Medical Devices Industry Lauds Govt’s Rs 500-Cr Boost Scheme

The medical devices sector has expressed strong support for the government’s Rs 500 crore scheme aimed at advancing the industry, forecasting it will boost growth, reduce import dependency, and strengthen India’s role as a leading global exporter of medical devices.

Unveiled by Union Minister of Health and Family Welfare Jagat Prakash Nadda, the scheme is a comprehensive 5-in-1 initiative focused on crucial aspects of the medical device industry. It includes provisions for manufacturing critical components and accessories, skill development, clinical study support, common infrastructure creation, and sector promotion.

According to the Minister, this scheme is going to be a gamechanger and it will not only help the industry but will also be a long leap in making India self-reliant. He also said, “These interventions may look small, but the outcomes are big. He also said that the government led by Prime Minister Narendra Modi is a government of action and the PLI scheme itself is something which has opened new paths.”

Rajiv Nath, Forum Coordinator of the Association of Indian Medical Device Industry (AiMeD), stated, “The budget allocation may appear modest, yet it is a strategic breakthrough. This initiative is a smart catalyst that aligns India with the Prime Minister’s vision to establish the nation as a global hub for medical devices manufacturing, as outlined in the National Medical Devices Policy 2023.”

Echoing this sentiment, Dr. Rajiv Chhibber, Vice President of External Affairs at Sahajanand Medical Technologies (SMT), called it “a watershed moment” for the industry. He added, “This scheme will be transformative, making India self-reliant and likely reducing import dependency by 50% in the coming years.”