The Union Cabinetchaired by the Prime Minister, Shri Narendra Modi has approved the following schemes:
The expenditure to be incurred for the above schemes will be for the next five years i.e. from 2020-21 to 2024-25.
The Scheme for Promotion of Medical Device Parks will be implemented by a State Implementing Agency(SIA). The PLI Scheme for promoting domestic manufacturing will be implemented by a Project Management Agency(PMA) to be nominated by Department of Pharmaceuticals. The target is to provide financial assistance for Common Infrastructure Facilities for 04 Medical Device parks. The target for PLI Scheme is to provide assistance to about 25-30 manufacturers under the following categories of medical devices: –
Under the sub-scheme for Promotion of Medical Device Parks, Common Infrastructure Facilities would be created in 4 Medical Device Parks, which is expected to reduce manufacturing cost of medical devices in the country.
The PLI Scheme for promoting domestic manufacturing of Medical Devices would boost domestic manufacturing and attract large investments in the medical device sector, particularly in the identified target segments. It will lead to expected incremental production ofRs. 68,437 crore over a period of five years. The Schemes will lead to generation of additional employment of 33,750 jobs over a period of five years.
The Schemes will lead to substantial reduction in import of target segments of medical devices.