The 200 acre exclusive park will spur domestic production of medical devices, help reduce import dependency in this sector while creating employment and growth in the state.
India primarily depends on imports for the medical device sector. Over 85% of medical devices are imported into the country causing a high import bill. Medical devices imported into the country include stents, catheters, sealants, dental implants, orthopaedic implants, spinal implants, syringes etc. To encourage local companies to manufacture in India, the Chief Minister of Andra Pradesh, Mr. Chandrababu Naidu has announced the development of a 200 acre industrial area for the manufacture of medical devices.
The aim of this medical device park would be to encourage translation of home grown research into commercially viable projects, reduce the import bills the country currently faces in this sector and bring down the costs of healthcare delivery in India. Additionally, the products manufacturerd in this hub, would have to obtain regulatory clearances from the Central Drugs Standard Control Organization (CDSCO) and manufacturing licenses from the local Andhra Pradesh government. The Park will be having a Common Manufacturing Facility Centre to act as a Hub for SME Sector to enable it to flourish as a Cluster. Focus will be on creating an Eco System for High End Medical Device Manufacturing and Import Substitution with an eye for Export Market. If you are interested in learning more about Manufacturing License in India, visit ‘How to get Manufacturing License in India?’.
Central government officials apprised the meeting that the government was working at the highest level to address the issue of inverted duty structure which is stunting growth of this industry and provide preferential market access to boost domestic manufacturing. It was also informed that a new Draft Policy on Medical Device sector was also being worked upon and shortly a National Policy on Medical Device will be released.
“This will be a wonderful opportunity for the state to increase its industrial footprint, create employment while giving a big boost to import substitution for the country. We are truly excited with the decision,” added Mr Nath.
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