The Union Cabinet on March 21, 2020 approved the scheme on Promotion of Medical Device Parks for financing Common Infrastructure Facilities in 04 Medical Device Parks with financial implications of Rs. 400 crore.
Scheme for Promotion of Medical Device Parks
The Scheme aims to promote Medical Device Parks in the country in partnership with the States. A maximum grant-in-aid of Rs.100 crore per park will be provided to the States. The Scheme for Promotion of Medical Device Parks will be implemented by a State Implementing Agency (SIA).
Production Linked Incentive (PLI) Scheme
The Production Linked Incentive (PLI) Scheme for promoting domestic manufacturing of medical devices with financial implications of Rs. 3,420 crore. The Scheme aims to boost domestic manufacturing by attracting large investments in medical device sector. Under the Scheme, incentive @ 5% of incremental sales over base year 2019-20 will be provided on the segments of medical devices identified under the Scheme.
Benefits
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.
About Medical Device Park Scheme
Department of Pharmaceuticals under the Ministry of Chemicals & Fertilizers has a sub-scheme viz. Assistance to Medical Device Industry for Common Facility Center under the umbrella scheme for Development of Pharmaceuticals Industry.
Department of Pharmaceuticals has approved four proposals under this sub-scheme from (i) Andhra Pradesh Medtech Zone Ltd. (AMTZ), Andhra Pradesh, (ii) Telangana Medical Device Park, Telangana (iii) Kerala State Industrial Development Corporation (KSIDC), Kerala & (iv) HLL, Medipark Ltd (HML), Tamil Nadu.
