Cabinet approved scheme to promote medical device parks

The medical device is a growing sector, and its potential for growth is the highest among all sectors in the healthcare market.
Sheena

Updated: Mar 23, 2020 12:32:06 pm

23 March 2020 Current Affairs:The Union Cabinet approved a scheme to promote medical device parks for financing common infrastructure facilities. The Cabinet also approved a Production Linked Incentive (PLI) scheme to promote domestic manufacturing of medical devices. 

Aim:
The scheme aims to provide a mechanism to compensate for the manufacturing disability. The target will provide financial assistance for common infrastructure facilities for four medical device parks.

Highlights:
♦ The medical device is a growing sector, and its potential for growth is the highest among all sectors in the healthcare market.
♦ In the year 2018-2019, the sector valued at Rs.50,026 crore, and it is expected to reach Rs.86,840 crore by 2021-22. 
♦ India depends on imports up to the extent of 85% of the total domestic demand for medical devices.
♦ The scheme aims to promote medical device parks in the country in partnership with the states. 
♦ The Centre will provide a maximum grant-in-aid of Rs.100 crore per park to the states.

Background:
The medical device sector suffers from a cost of manufacturing disability of around 12% to 15% with regard to competing economies due to lack of adequate infrastructure, domestic supply chain and logistics, high cost of finance, inadequate availability of quality power, limited design capabilities and low focus on research and skill development.
The Scheme to Promote Medical Device Parks will be implemented by a State Implementing Agency (SIA). The scheme will generate employment of 33,750 jobs over a period of five years.
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