Centre notifies scheme for promotion of Medical Device Parks
- Union government notified a scheme to promote medical device parks at a financial outlay of ₹ 400 crore till financial year 2024-2025.
- The scheme aims to ensure easy access to testing and infrastructure facilities.
- It is expected that this will bring down the cost of production of medical devices, thereby making them more affordable for domestic consumption.
Medical Device Parks
- Central Government has approved setting up of Medical Device Parks in four states.
- These states include Uttar Pradesh, Himachal Pradesh, Madhya Pradesh and Tamil Nadu.
- 100 crore will be given to a park, out of which 70 percent will be spent on common infrastructure.
- In case of North Eastern States and Hill States, the financial assistance will be 90 per cent of the project cost.
World class equipment at low cost
- The medical device parks will enable world-class equipment for the treatment of many diseases at affordable prices.
- All infrastructural facilities will be provided to the companies to make the equipment used in the treatment in these parks.
- This will reduce the cost of import of expensive equipment.
- Also, due to the reduction in the cost of production, these equipment will be available at a lower cost.
India: Fourth largest market in Asia
- According to the ministry, the retail market of medical devices in the country is around Rs 70,000 crore.
- However, the domestic medical devices industry is very small.
- Still, India is the fourth largest market for medical devices in Asia.
- At present, most of the medical devices are imported into the country.
- India's share in the global medical device industry, which is around $250 billion, is around 2 per cent.