INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
The announcement of the PLI Scheme and its extensions in quick succession since April 2020
shows the will and urgency felt by the government of India to improve India’s competitiveness
in the world market. The scheme envisages the government giving a subsidy to players in the
domestic medical devices market of up to 5% on additional sales compared to the base year sales
for a qualifying firm. The total disbursement is expected to be close to ₹121 crore over 5 years.
A financial outlay of 3420 Cr was approved to reduce import dependency and facilitate domestic
market growth. CDSCO and ICMR regulate the control and quality of medical devices in the
country under the Medical Devices Act of 2020. The scheme applies to four categories of
medical devices, as mentioned. Of all the received applications, 21 have been approved, resulting
in an investment of Rs. 1,059.33 crores and around 6,411 jobs. The project cost of the common
infrastructural facilities for a chosen Medical Device Park would be covered by financial
assistance to 70%. A State Implementing Agency will carry out the project for the Medical
Device Park. The article also consists of a List of Approved Categories, Effects of the PLI
Scheme on Fostering Domestic Medical Device Manufacturing, which includes Investing
encouragement, Reducing reliance on imports, Driving innovation, Intensifying competitiveness,
and Fostering the expansion of the MSME sector. India's Manufacturing Sector Benefits from the
PLI Scheme, including Building large-scale manufacturing capacities, Export growth and import
replacement, Employment generation, and Industry professionals' opinions on India's PLI
Scheme for promoting the production of medical devices domestically. Similar schemes in other
countries like China, Malaysia and the USA are mentioned along with The Backlog and
methodology. The discussions include Simplification of eligibility criteria: Greater focus on
quality, Greater coordination between government agencies, Emphasis on particular medical
devices, Encouragement of innovation, Set up financial rewards, Construct infrastructure,
Collaboration and coordination.
Keywords:
Production Linked Incentives, Medical Devices, Dependency, State Implementing Agency, CDSCO, ICMR, MSME
Cite Article:
"PLI SCHEME IN MEDICAL DEVICES MANUFACTURING", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.9, Issue 3, page no.a182-a195, March-2024, Available :http://www.ijnrd.org/papers/IJNRD2403019.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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