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Business News/ Industry / India aims to become global leader in medical devices manufacturing: Mandaviya
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India aims to become global leader in medical devices manufacturing: Mandaviya

Mandaviya highlighted the significance of achieving self-sufficiency and reducing reliance on imports. He outlined the government's proactive policies, aligned with 'Make in India' campaign, to bolster indigenous production of medical devices

Union Health Minister Mansukh Mandaviya. (Photo: ANI)Premium
Union Health Minister Mansukh Mandaviya. (Photo: ANI)

New Delhi: Health minister Mansukh Mandaviya on Thursday emphasized the need for India to establish itself as a hub for manufacturing affordable, innovative, and high-quality medical devices.

“India has been recognized as the 'Pharmacy of the World'. It is now time for India to take the lead in the manufacturing of affordable, innovative and quality Medical Devices," Mandaviya said while inaugurating the 'India MedTech Expo 2023' 

The event was also attended by Gujarat Chief Minister Bhupendrabhai Patel, Member (Health), NITI Aayog V K Paul, and Gujarat health minister Rushikesh Patel.

The minister emphasized the congruence of the event with the 'Aatmanirbhar Bharat' (Self-Reliant India) initiative, while highlighting India's robust position in the global medical devices sector, marked by its remarkable growth as the fastest-growing market among emerging economies.

Mandaviya highlighted the significance of achieving self-sufficiency and reducing reliance on imports. He outlined the government's proactive policies, aligned with 'Make in India' campaign, to bolster indigenous production of medical devices.

The minister pointed out that 100% foreign direct investment (FDI) is permitted through the automatic route for medical device manufacturing. The government's strategic initiatives have streamlined regulations, fostered a conducive business environment, and simplified investment procedures, fostering an environment conducive to growth.

Elaborating on recent government initiatives, Mandaviya cited the National Medical Device Policy 2023 and the establishment of the Export-Promotion Council for Medical Devices. He lauded the role of the Production Linked Incentive (PLI) scheme and the "Promotion of Medical Devices Parks" scheme in catalyzing innovation, research, development, and manufacturing.

The expo witnessed the unveiling of a MedTech Expo Compendium and a coffee table book on India's pharmaceutical sector.

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Published: 17 Aug 2023, 06:20 PM IST
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