The story so far: On April 26, the Union Cabinet approved the National Medical Devices Policy, 2023. The policy endeavours to facilitate an orderly growth of the sector and in turn, achieve the public health objectives of access, affordability, quality and innovation. It is expected to help the domestic medical devices sector market grow from $11 billion to $50 billion by 2030 alongside achieving a 10-12% global market share over the next 25 years. The aim is to provide the required support and direction, and help the sector become “competitive, self-reliant, resilient and innovative” to cater not only to domestic but global needs.
What does it do about regulatory streamlining?
The most significant of the introduced measures entail regulatory streamlining. The policy enhances the role of the Bureau of Indian Standards (BIS) along with designing a coherent pricing regulation.
