22 September , 2022 Fdiindia
Establishment of Export Promotion Council for Medical Devices to Improve Medical Exports
Indian-made panacea would now become the cure for health issues worldwide. Based on the detailed correspondence held by the department of commerce, approval of the Department Of Commerce and GOI is conveyed to the setting up of an Export Promotion Council for Medical Devices. The specialized Export Promotion Council would help exporters promote their products in the international markets through a pool of promotional activities such as organizing and participating in international trade fairs, Buyer and seller joint meets, aligning with the foreign trade policy of India.
Based on the formal direction these decisions have been taken, it's possible that the government might organize campaigns pertaining to the assistance available for MSME exporters under various government schemes.
This specialized EPC would be established with headquarters in YEIDA, Greater Noida, and Uttar Pradesh, with regional offices in Visakhapatnam, Andhra Pradesh, and Hyderabad. According to the correspondence held, the government has committed to providing Rs 3 Crore initial financial support and a free office of about 5000sqft area at the upcoming medical devices park common facility centre in Greater Noida. However, until its completion, emerging exporters would find an adobe in the current YEIDA office.
This specialized EPC for medical devices would function under the ambit of the department of pharmaceuticals a division of the ministry of commerce and industry. India currently exported RS 23,766 crore worth of medical devices in financial year 22, up from RS 19,736 Crore in the previous year.
"This will help bring in coordinated inter-ministerial policy measures for unleashing the huge export potential and investment potential of over Rs 80,000 crore for manufacturing medical devices for the global market in our quest to be one of the top five preferred supplier base of medical devices," said Rajiv Nath, forum coordinator, Association of Indian Medical Device Industry
the direction India seems to have raised a step towards is a profound one. Production of medical equipment for the world abound would also pay dividends to the national supply of medical equipment. But it would take India a formidable amount of time to form a resolute portfolio of Medical equipment exports among these top 10 exporters of medical devices.
Although India, as of now, also rests at 10th place, very soon, with specialized EPC like these, it might succeed in increasing its medical exports. Moreover, encouraging the production of medical devices in India and encouraging as well as promoting local manufacturers towards overseas trade would also make sure that a condition of scarcity as the one faced in COVID is not experienced again. With prudent hopes remarked by a profound market waiting for the supplies at competitive prices for the world abound, the prospects for India as a medical device exporter are astute. Let's hope we also witness the dividends of the move in the local markets.