Export Promotion Council (EPC) for Medical Devices

The Indian Government has decided to set up a separate Export Promotion Council (EPC) for Medical Devices.

Key facts

  • The new EPC would have headquarters in Yamuna Expressway Industrial Development Authority (YEIDA), Greater Noida, Uttar Pradesh and regional offices in Visakhapatnam and Hyderabad.
  • An initial funding of Rs.3 crore will be provided by the government for setting up the headquarters at the upcoming Medical Devices Park Common Facility Centre (CFC).
  • The regional office in Andhra Pradesh will be set up by 2023 and the one in Telangana will be set up by 2025.
  • It will come under the aegis of the Department of Pharmaceuticals, which is a part of the Ministry of Commerce and Industry.
  • It will be overseen by a committee of administration, which will have both nominated and elected members from the government and medical devices industry.
  • The EPC will help in the promotion of export of medical devices at the global market through various initiatives that ensure their promotion.
  • These initiatives may include conducting international trade fairs, buyer-seller meets etc., which are in line with the foreign trade policy of India.
  • The EPC will also be involved in organizing awareness campaigns about the assistance provided for the MSME exports by various government schemes.
  • It will also help ensure coordination among ministries to boost export and investment in the sector.
  • The new policy would increase export and investment potential of over around Rs.80,000 crore for the manufacturing of medical devices for the international market.
  • It will also make India one of the top five most preferred supplier base of medical devices.
  • India had exported Rs 23,766 crore worth of medical devices in FY22. This is an increase from the previous year’s figure of Rs 19,736 crore.

India’s medical devices market

Indian medical devices market is the fourth largest in Asia. It is among the top 20 markets in the world. About 80 per cent of the market are dominated by imported medical devices, significantly affecting profits of many small-scale manufacturers of medical devices in the country.

Month: 

Category: 

Topics: 

Latest E-Books

Comments