Union Cabinet approves Scheme for Domestic Manufacturing of Medical Devices

News:Union Cabinet has approved the Domestic manufacturing of Medical Device Park Scheme.

Facts:

About:

• Aim:To boost the domestic manufacturing of medical devices in the country which will reduce the imports and the cost of production.
• Under the scheme,the government has decided to set up four ‘Medical Device Parks’ and three ‘Bulk Drug Parks’ across the country for which it will provide incentives to states.
• Funding:It will give grants-in-aid to each state, up to Rs 100 crore for each ‘Medical Device Park’ and Rs 1,000 crore for each ‘Bulk Drug Park’ over the next five years.