Mansukh Mandaviya, the union health minister, urged Japanese medical equipment makers on Tuesday to seize the opportunities presented by his government’s “Make in India" initiative
Addressing representatives from Japanese firms in Tokyo, Mandaviya emphasised that India permits 100% foreign direct investment (FDI) under the automatic route for both greenfield and brownfield projects. In India's healthcare care, he highlighted the vital role that the medical equipment sector plays.
The sector's contribution increased as India produced a significant amount of medical equipment and diagnostic kits to aid in the domestic and international fight against the COVID-19 epidemic. Japanese businesses were asked to "Make in India," "Innovate in India," and "Make in India," he said.
Mandaviya said that by 2030, the USD 11 billion medical equipment market would expand to USD 44 billion, a fourfold increase. In keeping with the objectives of India's G20 Presidency, he emphasised that over the next 25 years, the medical device manufacturing and innovation sector in India could become a global leader.
The government introduced the USD 400 million Production Linked Incentive Schemes for Medical Devices to increase domestic manufacturing, he said.. He went on to say that the government had approved the creation of four medical device parks to lower manufacturing costs and offer simple access to infrastructure and standard testing facilities.
India recently enacted its first National Medical Devices Policy, which outlined six measures to support the sector. In order to encourage solid partnerships and translational research, Mandaviya also unveiled a proposed National Policy on R&D and Innovation in the Pharma-MedTech sector.
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