Medtech leaders hailed the government’s decision to launch a Rs 500-crore scheme for medical devices. They said the government’s new Rs 500 crore scheme for the medical device industry will not only boost domestic manufacturing but also help reduce imports.
Experts said the need and importance of self-sufficiency in medical equipment was most felt during the recent COVID-19 pandemic, which created a critical need for medical kits, syringes, ventilators, masks and PPE kits. He said that although the budget is small, it will serve as inspiration for the industry.
Union Minister for Chemicals and Fertilizers Jagat Prakash Nadda launches Plan to strengthen medical devices industry in New Delhi.
Speaking on the occasion, @JPNadda He says the plan will be a game-changer and its impact will be immense.
Minister of State of… pic.twitter.com/fINkGbYusI
– All India Radio News (@airnewsalerts) November 8, 2024
Rajeev Nath, AIMED forum coordinator, said, “It was seen that during Covid, the entire country was locked down because we did not have the necessary medical equipment to fight the war. For four months we continued collecting materials such as the manufacture of ventilators, masks and PPE kits. I think that then the country understood the importance of medical equipment.” “The budget allocation may seem small and modest, but it is an unprecedented strategy that will have a multiplier effect,” he said.
The medical device industry is an essential pillar of healthcare delivery. From diagnostic machines to surgical instruments and from stents to prostheses, medical devices are vital for the prevention, diagnosis and treatment of diseases. India’s medical devices market is worth approximately $14 billion and is expected to grow to $30 billion by 2030.
Medical Technology Association of India (MTAI) president Pawan Chaudhary said: “I completely agree that the medical device plan will provide health sovereignty, in a way that is very important for us to be self-reliant in care.” sanitary. During Covid, when this self-sufficiency was missing, we felt the lack of it.”
“This plan is a very good example of an evidence-based stimulus package,” he said. “It is an inclusive plan that will benefit emerging and established companies and is intended to tap into local and global flows.”
NatHealth Secretary Aneesh Bafna said, “The Rs 500 crore plan for the medical device industry marks a significant step towards promoting domestic manufacturing and reducing dependence on imports.”
The new plan consists of five subsystems and the Medical Device Incentive Plan.
“A significant effort is being made to develop a strong local supply chain, which will reduce costs and promote innovation. Additionally, supporting clinical studies will help companies generate critical evidence for regulatory compliance, thereby facilitating market expansion,” said Bafna, who is also CEO and CEO of Healthium MedTech.
