Siemens Healthcare, Sahajanand Medical Technologies, Nipro India Corporation and Wipro GE Healthcare are among the companies selected under the Production Linked Incentive (PLI) scheme for the promotion of domestic manufacturing of medical devices.
In a bid to boost domestic manufacturing and attract large investment in domestic manufacturing of medical Device Sector, the Department of Pharmaceuticals had launched a Production Linked Incentive (PLI) Scheme with a total financial outlay of Rs.3,420 cr. for the period 2020-21 to 2027-28.
Domestic medical devices market in India is heavily dependent on imports which contribute to more than 85% of the market. India’s domestic medical devices market in 2019-20 was estimated to be ₹75,611 crore of which imports were worth ₹41,412 crore. While electronics and equipment accounted for 56 per cent of imports, followed by consumables and disposables which accounted for 18 per cent and surgical equipment which constituted 10 per cent of total medical devices import.
The manufacturers of following medical devices were eligible under the PLI Scheme that was unveiled by the government last year
The Government has approved applications of Siemens Healthcare, Allengers Medical Systems, Allengers OEM, Wipro GE Healthcare, Nipro India Corporation, Sahajanand Medical Technologies, Innvolution Healthcare and Integris Health.
The Department of Pharmaceuticals said that the setting up of these plants will lead to a total committed investment of Rs. 729.63 crore by the companies and commercial production is projected to commence from 1st April, 2022 .
The disbursal of production linked incentive by the Government over the five years period would be up to a maximum of Rs.121.00 crore per applicant per target segment.
The setting of these plants will make the country self-reliant to a large extent in the specified target segments in the Medical Devices Sector, the department said.
The remaining pending applications are proposed to be taken up for approval by end of February, 2021.
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