Centre notifies Rs 400 crore Scheme for “Promotion of Medical Device Parks” to support the medical devices industry

Centre notifies Rs 400 crore Scheme for “Promotion of Medical Device Parks” to support the medical devices industry

• The Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers, has notified the “Scheme for Promotion of Medical Device Parks”.
• The scheme aims to create proper infrastructure in the medical device industry sector, through higher levels of investments, to support the industry reach its potential.
• Total financial outlay of the scheme is Rs. 400 crore
• The tenure of the scheme is five years, from FY 2020-2021 to FY 2024-2025.
• The Medical Devices Parks will provide common infrastructure facilities at one place to create a robust ecosystem for the medical device manufacturing in the country and also reducing the manufacturing cost significantly.

Source: PIB