The government is planning to set up a dedicated zone for medical devices manufacturing and the first medical devices and equipment park would come up in Gujarat with an investment of upto Rs 350 crore.
"We are taking a cluster approach for developing the medical device sector in the country and first such medical device park would come up in Gujarat," Minister of State Chemicals and Fertilisers Srikant Jena told PTI on the sidelines of a Ficci conference.
According to ministry officials, the total investment in the park would be between Rs 300-350 crore. Work on the park is likely to begin by November this year.
According to industry estimates, the total market for medical devices in the world is estimated at around 200 billion dollars, which is growing at the rate of 4.5 per cent annually.
India, however, accounts less than one per cent of the total global market for these products and imports accounts for 65 per cent of the domestic market.
