Indian medical device market to be supported by infrastructure, reform: Fitch
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Singapore: The Make In India initiative will be a long-term driver of local medical device manufacturing, Fitch Solutions has said.
The scheme will continue to develop domestic production capabilities for medical device manufacturing as healthcare infrastructure continues to develop and go on to support medical device exports.
The initiative has given a much-needed thrust to the manufacturing of medical devices in the country as well as the development of related infrastructure. Fitch said nearly 38 per cent of social infrastructure projects in India are in the healthcare industry.
Schemes that have been encouraging the market include the Production Linked Incentive scheme for promoting domestic manufacturing of medical devices which has attracted large investments and a significant total outlay.
Under this scheme, a five per cent incentive is provided on incremental sales of medical devices manufactured. Companies that meet the requirements will receive the incentives for a period of five years.
Read also: DCGI classifies over 100 medical devices linked to Radiology, Plastic Surgery, Details
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