On Thursday, industry organizations noted that the National Medical Devices Policy, 2023, will pave the way for India to become an end-to-end healthcare resource center, not just for the country but also for global demands. On Wednesday, the government adopted the new policy with the goal of encouraging domestic manufacturing and assisting the sunrise industry to develop from $11 billion to $50 billion in the next five years while reducing import dependency.

According to Mr. Ajay Singh, President of Assocham, regulatory measures such as a single window for multiple sorts of licenses, consistent pricing regulations, and infrastructure for manufacturing and technological progress are among the distinguishing aspects of the new policy, as approved by the Union Cabinet. He added that while India has established itself as a world pharmacy, integrated healthcare would necessitate a similar emphasis on medical devices.

Pavan Choudary, Chairman of the Medical Technology Association of India (MTaI), commented on the policy and stated that "although they need to read the fine print, they are encouraged by the spotlight turned on R&D."

In India, the medical device sector is a fundamental component of the healthcare system. Regulatory Streamlining; Enabling Infrastructure; Facilitating R&D and Innovation; Attracting Investments in the Sector; Human Resources Development; and Brand Positioning and Awareness Creation are the six initiatives outlined in the policy.

Mr. Bhargav Kotadia, Co-Chair of the PHDCCI Medical Device Committee, emphasized that the policy is designed to put the medical devices industry on an accelerated growth path with a patient-centric approach to address patients changing healthcare demands.

(Source: https://health.economictimes.indiatimes.com/news/medical-devices/medical-devices-policy-will-make-india-healthcare-resource-centre-industry/99820315 )