Government Approves National Medical Device Policy 2023
The Indian Cabinet has approved the National Medical Devices Policy 2023, which aims for the growth of the medical devices sector in India. The policy’s six strategies aim to tap into the potential of the sector, and its implementation plan is expected to help the sector grow from its present $11 billion to $50 billion by 2030.
What are the Strategies for Medical Device Sector?
Regulatory Streamlining
To enhance research and business, for aim to balance patient safety with product innovation for medical devicesEnabling Infrastructure
The government aims to establish and strengthen medical device parks with world-class infrastructure facilities near economic zones to enhance logistics connectivity.Facilitating R&D and Innovation
The policy aims to promote R&D and innovation by establishing centers of excellence, innovation hubs, and supporting startups in the pharma-MedTech sector in India.Attracting Investments in the Sector
Along with resent schemes and interventions like Make in India, Ayushman Bharat program, Heal-in-India, Start-up mission, the policy encourages private investments, series of funding from Venture Capitalists, and also Public-Private Partnership(PPP).Human Resources Development
The policy aims to develop a skilled workforce through skilling, reskilling and upskilling programs, support for dedicated courses and partnerships with foreign academic/industry organizations.Brand Positioning and Awareness Creation
The policy aims to promote the medical devices sector through brand positioning, knowledge sharing, and establishing an export promotion council, to make it self-reliant, innovative, and globally competitive.
The government of India has already initiated the implementation of a Production-Linked Incentive (PLI) Scheme for medical devices and support for setting up of 4 Medical Devices Parks in the States of Himachal Pradesh, Madhya Pradesh, Tamil Nadu, and Uttar Pradesh.
Therefore, Indian manufacturers have a significant opportunity to expand their operations and develop new products that meet the needs of both domestic and international markets. With the growing demand for healthcare devices around the world, this is an opportune time for Indian manufacturers to capitalize on the changing landscape and establish themselves as leaders in the industry.
With the government’s support in terms of the PLI Scheme, Medical Devices Parks, and the National Medical Devices Policy, Indian manufacturers can aim to meet the public health objectives of access, affordability, quality, and innovation while also contributing towards the goal of universal healthcare.
As a medical device consulatant we believe that this move will not only benefit Indian manufacturers but also improve patient access to high-quality medical devices.
Overall, this is a positive development for the medical device industry in India, don’t miss out on this chance to grow your business and make a positive impact on healthcare in India. Contact us today on 9370283438 or WhatsApp us to learn how Operon Strategist can help you navigate the regulatory landscape and maximize your success in this exciting market.
Referance: Click here to download PDF
