Mar 9: Union Minister for Chemicals and Fertilisers Shri Mansukh Mandaviya interacted with the participants of PLI scheme on 08th March 2022. Six Industry participants of the PLI schemes for medical devices that have successfully commissioned production of Projects approved under these PLI Schemes presented details in the Interaction.
The representatives from Panacea Medical Technologies Pvt. Ltd., Trivitron Healthcare Pvt. Ltd., Philips Global Business Services LLP., Microtek New Technologies Pvt. Ltd., Sahajanand Medical Technologies Pvt. Ltd., and Deck Mount Electronics Limited attended and appreciated the Scheme, launched by the Department of Pharmaceuticals. The representatives of these 6 projects presented their efforts in grounding and commissioning the projects despite the COVID-19 Pandemic and appreciated the support given by the Government for handholding and trying to resolve the issues. The Medical Devices, approved under PLI scheme and commissioned, include Linear Accelerator (LINAC), Rotational Cobalt Machine, X Ray Equipment, C-Arm, MRI Coils, Oxygen Concentrators and Stents.
The Department of Pharmaceuticals has launched the “Production Linked Incentive (PLI) Scheme for Promoting Domestic Manufacturing of Medical Devices” in March 2020 to boost domestic manufacturing and attract large investments in the Medical Devices Sector. Under the scheme, financial incentive is given to selected companies at the rate of 5% of incremental sales of medical devices manufactured in India and covered under the Target segments of the scheme, for a period of five (5) years till 2027-28. The total financial outlay of the Scheme is Rs. 3,420 crore. Total 21 applicants have been approved for 49 products, with a potential to utilize incentive amount of Rs. 2541 crore.
Union Minister complimented the industry representatives for this achievement. He emphasized that Medical Devices sector in India has huge potential for growth in domestic as well in global markets. He noted that manufacturing of medical devices in India shall be significant step forward in strengthening the domestic supply chain. He urged industry participants to make concrete efforts toward increasing the localization impact and deepen the domestic manufacturing of components. The vision of Prime Minister for ‘Atamanirbhar Bharat’ in Medical Devices sector shall be taking shape with localization of critical medical devices and component thereof. He encouraged the MedTech industry to work towards reducing the Import-Export trade gap in the sector. He expressed his satisfaction on progress of schemes and congratulated the participants for successful implementation of projects and assured that the Government is committed for welfare of the state and development of the industry.
The Minister mentioned that Medical Device sector is an innovation driven industry and encouraged the participants to invest in R&D for sustainable global competitiveness and self-reliance in manufacturing. Hon’ble Minister also invited suggestions from the MedTech industry for creating an enabling environment for ease of doing business.
The meeting was attended by the Secretary, Department of Pharmaceuticals along with other Officers/Officials of the Department. Secretary, DoP has remarked that this PLI scheme is a significant initiative of governmental support to the domestic Medical Devices Industry and assured all the support to the PLI scheme beneficiaries through the Project development cell of the Department to commission the approved projects in a timely manner. Secretary also assured the Devices Industry of facilitatory support for the sunrise sector, to grow to 50 Bn USD by 2025.
Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.
