Scheme for “Promotion of Medical Device Parks”, a key initiative to support the medical devices, notified | Daily Current Affairs 2021
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Scheme for “Promotion of Medical Device Parks”, a key initiative to support the medical devices, notified

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Medical Device Parks

Scheme for Promotion of Medical Device Parks: The Department of Pharmaceuticals has notified the “Scheme for Promotion of Medical Device Parks”.

Key highlights:

  • 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.

Key points:

  • 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.

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