India News | Centre Notifies Scheme for Promotion of 'Medical Device Parks', a Key Initiative to Support Medical Devices

New Delhi [India], September 24 (ANI): In a bold move that would make India 'Aatmanirbhar', the Centre has taken a key initiative to support the medical devices industry to reach its potential in the coming years under the "Promotion of Medical Device Parks" scheme.

As per the Ministry of Chemicals and Fertilizers, the objectives for the promotion of Medical device parks include easy access to standard testing and infrastructure facilities through the creation of world-class common infrastructure facilities for increased competitiveness that will result in a significant reduction of the cost of production of medical devices leading to better availability and affordability of medical devices in the domestic market and reaping the benefits arising due to optimization of resources and economies of scale.

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The ministry said that the Government of Himachal Pradesh, Tamil Nadu, Madhya Pradesh, and Uttar Pradesh have been given "in-principle" approval under the scheme."

The total financial outlay of the scheme is Rs 400 crore and the tenure of the scheme is from FY 2020-2021 to FY 2024-2025, stated the ministry.

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It further said that the financial assistance to a selected Medical Device Park would be 70 per cent of the project cost of common infrastructure facilities. In the case of the North-Eastern States and the Hilly States, financial assistance would be 90 per cent of the project cost. Maximum assistance under the scheme for one Medical Device Park would be limited to Rs 100 crores.

The Medical Devices Parks to be developed under the scheme will provide common infrastructure facilities at one place thereby creating a robust ecosystem for the medical device manufacturing in the country and also reducing the manufacturing cost significantly.

16 States and Union Territories were received under the scheme. The selection of the states and union territories (UTs) is based on the challenge method, which is reflected in the evaluation criteria of the scheme. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)