Through the construction of medical device parks, export promotion policies, and new market access regulations, New Delhi is hoping to reduce its dependence on imported medical devices. A recent news report from The Economic Times explores a recent set of policies proposed by the Association of Indian Medical Device Industry (AIMED). Proposed policies include a “buy Indian” preferred market access policy, a 15% preferential pricing of World Bank and World Health Organization tenders, and various incentives to ensure the production of quality products made in India.
India currently imports over 70% of its medical device products and depends on foreign firms for almost 90% of advanced electronic medical devices. With the implementation of these new policies, AIMED hopes to turn India into a “super global hub” for medical device manufacturing.