Union Health Minister Mansukh Mandaviya on Thursday said India has been recognized as the “pharmacy of the world” and the time has come for India to become a leader in manufacturing affordable, innovative and quality medical devices.

Mandaviya, during his inaugural address at the ‘India MedTech Expo 2023’, underlined that India is the fastest growing medical devices market among emerging markets.

The ‘India MedTech Expo 2023′ was organized in Gandhinagar, Gujarat on the sidelines of the G20 Health Ministers’ meeting.

Mandaviya said that ‘MedTech Expo 2023 takes inspiration from Prime Minister Narendra Modi’s vision of making India self-reliant. “It will be a unique, all-encompassing platform to showcase the strength and potential of the Indian medical device ecosystem,” said the health minister.

Mandaviya said, “We aim to become self-reliant in the medical device sector and reduce our import dependency, which is perfectly in sync with our vision of ‘Atmanirbhar Bharat’ and ‘Make in India, Make for the World’. “

“FDI up to 100 per cent is permitted under the automatic route for manufacturing of medical devices,” he said.

The health minister also said that for the medical device sector in India, the government has taken several steps to improve ease of doing business, facilitate technological advancement and simplify the investment mechanism.

Highlighting the new initiatives taken by the central government under this sector, Mandaviya said that apart from the National Medical Devices Policy 2023, the government has recently set up Export Promotion Council for Medical Devices and to promote infrastructure development. A scheme has been launched to assist medical device clusters. and strengthen testing facilities for medical devices in the country.”

He also said that a Production Linked Incentive (PLI) scheme was launched to promote domestic manufacturing of medical devices with a total financial outlay of Rs 3,420 crore for four target segments of medical devices.

We have also come out with a scheme ‘Promotion of Medical Device Parks’ with a total financial outlay of Rs 400 crore to promote manufacturing and create common infrastructure facilities to promote innovation, research and product development, he said.

Mandaviya said that the final approval of financial assistance of Rs 100 crore each has been given to Uttar Pradesh, Tamil Nadu, Madhya Pradesh and Himachal Pradesh under the scheme.

Mandaviya said that the start-up ecosystem in India’s medical device sector is diverse and vibrant, with over 250 organizations engaged in solving critical health issues.

Within just two to three months of COVID-19, the world saw India’s efforts and support extended to other countries by providing Medical Diagnostic Kits, Ventilators, Rapid Antigen Test Kits, RT-PCR Kits, IR Thermometers, PPE Kits and Identified. and N-95 masks at a very fast pace,” he said.

The Health Minister also informed that the government is investing heavily in building better infrastructure which will increase the demand for smart technology and advanced medical equipment.

Gujarat Chief Minister Bhupendra Patel, Gujarat Health Minister Rushikesh Patel and NITI Aayog Member (Health) Dr VK Paul also attended the medical technology expo.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)

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