Six companies that were shortlisted under the Productivity Linked Incentive (PLI), scheme for medical devices have commenced operations. They met up with the Union Minister for Chemicals and Fertilisers Mansukh Mandaviya and made a presentation on the status of their projects.

The representatives from Panacea Medical Technologies, Trivitron Healthcare, Philips Global Business Services, Microtek New Technologies, Sahajanand Medical Technologies and Deck Mount Electronics attended the meeting and presented the status of their projects. The medical devices, approved under PLI scheme and commissioned, include Linear Accelerator (LINAC), Rotational Cobalt Machine, X Ray Equipment, C-Arm, MRI Coils, Oxygen Concentrators and Stents.

The Department of Pharmaceuticals has launched the “Production Linked Incentive (PLI) Scheme for Promoting Domestic Manufacturing of Medical Devices” in March 2020 to boost domestic manufacturing and attract large investments in the medical devices sector. Under the scheme, financial incentive is given to selected companies at the rate of 5% of incremental sales of medical devices manufactured in India and covered under the Target segments of the scheme, for a period of five (5) years till 2027-28. The total financial outlay of the Scheme is Rs. 3,420 crore. A total of 21 applicants have been approved for 49 products, with a potential to utilize incentive amount of Rs. 2541 crore.

The Union Minister complimented the industry representatives for this achievement. He emphasized that this sector in India has huge potential for growth in domestic as well in global markets. He noted that manufacturing of medical devices in India shall be significant step forward in strengthening the domestic supply chain. He urged industry participants to make concrete efforts toward increasing the localization impact and deepen the domestic manufacturing of components.

The meeting was attended by the Secretary, Department of Pharmaceuticals along with other Officers/Officials of the Department. Secretary, DoP has remarked that this PLI scheme is a significant initiative of governmental support to the domestic Medical Devices Industry and assured all the support to the PLI scheme beneficiaries through the Project development cell of the Department to commission the approved projects in a timely manner. Secretary also assured the devices industry of facilitatory support for the sunrise sector, to grow to US $ 50 billion by 2025.