A draft note of the proposed new Medical Device Policy 2022, which aims to make India a major global producer of medical devices, will soon be made available by the Department of Pharmaceuticals for cabinet approval.
The department has been requested by the government think tank NITI Aayog to create a system to draw venture capital funds and promote domestic production of medical devices after all stakeholder engagements have been concluded.
The goal is to increase India's 10-12% market share in the global medical devices market and make the medical device industry one of the champion sectors.
According to the proposal submitted, India will be among the top five global manufacturing hubs for medical devices by 2047 in terms of value and technology, and it will become a leader in crucial components, cancer diagnostics, medical imaging, and ultrasonic scanning among other things.
"We have heard from all the departments and stakeholders. They concur with the policy and support it. As a result, everyone has responded positively to our request "added a government official with knowledge of the situation who asked to remain anonymous. In reality, the Department of Pharmaceuticals has been instructed by NITI Aayog to increase domestic manufacturing capacity by investigating venture capital and private equity, "added the official.
According to experts, when global supply chains were disrupted by the pandemic and the ensuing lockdowns, the government began to focus on medical devices. This led to the Atmanirbhar Bharat initiative, or domestic production of medical devices.
"We are happy to see the union government has released a Medical Devices Policy at last. Long awaited, this In order to contemplate manufacturing in India, the country requires a stable policy and regulatory environment. The Association of Indian Medical Device (AiMeD) Industry's forum coordinator, Dr. Rajiv Nath, stated that there are now exciting Make In India possibilities for MNC and other mid-sized specialist manufacturers to establish greenfield manufacturing facilities in India as 100% FDI, Joint Ventures, or as technical collaborations.
"According to research, 80% of medical devices in India are currently imported. We need to increase medical gadget manufacture because some regions have restrictions on it. So, when a tech transfer occurs in the medical device industry, this could occur. A long-term strategy could actually boost production, and India could serve as a major export hub for medical devices "According to Jatin Mahajan, secretary of the Association of Diagnostic Manufacturers of India and managing director of J Mitra & Co. Pvt Ltd, which manufactures in-vitro diagnostics.