Published By : 05 Oct 2015 | Published By : QYRESEARCH
The Indian government is planning on setting up two medical devices parks in southern part of the country to boost the growth of budding sector in the region. The government has located about 100 acres of land near Hyderabad and about 400 acres of land near Chennai for the same purpose. For now, India has about 800 units in the medical devices sector spread across the nation.
An official from the Department of Pharmaceuticals stated that this allocation of land will give the nascent industry a much-needed identity. The part will have several related set ups such as research and development centers, along with institutions for training, testing, and skill development, and certification. The official further stated that all of this has be organized at for the sector to grow in an organized manner.
The national medical devices market is estimated at $6.8 billion, out of which only one-third is made locally. India is also known to export medical devices that are worth $1 billion.
The official also stated that Indian Drugs and Pharmaceuticals, which is owned by the Union Government, has surplus land worth 500 acres in Hyderabad. Out of this 100 acres will be used for building the park, which will require Cabinet’s approval.
In a recent move, the government made the Department of Pharmaceuticals the main head of medical devices sector. However, the regulatory issues will still be governed by the health ministry, while the commerce ministry will continue dealing with imports and exports of medical devices.
The Indian government made its intention of encouraging the medical devices sector in the country clear when it emphatically stated that it will not regulate the prices of medical devices