BY KENTRON RESEARCH
On a way to bring down the price and provide international diagnostics services in a cost-effective manner, the Government of India has approved medical device parks across the country. As per the report, four medical device parks which will be set-up in Andhra Pradesh, Telangana, Tamil Nadu and Kerala.
Under Make in India initiative to create accessible healthcare delivery model. The park also consists of necessary infrastructure for companies to easy plug and play.
This will not only cut import bill but will also help in easy access to standard testing facilities and reduce the cost of production, as per the news.
The scheme proposes to provide Rs 25 crore or 70 per cent of the project cost of setting up CFCs, whichever is less, for creation of common facilities in any upcoming park. Andhra Pradesh Medtech Zone for creation of Common Facility Centre (CFC) for Superconducting Magnetic Coil Testing and Research was given in-principle approval recently.
The medical device market size of India is estimated to be $ 5.2 bn & can reach $50 by billion. The retail market for medical devices is between $ 9.3 bn – $ 10.8 bn as per the Department of Pharmaceuticals. The USA is the largest exporter followed by Singapore, Germany, and China.