8NOVEMBER, 2024Union Chemicals and Fertilisers Minister JP Nadda launched a 500 crore scheme on Friday aimed at strengthening India's medical devices industry. The scheme will focus on critical areas such as the manufacturing of key components and accessories, skill development, clinical studies support, development of common infrastructure, and overall industry promotion. The scheme has an initial outlay of 500 crore for a three-year period, running through the financial year 2026-27 (FY27).The scheme comprises five components. 110 crore has been allocated to establish common facilities like R&D labs, design and testing centres, and animal labs for around 20 medical device clusters across India. This initiative also includes enhancing testing facilities, with grants of up to 20 crore for common facilities and 5 crore for testing facilities. To deepen the value chain and reduce import dependence, 180 crore has been designated for a marginal investment scheme. This sub-scheme offers a one-time capital subsidy of 10-20%, with a maximum cap of Rs 10 crore per project to encourage the production of key components and raw materials used in medical device manufacturing.In addition, 100 crore has been earmarked for supporting clinical studies of medical devices, enabling developers to apply for financial assistance for animal studies and, if successful, human trials to validate MedTech products. The government has also allocated 100 crore for skill development in the medical devices sector and 10 crore for promoting the industry.Minister Nadda described the scheme as a game changer for the industry, stating that it will not only benefit the sector but also represent a significant step towards making India self-reliant in medical device production. INDIA'S MEDICAL DEVICE MANUFACTURING TO CAPITALIZE ON SKILL DEVELOPMENTTOP STORIES
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