Mansukh Mandaviya, the Union Minister of Health, predicted that by 2030, the $11 billion medical devices industry might double in size.
In order to draw in foreign investors, Mandaviya emphasized that India permits 100% foreign direct investment (FDI) via the automatic route for both greenfield and brownfield projects. In India's healthcare market, he stressed the vital role that the medical devices sector plays.
The sector's contribution increased, according to Mandaviya, as India produced a significant amount of medical equipment and diagnostic kits to aid in the domestic and international fight against the COVID-19 epidemic. Japanese businesses were asked to "Make in India," "Innovate in India," and "Discover in India."
Mandaviya predicted that by 2030, the $11 billion medical equipment market would expand to $44 billion, a fourfold increase. In keeping with the objectives of India's G20 Presidency, he emphasized that over the next 25 years, the medical device manufacturing and innovation sector in India could become a global leader.
The government introduced the $400 million Production Linked Incentive Schemes for Medical Devices to increase domestic manufacturing, according to Mandaviya. He continued by saying that the government had approved the creation of four medical device parks to lower manufacturing costs and offer simple access to infrastructure and standard testing facilities.
India recently enacted its first National Medical Devices Policy, which outlined six measures to support the sector. In order to encourage solid partnerships and translational research, Mandaviya also unveiled a proposed National Policy on R&D and Innovation in the Pharma-MedTech sector.
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