500 Crore Initiative to Make India's Medical Device Industry Self-Reliant

A comprehensive plan with a total financial assistance of ₹500 crores has been launched to focus on key sectors of the medical device industry. This scheme is expected to be a game-changer for the industry and will not only provide crucial support but also be a significant step toward making India self-reliant.

To give a major boost to the medical device sector, Union Minister for Chemicals and Fertilizers and Health and Family Welfare, Shri Jagat Prakash Nadda, today launched the Scheme for Strengthening the Medical Device Industry. This initiative targets critical areas of the medical device sector, including the manufacturing of key components and accessories, skill development, support for clinical studies, the development of common infrastructure, and industry promotion.

A Major Boost for the Medical Device Industry:

Union Minister Shri J.P. Nadda described this scheme as a game-changer, emphasizing that it will be extremely beneficial for the industry and will contribute to India’s self-reliance. He praised the government’s proactive approach under the leadership of Prime Minister Shri Narendra Modi and appealed to the industry for support to ensure the success of this initiative. 
The medical device sector has become an integral part of the healthcare system. From diagnostic machines to surgical instruments, and from stents to prosthetics, medical devices are critical for the prevention, diagnosis, and treatment of diseases. India’s medical device market is currently valued at approximately $14 billion, and it is expected to grow to $30 billion by 2030.

Government Financial Support under the Scheme:

1. Development of Common Infrastructure: The central government will provide financial assistance to medical device clusters to develop common infrastructure, including research and development labs, design and testing centers, animal labs, etc.
2. Marginal Investment Support: This sub-scheme will focus on deepening the medical technology supply chain in India by promoting the manufacturing of key components, raw materials, and accessories. It will provide one-time capital subsidies.
3. Skill Development and Capacity Building: This initiative will focus on the development of a skilled technical workforce, enabling greater efficiency in the design and development of MedTech products.
4. Support for Clinical Studies: This sub-scheme will offer financial assistance to established companies and startups for animal studies and human trials to validate the safety and efficacy of MedTech products.
5. Support for Industry Associations and Export Councils: The scheme will provide financial aid for organizing conferences and events related to the medical device industry to promote the sector.

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