New Delhi | The National Medical Devices Policy, 2023 will pave the way for India to become an 'end-to-end' healthcare resource centre not only for the country, but also for the global needs, industry bodies opined on Thursday.
The government on Wednesday approved the new policy with an aim to promote domestic manufacturing and help the sunrise sector grow from the present USD 11 billion to USD 50 billion in the next five years and reduce import dependence.
The policy focuses on six strategies to tap the potential of the sector with the 'implementation of action plan'.
Ajay Singh, President of Assocham, said regulatory measures like single window for different types of licences, coherent pricing norms and infrastructure for manufacturing and technology advancement, are among the defining features of the new policy, as approved by the Union Cabinet.
"While India has established itself as a 'pharmacy of the world', integrated healthcare would require equal emphasis on medical devices.
"The new policy, formulated after wider stakeholders' consultation, would make India an 'end-to-end' healthcare resource centre not only for our own people, but also for the global needs," he said.
Commenting on the policy, Chairman of Medical Technology Association of India (MTaI) Pavan Choudary said: "Though we still have to go through the fine print, we are encouraged by the spotlight turned on R&D. While India has only 1.5 per cent of the global medical device market, it has 8 per cent share of the MedTech R&D work force already. This is a fertile and proven area to focus on." He further said skilling and upskilling of healthcare workers augers well for patient care and manpower exports.
A policy which harnesses both the domestic and international currents to optimally forge the path ahead, he added.
The medical devices sector in India is an essential and integral constituent of the Indian healthcare sector.
The six strategies planned under the policy are Regulatory Streamlining; Enabling Infrastructure; Facilitating R&D and Innovation; Attracting Investments in the Sector; Human Resources Development; and Brand Positioning and Awareness Creation.
Bhargav Kotadia, Co-Chair, PHDCCI Medical Device Committee, was of the opinion that the policy aims to place the medical devices sector on an accelerated growth path with a patient-centric approach to meet the evolving healthcare needs of patients.
"This is also a leap forward to fulfil Hon'ble Prime Minister Shri Narendra Modi ji's vision to have affordable, accessible and innovative solutions towards healthcare, making India Atmanirbhar and a Global MedTech hub, achieving the Vision 2047 aimed at Universal Healthcare for All," Kotadia added.
The market size of the medical devices sector in India is estimated to be USD 11 billion (about Rs 90,000 crore) in 2020 and its share in the global medical device market is projected to be 1.5 per cent.
The government is implementing a production-linked incentive (PLI) scheme for medical devices and extended support for setting up 4 medical device parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.
As per the government, under the PLI scheme for medical devices, till now, a total of 26 projects have been approved, with a committed investment of Rs 1,206 crore and out of this, so far, an investment of Rs 714 crore has been achieved.
Under the scheme, a total of 14 projects producing 37 products have been commissioned.
Domestic manufacturing of high-end medical devices, which have started, include linear accelerator, MRI scan, CT-scan, mammogram, C-Arm, MRI coils, and high-end X-ray tubes.