Chennai, In order to promote export of medical devices from India, the Union Ministry of Commerce and Industry has decided to set up an Export Promotion Council for Medical Devices (EPCMD).
The EPCMD will be under the aegis of Department of Pharmaceuticals and will be headquartered in YEIDA, Greater Noida and with regional offices in Andhra Pradesh and Telangana.
The Yamuna Expressway Industrial Development Authority (YEIDA) will provide Rs 3 crore as an initial fund support for setting up of the Council, free office space at the upcoming Medical Devices Park Common Facility Centre, Greater Noida, the government has decided.
The Engineering Export Promotion Council of India (EEPC) will provide assistance and guidance to the EPCMD for an initial period of five years.
"It is fantastic news. The long sought and requested Medical Devices Exports Promotion Council is finally sanctioned to be created. This strategic step will go a long way in accelerating the exports and manufacturing growth of this sector," Rajiv Nath, Forum Coordinator, Association of Indian Medical Devices Industry (AiMeD) told IANS.
He said, India during FY 22 shipped out Rs 23,766 crore worth of medical devices up from Rs 19,736 crore the previous year.
"The setting up of the export promotion council 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," Nath added.