Can India's National Medical Devices Policy Unleash Sector's Full Potential?

The National Medical Devices Policy, 2023 that got the approval of the government of India on April 26 seems to have made the medical devices sector happy. The slew of strategies mentioned in the policy assures a win–win outcome for the manufacturers as well as patients. Experts are upbeat about the projected growth of the sector in the near future. The policy aims to bring a range of interventions in a coherent manner that would facilitate focussed and efficient support and facilitation for the sector by the respective agencies. Let’s explore further.

- Sanjiv Das

The medical devices sector was nothing short of thanking the government of India for the recently announced approved policy National Medical Devices Policy, 2023 by the Union Cabinet, chaired by the Prime Minister of India Narendra Modi. The policy is expected to help the medical devices sector to grow from present $11 billion to $50 billion in next five years. It is being touted by experts in the medical devices sector as a positive step where the industry is likely to become Atmanirbhar which will help to make affordable high quality and safe medical devices accessible to the world. This Policy will be in addition to the existing Production Linked Incentive (PLI) schemes that are underway.

Notably, till the recent 2023 Budget, the sector wasn’t all too pleased with the government’s position, as nothing substantial was announced for the sector. The sector had been seeking reforms since the past few years and ultimately it can now heave a sigh of relief.

Key focus areas

The current policy aims to put in place a comprehensive set of focus areas for the growth of the sector in a coordinated manner. The policy aims to bring a range of interventions in a coherent manner that would facilitate focussed and efficient support and facilitation for the sector by the respective agencies.