The minister of state for chemicals and fertiliser informed the parliament, “The Indian
pharmaceutical industry is the 3rd largest in the world by volume and the 14th largest in terms of value. Further, India is the 4th largest Asian medical device market after Japan, China, and South Korea. India’s market share in the global medical device market is estimated to be 1.5 per cent.”
Minister Bhagwanth Khuba was replying to a question asked in parliament. He also told the parliament that the exports of drug formulations and biologicals have also gone up from $19,043 million in FY21 to $19,459 million in FY23. “The medical equipment and machinery sector has been recognised as a sunrise sector in the country; the market size of medical devices was $11 billion in 2020 and is expected to grow rapidly. The Government of India
has taken several measures to encourage domestic manufacturing of medical devices.”
The data presented by the minister showed the rise in exports in the consumable and disposable segment, the surgical segment, electrical equipment, implants, and IVD reagents between FY21 and FY23. The minister also highlighted the steps taken by the government to boost the export of medical equipment and devices. The steps are that Production-Linked Incentive Scheme for Promoting Domestic Manufacturing of Medical Devices (PLI MD) with a total financial outlay of Rs 3,420 crore and tenure from FY21 to FY28.
He also stated that a production-linked incentive scheme for pharmaceuticals has been launched with a total financial outlay of Rs 15,000 crore and a tenure from FY21 to FY29 and the scheme Promotion of Medical Devices Parks, with a total financial outlay of Rs 400 crore and a tenure from FY21 to FY25, provides for the maximum financial assistance of Rs 100 crore each to four selected states and union territories for the creation of common
infrastructure facilities in the upcoming medical device parks. The scheme Assistance to Medical Device Clusters for Common Facilities (AMD-CF) provides financial incentives to medical device clusters to develop common infrastructure facilities like medical device testing labs, e-waste treatment facilities, and logistic centres.