The Indian government has launched a scheme with an initial budget of Rs 500 crore to boost the medical devices sector.

Objectives of the Scheme

The scheme aims to:

• Enhance manufacturing capabilities
• Promote skill development
• Support clinical studies
• Develop common infrastructure

Duration and Components

The scheme will span three years and includes the following components:

• Establishment of common facilities for medical device clusters
• Capacity building
• Marginal investment scheme to reduce import dependence
• Clinical studies support
• Promotion scheme for the industry

Investment Allocation

The government will invest:

• Rs 110 crore in infrastructure development, including research and development labs and testing centers
• Rs 100 crore for skill development
• Rs 180 crore for the marginal investment scheme to reduce import reliance
• Rs 100 crore for clinical studies

Industry leaders have welcomed the initiative, and projections indicate that the sector could grow to $30 billion by 2030.