Medical Device Parks’ scheme

Why in news?

• Recently, Union Government notified Medical Device Parks’ scheme to promote medical device parks at a financial outlay of Rs.400 crore till financial year 2024-2025.

Background:

• The medical device industry is a unique blend of engineering and medicine. It involves the creation of machines that are used to support life within the human body.
• The Medical Devices Industry in India is the 4th largest in Asia and among the top 30 in the world.
• It is a highly capital-intensive industry and boasts immense potential in terms of skilled manpower and research & development.
• India currently imports 80-90% of medical devices of the USD15 billion market.
• The US, Germany, China, Japan, and Singapore constitute the five largest exporters of high technology medical equipment to India.

What is Medical Device Parks’ scheme?

• It is launched by Ministry of Chemicals and Fertilizers.
• The aim of the scheme is to ensure easy access to standard testing and infrastructure facilities through the creation of world-class common infrastructure facilities via medical device parks.
• The scheme will bring down the cost of production of medical devices, thereby making them more affordable for domestic consumption.
• The scheme is in line with Atmanirbhar Bharat.

Financial Assistance:

• The total financial outlay of the scheme is Rs 400 crores.
• The financial assistance for a selected medical device park is 90% of the project cost of common infrastructure facilities for the northeastern and hilly States and 70% for the rest.
• A maximum assistance under the scheme for one such park will be Rs 100 crore.
• The Centre has granted in-principal approval for the parks in Himachal Pradesh, Tamil Nadu, Madhya Pradesh and Uttar Pradesh after it received proposals from 16 States and Union Territories.

PRACTICE QUESTION:

Which of the following statements is/are correct regarding ‘Medical Device Parks’ scheme’?

1. It is launched under the Ministry of Health and Family Welfare

2. The total financial outlay of the scheme is Rs 40,000 crores.

3. It aims to build a medical device park in each district of India.

Select the correct answer using the code given below:

(a) 1 only

(b) 2 and 3 only

(c) 3 only

(d) None of the above

Answer