On 26 April 2023, the Government of India (GOI) approved the National Medical Device Policy 2023.
The Medical Devices sector is an integral part of the healthcare industry. It is a sunrise sector that has witnessed sustained growth in the past decade. The sector has seen significant investments recently and new MedTech startups are coming up each passing day. The sector has high import dependency, with 80% of total medical devices being imported into the country. Recognizing this concern, the GOI announced Production Linked Incentives (PLI) and the set up of dedicated Medical Device parks in the country in 2020 and 2021.