Medical Device Parks Scheme

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    In News 

    • Recently, the Department of Pharmaceuticals has notified the Scheme for “Promotion of Medical Device Parks” at a financial outlay of ? 400 crores till the financial year 2024-2025.

    About 

    • The Medical Devices Parks to be developed under the scheme will provide common infrastructure facilities in one place.
    • The financial assistance to a selected Medical Device Park would be 70% of the project cost of common infrastructure facilities. 
      • In the case of the North-Eastern States and the Hilly States, financial assistance would be 90% of the project cost. 
        • Maximum assistance under the scheme for one Medical Device Park would be limited to Rs. 100 crores.
    • Approved ST/UTs: The Centre has granted in-principle approval for the parks in Himachal Pradesh, Tamil Nadu, Madhya Pradesh and Uttar Pradesh after it received proposals from as many as 16 States and Union Territories.
    • Basis of selection: The selection of the States/UTs is based on the challenge method, which is reflected in the evaluation criteria of the scheme. 
      • The ranking methodology for States/UTs is based on the parameters prescribed in the scheme guidelines such as utility charges, State policy incentives, the total area of the park, land lease rate, connectivity of the park, ease of doing business ranking, availability of technical manpower etc. 

    Objectives 

    • Easy access to standard testing and infrastructure facilities through the creation of world-class common infrastructure facilities for increased competitiveness will result in a significant reduction of the cost of production of medical devices leading to better availability and affordability of medical devices in the domestic market.
    • Reaping the benefits arising due to optimization of resources and economies of scale.

    Source: TH