Government to set up separate export promotion council for medical devices
The government of India on Thursday has decided to set up a separate Export Promotion Council (EPC) for Medical Devices, to boost exports of medical devices.
"Based on the detailed deliberations in the meetings held by the Department of Commerce (DoC) .. with regard to the creation of an EPC for Medical Devices, and the suggestions/responses received from stakeholders in the medical devices sector, approval of DoC, GoI is hereby conveyed to the setting up of an EPC for Medical Devices," an official memorandum issued on Wednesday by the government said.
The EPC will help exporters in promoting their products in international markets through various promotional activities including organising and participating in international trade fairs, buyer-seller meets, in line with the foreign trade policy of India. The Council may also organise awareness campaigns regarding the assistance available for the MSME exporters under various government schemes.
The EPC will be established with headquarters in YEIDA, Greater Noida, Uttar Pradesh, with regional offices in AMTZ - Visakhapatnam, Andhra Pradesh and Hyderabad in Telangana.
The government said it will provide Rs 3 crore initial financial support, free office of around 5000 sqft area at the upcoming Medical Devices Park Common Facility Centre (CFC), Greater Noida and required secretarial staff. Till the completion of the CFC, YEIDA shall provide suitable office space in their current building. The regional office at AMTZ, Visakhapatnam will be set up by the end of 2023 and the Hyderabad one by end of 2025. The AMTZ and Telangana government will facilitate establishment of regional offices in their respective states.
The EPC for medical devices will be under the administrative control of the Department of Pharmaceuticals, which is a part of the Ministry of Commerce and Industry. It will be administered by a committee of administration (CoA) that have both the nominated and elected members from the government and medical device industry.
India currently exported Rs 23,766 crore of medical devices in FY22, which was up from Rs 19,736 crore from 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 top five preferred supplier base of medical devices," said Rajiv Nath, forum coordinator, Association of Indian Medical Device Industry (AiMeD).
The Pharmaceutical Export Promotion Council (Pharmexil) has been a huge success in helping to boost the pharmaceutical exports of India to close to $25 billion in FY22.