Govt launches ₹500 crore scheme to support medtech industry

The government on Friday launched a scheme with an outlay of ₹500 crore for strengthening critical areas of the medical device industry, according to an official release.

The scheme covers the manufacturing of key components and accessories, skill development, support for clinical studies, development of common infrastructure and industry promotion.

Union Minister for Chemicals and Fertilisers JP Nadda said the scheme is going to be a game changer and it will not only help the industry but will also be a long leap in making India self-reliant.

He noted the government led by Prime Minister Narendra Modi is a government of action and the PLI scheme itself is something which has opened new paths..

Nadda appealed to the medical device industry to make good use of the scheme and assured the industry that the Department of Pharmaceuticals would provide all support.

Through the sub-scheme for common facilities for medical device clusters, the Central Government will provide financial assistance to medical device clusters for creating common infrastructure facilities such as R&D labs, design and testing centres, animal labs etc. for the manufacturers located in the cluster.

The second sub-scheme providing marginal investment support is designed to deepen the Medtech supply chain in the country, by focusing on manufacturing of key components, raw materials, and accessories within the country..

The third sub-scheme focuses on capacity building and skill development for the medical device sector.

Besides, the scheme enables medical device developers and manufacturers to apply for financial support for animal studies and if successful then for human trials to validate MedTech products.

The fifth sub-scheme aims to support industry associations and export councils by providing financial assistance to organise conferences and other events that promote medical device-related activities.