India is set to launch a new scheme to strengthen its domestic medical device industry within the next month, announced Arunish Chawla, Secretary of the Department of Pharmaceuticals. The scheme, developed after extensive consultations with industry stakeholders, aims to reduce import dependence and enhance self-reliance in medical device production.
The Finance Ministry has already given in-principle approval for the initiative. The new scheme builds on the success of the Production Linked Incentive (PLI) scheme, which has led to the commencement of 20 major greenfield projects in medical device manufacturing.
This move follows the Union Cabinet’s approval of the National Medical Devices Policy last April, which targets boosting domestic production and decreasing imports. The policy aims to grow the sector to $50 billion over the next five years.
