Govt aims to raise domestic med devices industry to USD 50 bn

Government is aiming to increase the size of domestic medical devices sector to USD 50 billion by taking of a slew of measures, including setting up of two parks, Fertiliser Minister Ananth Kumar said today.
"Our government is going to set up two Medical Devices Parks in the country, and first such park will come up in Gujarat soon and we want to have second park in Chennai," Kumar said while releasing the recommendations of task force on medical devices.
The Minister said that NIPER, Ahmedabad, will be the nodal institute for undertaking research and development in the area.
"Today size of our domestic devices industry is USD 5 bilion and we want to increase it to USD 50 billion and at the same time increasing our share to 20 from 2 per cent in global medical devices market, which is of about USD 250 billion," Kumar added.

The Minister also assured the industry that he has taken up the tax related issues with the finance ministry to make the domestic industry more competitive compared to global players.
Only 30 per cent of the country's requirement of Medical Devices is being met through indigenous production, and that of low-end category. The Minister said that the Government is taking several steps to boost the domestic production of high end medical devices & pharmaceutical manufacturing.