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Govt okays 4 medical device parks to reduce cost of production

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medical device parks

In a bid to make people available world-class diagnostic products at an affordable price for better treatment, the Government has decided to set up medical device parks across the country. The Government has given go-ahead to four medical device parks which will be set-up in Andhra Pradesh, Telangana, Tamil Nadu and Kerala, sources said.

The move is aimed to support Make in India initiative to create accessible healthcare delivery model. The Government of Uttarakhand and Gujarat have also approached the Centre for a go-ahead for such parks, sources were quoted by PTI.

These parks will provide necessary infrastructure, where companies can easily plug and play, sources said.

This will not only cut import bill but will also help in easy access to standard testing facilities and reduce cost of production, they said.

The project of Andhra Pradesh Medtech Zone for creation of Common Facility Centre (CFC) for Superconducting Magnetic Coil Testing and Research was given in-principle approval recently.

The scheme proposes to provide Rs 25 crore or 70 percent of the project cost of setting up of CFCs, whichever is less, for creation of common facilities in any upcoming park.

According to estimates, the medical devices retail market in the country is of around Rs 70,000 crore. The domestic medical devices industry is very small even though India is the fourth largest market in Asia.

India is largely an importer of medical devices, with domestic industry accounting for about 2 percent of the global industry which stands at USD 250 billion, as per the estimates.

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