Scheme for Promotion of Medical Device Parks: The Department of Pharmaceuticals has notified the “Scheme for Promotion of Medical Device Parks”.
- The scheme is aimed at boosting medical facility.
- 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.
- The Scheme will play a role in creating proper infrastructure in the medical device industry sector, through higher levels of investments, to support the industry reach its potential.
- 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.
- The financial assistance, in case of North Eastern States and Hilly States, would be 90% of the project cost.
- Maximum assistance under the scheme for one Medical Device Park would be limited to Rs. 100 crores.
- It will be implemented by a State Implementing Agency (SIA).
Based on the evaluation, the proposals of the state governments of Himachal Pradesh, Tamil Nadu, Madhya Pradesh and Uttar Pradesh have been given “in-principle” approval under the scheme.