In recent times, there has been a significant push from Government of India for funding and financing medical devices innovation and manufacturing. This article outlines some key schemes from the Government of India.
Government Schemes for Funding and Financing Medical Devices in India
Production Linked Incentive Scheme for Promoting Domestic Manufacturing of 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.
(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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