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Gujarat’s Medical Device Park At
Nagalpar Near Rajkot To Be Operational By End Of 2024
The Government of Gujarat’s ambitious medical device park at
Nagalpar, near Rajkot which is going to be developed in an area of 250 acres
with Centre’s financial grant-in-aid of Rs. 250 crore, will get operational by
the end of 2024.
The medical device park in Rajkot district, which has been
conceptualized as a commercially and economically feasible venture, is billed to
rake in an investment of 100-150 million USD over three years.
“The state government will chip in more funds to make the
medical device park run smoothly which is estimated to house around 400 medical
device companies. Nagalpar is an engineering hub and setting up a medical device
park here will bring in good Return on Investments (RoI). It is expected to
facilitate research and development, testing, manufacturing, training,
incubation in the medtech space for medical device companies,” informed Gujarat
Food and Drug Control Administration (FDCA) commissioner Dr H G Koshia.
Gujarat Industrial Development Corporation (GIDC) has
initiated the process of setting up a medical device park at Nagalpar in Rajkot
to promote medical device manufacturing in the state.
The Government of India has taken several measures to
encourage domestic manufacturing of drugs including bulk drugs and medical
devices to reduce import dependence.
Under the scheme “Promotion of Medical Devices Parks”, final
approval for financial assistance of Rs. 100 crore each, has been given to the
States of Uttar Pradesh, Tamil Nadu, Madhya Pradesh and Himachal Pradesh for
establishment of common facilities in their Medical Device Parks.
Further, under the sub-scheme “Assistance to Medical Device
Industry for Common Facility Centre”, grant-in-aid of Rs. 25 crore was provided
to Andhra Pradesh Medtech Zone Ltd. (AMTZ), for establishment of Common Facility
for Superconducting magnetic coil testing and research facility.
The production linked incentive (PLI) scheme for promoting
domestic manufacturing of medical devices, with a financial outlay of Rs. 3,420
crore and with the tenure from FY 2020-21 to FY 2027-28, provides for financial
incentives to selected companies at the rate of 5 per cent of incremental sales
of medical devices manufactured in India and covered under the four Target
segments of the scheme, for a period of five (5) years.
http://www.pharmabiz.com/NewsDetails.aspx?aid=161320&sid=1 (September 4,
2023)
Country’s Geriatric Care Services Market
- Including Medical And Non-medical, Personal Care Services - Is Projected To
Grow
The "silver economy" in India, which focuses on providing
services and products for the elderly, is attracting professionals from various
industries. The country's elderly population is expected to double by 2050,
creating a demand for senior living, elder tech, and geriatric care. Young
professionals are drawn to the sector for its positive impact on communities and
potential career growth.
According to the India Ageing Report, 2023,
published by UNFPA India, the country’s elderly population is set to double to
347 million by 2050, or 20.8% of the total. The silver economy is primed to
generate jobs and create novel career avenues in the fields of senior living,
elder tech/age tech (technologies with a focus on special needs of the aged) and
geriatric care.
The country’s geriatric care services market —
including medical and non-medical, personal care services — is projected to grow
at a CAGR of 7% and will be worth $42.2 billion in 2028, up from $25.7 billion
in 2021, according to a 2022 analysis by Coherent Market Insights.
(
https://economictimes.indiatimes.com/jobs/mid-career/moreand-more-young-mid-career-professionals-eye-careers-in-careand-tech-for-elderly/articleshow/104663194.cms
October 24, 2023). |
