India aims to become a global leader in medical devices with a new policy push

New Delhi: The Union Cabinet has recently approved the National Medical Devices (NMD) Policy 2023, a comprehensive policy framework aimed at accelerating the growth of the medical devices sector in India.

The policy aims to strengthen the medical devices industry, making it more competitive, self-reliant, resilient, and innovative to cater to the healthcare needs of India and the world. With a patient-centric approach, the policy envisions an accelerated growth path for India’s medical devices sector to become a global leader in manufacturing and innovation, achieving a 10-12% share in the expanding global market over the next 25 years.

Many stakeholders feel that the policy lays a roadmap for achieving access, affordability, quality, patient-centred care, research and innovation, and skilled workforce in the healthcare sector.

“The NMDP 2023 is a significant development for India’s healthcare sector. This policy lays down a roadmap for the growth of the medical devices industry, and it is expected to have a transformative impact on the sector. It will help India emerge as a global leader in the manufacturing and innovation of medical devices, creating jobs and promoting economic growth. NMDP2023 is anticipated to help the medical equipment sector to register massive growth, i.e., from USD 11 billion to USD 50 billion by 2028. Besides, the government is also keen to establish 157 nursing colleges by investing Rs. 1,570 crores in collaboration with existing government medical colleges. Moreover, the overall goal of NMDP2023 is to create a robust paramedics infrastructure with adequate numbers of educated and trained nursing staff and equip them with quality medical devices,” said Sugandh Ahluwalia, Chief Strategy Officer, Indian Spinal Injuries Centre.

In addition, this policy will increase domestic manufacturing and lessen India’s reliance on imports. It aims to reduce India’s import dependence to nearly 30% in the next few years and become one of the top five global manufacturing hubs.

Dr Anand Bansal, Medical Director at Action Group of Hospitals said, “this policy will increase domestic manufacturing and lessen India’s reliance on imports. It aims to reduce India’s import dependence to nearly 30% in the next few years and become one of the top five global manufacturing hubs”.

Dr Bansal while sharing his opinion, said, “This policy is a game-changer for the medical devices sector. It will significantly reduce India’s dependence on imports and boost domestic manufacturing, providing a much-needed impetus to the sector. I am confident that this policy will help India achieve its vision of becoming a global medical device manufacturing and innovation leader. The government is not just optimistic but proactive as well in this regard since the Production Linked Incentive (PLI) Scheme for medical devices has already been started implemented and has provided adequate financial assistance to establish four medical device parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu, and Uttar Pradesh. So far, 26 projects have been approved under the PLI scheme with a committed investment of INR 1206 crore, and INR 714 crore of the total outlay has already been accomplished.

The National Medical Device Policy 2023 will also improve access to medical devices and promote patient-centred care, enhancing the quality of healthcare services in India.

Alok Khanna, Head Sales & Marketing at Medanta Hospital Lucknow said, “The National Medical Device Policy 2023 will improve patient outcomes by ensuring access to safe, effective, and affordable medical devices. It will promote patient-centred care and help enhance the quality of healthcare services in India. The initiative will also foster inclusivity by equipping the entire healthcare system with quality medical devices at affordable prices.”

“This policy supports medical device manufacturers, benefiting hospitals with improved patient care, innovation, affordability, and self-reliance. Medical devices constitute over 50% of a hospital’s operational cost, and the policy aims to boost domestic production for affordability. The availability of advanced medical devices within the country will reduce the need for costly imports. Currently, India imports 70-80 percent of medical devices. The new policy would help in reducing imports and would make India a global manufacturing hub like pharma. With the new policy in place, foreign players in the sector would have incentives to collaborate with Indian partners with ‘Transfer of Technology’ and that would further boost the industry. Prius Healthcare has already facilitated several such partnerships and finds the policy very progressive in this context,” said Baldev Raj, Healthcare Expert and Managing Director of Prius Communications & Healthcare.