups.
To boost domestic manufacturing, the government launched the Production Linked Incentive Schemes for medical devices with financial incentives worth 400 million dollars. To support our investor community, the government has also approved the establishment of four medical devices parks in the states.
