Mandaviya invites Japanese medical device maker to make use of Make in India initiative
Recently, India approved its first National Medical Devices Policy, identifying six strategies to strengthen the industry
New Delhi: Union health minister Mansukh Mandaviya on Tuesday urged Japanese medical device manufacturers to seize the opportunities presented by his government’s “Make in India” initiative. Mandaviya was addressing representatives from Japanese firms in Tokyo.
Mandaviya highlighted that India allows 100% foreign direct investment (FDI) under the automatic route for both greenfield and brownfield projects, aiming to attract global investors. He emphasized the crucial role of the medical devices sector in India’s healthcare industry.
“The sector’s contribution became even more prominent as India supported the domestic and global battle against COVID-19 pandemic through large scale production of medical devices and diagnostic kits,” Mandaviya said. He invited Japanese firms to “Make in India,” “Innovate in India,” and “Discover in India.”
Mandaviya also projected a four-fold growth in the medical devices sector, from its current size of $11 billion to $44 billion by 2030. He stressed that India’s industry could emerge as a global leader in medical device manufacturing and innovation over the next 25 years, in line with India’s G20 Presidency aims.
“To boost domestic manufacturing, the government launched the Production Linked Incentive Schemes for medical devices with financial incentives worth $400 million,” Mandaviya said. He added that the government had approved the establishment of four Medical Devices Parks to reduce manufacturing costs and provide easy access to standard testing and infrastructure facilities.
Recently, India approved its first National Medical Devices Policy, identifying six strategies to strengthen the industry. Mandaviya also announced a proposed National Policy on R&D and Innovation in the Pharma-MedTech sector to foster strong collaborations and translational research.
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Business NewsNewsIndiaMandaviya invites Japanese medical device maker to make use of Make in India initiative
First Published:16 May 2023, 03:44 PM IST
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