Government Schemes For Medical Devices In India
- Artixio Consulting
- Jul 8, 2023
- 3 min read
Updated: Apr 16
India holds the 4Th largest medical devices industry in India with a huge capital. India has great skills in the research and development sectors which has boosted the value of medical devices in India. In recent times, there has been a significant push from the Government of India for funding and financing medical device innovation and manufacturing. India aims through government schemes to strengthen the medical devices industry.
This article outlines some key schemes from the Government of India.
List Of Government Schemes For Medical Devices In India:
Name of the Indian Government Scheme | Scheme Initiation Year |
Production Linked Incentive Scheme for Promoting Domestic Manufacturing of Medical Devices (PLI 1.0) | 2020 |
Production Linked Incentive Scheme for Pharmaceuticals (PLI 2.0) | 2020 |
Promotion of Medical Device Parks in India | 2020 |
Make in India - Incentive Schemes for Medical Devices | 2014 |
SBI Medical Equipment Finance Scheme | 2017 |
How To Apply For Government Schemes In India?
The general procedure for applying to any government scheme includes checking the eligibility and collecting the documents required, logging in to their official portal filling out the application form by attaching the documents, and then waiting for the scheme approval.
Government Schemes for Funding and Financing Medical Devices in India
Production Linked Incentive Scheme for Medical Devices (PLI 1.0) by Government of India:
This scheme offers a financial incentive of 5% on incremental sales (over base year 2019-20) of goods manufactured in India for a broad range of product segments such as cancer care devices, radiology and imaging devices, anaesthetics devices, implants, etc. The scheme aims to boost domestic manufacturing and attract large investments in the medical device sector¹.
Production Linked Incentive Scheme for Pharmaceuticals (PLI 2.0):
This scheme offers a financial incentive of 10% on incremental sales (over base year 2019-20) of goods manufactured in India for various product categories such as biopharmaceuticals, active pharmaceutical ingredients (APIs), medical devices, etc. The scheme aims to enhance India's manufacturing capabilities and exports in the pharmaceutical sector¹.
Promotion of Medical Device Parks in India:
This scheme provides financial assistance to the states for setting up common infrastructure facilities such as testing laboratories, warehousing, incubation centers, etc. for medical device manufacturing units. The scheme aims to create medical device manufacturing clusters and reduce the cost of production¹.
Make in India - Incentive Schemes for Medical Devices:
This document provides an overview of various incentive schemes offered by the central and state governments for promoting domestic manufacturing of medical devices. Some of the schemes include capital subsidy, interest subsidy, tax exemption, duty drawback, export promotion, etc⁴.
SBI Medical Equipment Finance Scheme:
This scheme provides term loans to individuals, firms, companies, trusts and societies for purchasing new or refurbished medical equipment such as CT scan, MRI, ultrasound, X-ray, ventilator, etc. The scheme offers competitive interest rates, flexible repayment options, and minimal documentation⁵.
Medical Devices innovators and entrepreneurs can benefit from these Government Schemes for Funding and Financing Medical Devices in India.
Conclusion:
The government initiatives through its various funding and financing schemes aim to support the innovators of medical devices in India and strengthen the global healthcare positioning of India. Thus, all the manufacturers of medical devices should use these government schemes to bring out a successful medical device.
For more details regarding the regulatory procedures for these government schemes contact Artixio today for a hassle-free regulatory journey and quick approval of government schemes for your devices.
Contact info@artixio.com
FAQs:
1. Who is eligible for the government schemes for medical devices in India?
Any applicant with valid manufacturing license such as manufacturer, large companies, small-scale companies, etc. are eligible for the medical devices' schemes in India.
2. How much finance is provided under the Production Linked Incentive’s (PLI) schemes in India?
The government of India provides a cash incentive within the range of 4-10% on the medical devices with incremental sales.
3. Are there any schemes available for the export of medical devices?
Yes, schemes such as Market Access Initiative (MAI) Scheme and Merchandise Exports from India Scheme (MEIS) are available for the export of medical devices.
4. Can I enroll in multiple schemes at a time?
Yes, multiple schemes can be enrolled in at a time if you are eligible for the schemes and if you meet their key requirements.
References:
(1) Schemes for Medical Devices Manufacturing | Invest India. https://www.investindia.gov.in/schemes-for-medical-devices-manufacturing.
(2) Make in India - KPMG. https://assets.kpmg.com/content/dam/kpmg/in/pdf/2020/12/make-in-india-incentive-schemes-medical-devices.pdf.
(3) SBI Medical Equipment Finance Scheme - IndiaFilings. https://www.indiafilings.com/learn/sbi-medical-equipment-finance-scheme/.
(4) Investment Opportunities in India’s Healthcare Sector - NITI Aayog. https://niti.gov.in/sites/default/files/2021-03/InvestmentOpportunities_HealthcareSector_0.pdf.
(5) Cabinet approves the Policy for the Medical Devices Sector. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1919984.
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