India plans medical device parks to boost sector

 05-Oct-15, Business Standard

The government plans to set up two medical devices parks in southern India to facilitate the sector's growth, which is currently at a nascent stage. The government has identified 400 acres of land near Chennai and another 100 at Hyderabad for the same. There are 800 units in the medical devices sector scattered across the country.

Image: Business Standard

"The industry needs a distinct identity and a dedicated park will help realise that identity. A park will integrate various aspects related to the industry such as R&D (research and development), training, skill development, testing and certification. We need to organise all these at one location for an efficient growth of the sector," said an official in the Department of Pharmaceuticals.

The domestic medical devices market is estimated at $6.8 billion, but only one-third of it is locally manufactured. India also exports medical devices worth nearly $1 billion.

Last December, the government permitted 100 per cent foreign direct investment under automatic route for new projects in the medical devices sector.

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