Make in India is doing the rounds all over and the government of India is keen on this campaign as it approves 100% FDI for medical devices. India is currently importing 70% of the medical devices. This move from the government will now attract more investments and domestic manufacturing. Before this announcement, medical device FDI was regulated with the same norms as pharmaceuticals in India.
With this announcement, RBI recognizes medical devices as a separate sector from pharmaceuticals. In the pharmaceutical industry, only greenfield projects can have 100% FDI through the automatic route while brownfield projects have to be cleared by FIPB (Foreign Investment Promotion Board). The recent guidelines by RBI allows all medical device projects to be approved via the automatic route.
Under the new guidelines; spinal needles, cochlear implants, annuloplasty rings, trachestomy tubes, syringes and needle, dental implants, surgical sealants, heart valves, cardiac stents, orthopedic implants, endotracheal tubes, and catheters, among others, comes under the 100% FDI automatic route. (Registration of Medical Devices in India)
The Association of Indian Medical Device Industry after welcoming the decision wants the government to make sure that FDI is used not for trading but for local manufacturing. The founder and managing director of Trivitron Healthcare, G.S.K. Velu told: “The decision of 100% FDI is most welcome but these investments should be inspected closely that they are used to reduce the imports actually and encourage local manufacturing”.
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