Medical Device Park: At Nagalpar, Rajkot
The Government of Gujarat’s ambitious medical device park in Nagalpar, near Rajkot, which will be established on 250 acres with a financial grant-in-aid of Rs. 250 crore from the Centre, will be operational by the end of 2024.
The medical device park in Rajkot district, which has been conceptualized as a commercially and economically successful initiative, is expected to generate 100-150 million USD in investment over three years.
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Promoting Medical Device Manufacturing
To boost medical device production in the state, the Gujarat Industrial Development Corporation (GIDC) is starting the process of establishing a medical device park in Nagalpar, Rajkot.
To reduce its dependence on imports, the Indian government has taken numerous actions to boost domestic medication manufacturing, including bulk pharmaceuticals and medical equipment.
Final approval for financial support of Rs. 100 crore each has been handed to the states of Uttar Pradesh, Tamil Nadu, Madhya Pradesh, and Himachal Pradesh under the plan “Promotion of Medical Devices Parks” for the development of common facilities in specific Medical Device Parks.
Financial Incentives for Domestic Manufacturing
To further incentivize domestic manufacturing of medical devices, the government introduced the production-linked incentive (PLI) scheme.
With a substantial financial outlay of Rs. 3,420 crore and a tenure from FY 2020–21 to FY 2027–28, this scheme offers financial incentives to selected companies.
These incentives, equivalent to 5 percent of incremental sales of medical devices manufactured in India, apply to four target segments of the scheme over a period of five years.
In conclusion, Gujarat’s medical device park in Nagalpar represents a significant leap forward for the medtech industry in India.
As consultants in the medical device regulatory domain, Operon Strategist looks forward to contributing to the success of this endeavor by assisting companies in navigating the complex regulatory landscape and facilitating their participation in this transformative journey. We anticipate that the medical device park at Nagalpar will play a pivotal role in advancing healthcare solutions, ultimately benefiting both the industry and the healthcare ecosystem in India. Contact us for medical device regulatory consultation.
