The Union government notified a scheme to promote medical device parks at a financial outlay of ₹ 400 crore till financial year 2024-2025.
GS-II: Social Justice and Governance (Issues related to Health, Government Policies and Initiatives)
Dimensions of the Article:
- About the Medical Device Parks Scheme
- About Medical Devices and the Medical Devices Sector in India
About the Medical Device Parks Scheme
- The Scheme for “Promotion of Medical Device Parks” is launched by the Ministry of Chemicals and Fertilizers.
- One of the primary objectives of the scheme is to enable easy access to standard testing and infrastructure facilities through the creation of world-class common infrastructure facilities via medical device parks.
- The scheme also aims to reduce the cost of production of medical devices and the better availability and affordability of medical devices in the domestic market.
- The total financial outlay of the scheme is Rs 400 crore and the tenure of the scheme is from FY 2020-2021 to FY 2024-2025.
- Financial assistance to a selected Medical Device Park would be 70% of the project cost of common infrastructure facilities.
- The Centre has granted in-principal approval for the parks in Himachal Pradesh, Tamil Nadu, Madhya Pradesh and Uttar Pradesh.
About Medical Devices and the Medical Devices Sector in India
- Medical devices include Surgical Equipment, Diagnostic equipment like Cardiac imaging, CT scans, X-ray, Molecular Imaging, MRI and Ultrasound-imaging including hand – held devices; Life Support equipment like ventilator, etc. as well as Implants and Disposables.
- The medical device industry is a unique blend of engineering and medicine. It involves the creation of machines that are used to support life within the human body.
- The Medical Devices industry in India is valued at USD 5.2 billion, contributing about 4-5% to the USD 96.7 billion Indian healthcare Industry.
- Medical devices sector in India is very small in size as compared to the rest of the manufacturing industry, though India is one of the top twenty markets for medical devices in the world and is the 4th largest market in Asia after Japan, China, and South Korea.
- India currently imports 80-90% of medical devices of the USD15 billion market.
- The US, Germany, China, Japan, and Singapore constitute the five largest exporters of high technology medical equipment to India.
-Source: The Hindu