Gujarat to Lead Development of Indian Medical Devices Parks
Published By : 08 Apr 2015 | Published By : QYRESEARCH
India is one of the fastest developing economies in the world, driven by the growing workforce and growing government investment in the industrial sector. One of the sectors left largely untouched by the government initiatives, and notoriously so, is the medical and healthcare sector. That is about to change, as announced by Ananth Kumar, the Union Minister of Chemicals and Fertilizers, who released a government industry task force report on increasing the Indian production of high-end technologically advanced medical devices.
The first medical devices industrial park in the country is set to be set up in Gujarat, and the National Institute of Pharmaceutical Education and Research based in Gujarat is expected to be the nodal institute for the management of the project. The Finance Ministry of India and the revenue secretary have both been sounded as to the commercial potential of these schemes, according to Ananth Kumar, and the incentive structures for these plans are expected to be shored up in the near future.
The second medical devices industrial park in the country could open in the southern state Tamilnadu and talks are also ongoing with the Tamilnadu government about it. Chengalpattu could be selected as the location of this industrial park.
The current structure of the taxation norms and other regulatory norms for the medical device industry grossly favors imported goods, whereas indigenous manufacturers have to go through hoops to carry through with their plans. Indian PM Narendra Modi’s plan to boost India’s manufacturing sector means that this condition will likely not be favored for long by the incumbent government. India is the fourth largest Asian market for medical devices and the indigenous medical device manufacturing scenario is bleak, to say the least. It is hoped that these initiatives will help the neglected sector grow bountifully in the coming years.