The Union Cabinet of India has approved the National Medical Devices Policy, 2023, with the objective of facilitating the growth of the medical device sector in an orderly manner and meeting the public health objectives of access, affordability, quality, and innovation.
The policy is expected to help the sector grow from the current $11 billion to $50 billion over the next five years. The Union Health Minister, Mansukh Mandaviya, said that the government’s vision is to achieve a 10%-12% share in the expanding global market for medical devices over the next 25 years and to emerge as a global leader in manufacturing and innovation of medical devices.
The policy is based on a set of strategies that will cover six broad areas of policy interventions, including regulatory streamlining, enabling infrastructure, facilitating research and development and innovation, attracting investment, and human resource development. The government has stated that the policy will provide the necessary support and direction to strengthen the medical devices industry into a competitive, self-reliant, resilient, and innovative industry that caters to the healthcare needs of not only India but also the world.
In conclusion, the National Medical Devices Policy, 2023 aims to place the medical devices sector on an accelerated path of growth with a patient-centric approach to meet the evolving healthcare needs of patients.