Union Cabinet approves National Medical Devices Policy, 2023

Tags: National National News

The Union Cabinet approved the National Medical Devices Policy, 2023 and the Indian medical device sector has come into prominence due to its contribution in the fight against COVID-19.

An Overview of the News

• The policy aims to bring the medical device sector on an accelerated path of growth with a patient-centric approach to meet the growing healthcare needs of the patients.

• The market size of the medical device sector in India is estimated to be $11 billion in 2020.

• The policy is expected to help the medical device sector grow from the current $11 billion to $50 billion by 2030.

• The policy outlines six strategies to boost the medical device sector: regulatory streamlining, enabling infrastructure, facilitating R&D and innovation, attracting investments into the sector, human resource development and brand positioning and awareness building.

About Union Cabinet

• It is thehighest decision-making body of the executive branch of the Government of India.

• It consists of the prime minister, who is the head of the cabinet, and other cabinet ministers who are responsible for various departments and ministries.

• The cabinet is responsible for making important policy decisions and making laws.

• It meets regularly to discuss issues of national importance, approve bills to be presented in Parliament, and oversee the implementation of government programs.

• Thecabinet is appointed by the President of India on the recommendation of the Prime Minister.

• The size of the cabinet is determined by the Prime Minister, but it cannot exceed 15% of the total number of members in the Lok Sabha.