New Scheme

• The Union Government launched the 'Strengthening of Medical Device Industry' scheme with a total investment of Rs 500 crore.

Objectives

• To increase domestic production and self-reliance in the medical device sector.
• To develop critical areas of the medical device industry, such as:
  • • Manufacturing key Components
    • Promoting Skill development
    • Supporting clinical studies
    • Building common infrastructure
    • Promoting industry growth

Key Provisions of the new Scheme

• Common facilities: Establishment of common facilities in the medical device sector, which will promote collaboration, innovation, and cost efficiency through shared design and testing centers and laboratories.
• Marginal Investment Scheme: To reduce import dependence. It offers a one-time capital subsidy of 10-20%, with a maximum of Rs10 crore per project to encourage local production of critical components and raw materials.
• Evidence Support: Rs100 crore specifically for clinical study support, assisting companies in producing evidence for regulatory compliance, which can aid in market expansion.
• Educational Support: Financial assistance for various educational programs, including up to Rs21 crore for master's courses in central government institutions, Rs 10,000 for short-term courses, and Rs 25,000 for diploma courses at government-approved institutes.

Significance of the Industry

• Medical devices, such as diagnostic machines, stents, and prosthetics, play an important role in healthcare by supporting disease prevention, diagnosis, and treatment.
• The medical device market in India is currently valued at around $14 billion and is expected to reach $30 billion by 2030.

PRACTICE QUESTION

Q.Consider the following statements in the context of the National Medical Device Policy 2023:

1. It aims to increase India's share of the global market to $50 billion by 2030.

2. It established a decentralized clearance system with easy access at the local level.

Which of the above statements is/are correct?

A) 1 only

B) 2 only

C) Both 1 and 2

D) Neither 1 nor 2

Answer:  A

Explanation:

Statement 1 is correct:

The National Medical Devices Policy 2023 aims to achieve a 10-12% share of the expanding global market over the next 25 years, boosting the medical devices sector from $11 billion to $50 billion by 2030.

Statement 2 is incorrect:

It created a Single Window Clearance System for Licensing, strengthening the role of Indian Standards (such as BIS), and developing consistent pricing regulations.