India's Leading Healthcare & Pharma Companies 2023

54 | India’s Leading Healthcare & Pharma Companies 2023 [ OVERVIEW OF INDIA MEDICAL DEVICES SECTOR ] achieve the target of halving India’s import dependence on medical devices in the next decade will provide major boost Enabl ing pol icy measures to support the sector: The enabling policies like PLI, ‘Make in India’ ini t iat ive, expor t incent ives , R&D support, and ease of doing business reforms wi l l help in providing much required impetus to the sector. Besides, the setup of export promotion council for the industry, existing and upcoming trade agreements will provide much required push. Alternate manufacturing hub for medicaldevices: Theestablishment of medical devices clusters and parks will help India to emerge as a manufacturing hub for domestic and international markets. It will also facilitate R&D in the sector and is expected to help reduce production costs by 40-50%. The enhanced competitiveness of Indian device manufacturers will help to expand global footprints. Dun & Bradstreet