National Medical Devices Policy 2023

neerajsingh18

Apr 29

National Medical Devices Policy 2023

The Union Cabinet, chaired by Hon'ble Prime Minister, has given its approval to the National Medical Devices Policy, 2023.

The medical devices sector is core part of Indian health sector in India. The Indian medical device sector has potential to become self reliant in universal health care.

Approximately 80% of the medical devices currently sold in India are imported mostly high end ones.

Benefits of National Medical Devices Policy 2023:

The new policy has been placed with an aim to become the top five global manufacturing hubs by reducing India's import dependence to nearly 30% in coming years.
The policy might reduce import dependence significantly and looks for export driven manufacturing of high end offerings which are also affordable to Indian hospitals and laboratories.
The policy is anticipated to boost India's per capita spends on medical devices.
The policy considered to be convert costly medical devices into affordable with ease access.
It will secure enough use across hospital and provide better quality healthcare and affordable treatment.

The medical devices sector:

Indian medical devices current market share is 1.5% of the global space at $11 billion in 2020.
Target has been set to achieve of 10% per cent global market share till 2050 with this policy.
USA tops the global market with a 40% market share, Europe and Japan at second and third respectively.

PLI schemes for manufacturing sector:

The National Medical Devices Policy 2023 will get another boost from the existing PLI schemes that are underway.
The Government of India implemented PLI Scheme for medical devices and support for setting up of four medical devices parks in four states named Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.