KSIDC to set up SEZ to boost medical device manufacturing

KSIDC to set up SEZ to boost medical device manufacturing
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The Kerala State Industrial Development Corporation (KSIDC) will set up a special economic zone (SEZ) for companies manufacturing medical equipment.

The aim is to help such companies reap the benefits of the expansive medical care sector.

The KSIDC will use the 125 acres of land near the Life Sciences Park in Thonnakkal in Thiruvananthapuram.

The project will be executed under the Make in India campaign and private participation will be ensured under various State and Central schemes.

India produces only 15 per cent of medical equipment used in the country. Every year, India imports medical equipment worth Rs. 50,026 crore. The SEZ will focus on the domestic and import markets.

It is anticipated that by 2024, the import of medical equipment would touch Rs.1.20 lakh crore.

The foundation stone for the medical device manufacturing zone will be laid next month. The detailed project report is being readied. In the first phase, 20 acres of land will be handed over for the work.

The Sri Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) will set up the first unit at the park. The Life Sciences park had handed over 10 acres to SCTIMST for the purpose. As much land will be handed over again and SCTIMST will function as the ‘anchor unit’ at the park.

The medical devices manufacturing zone will have facilities for research and development, incubation, and production units. The testing facilities will be set up by the Centre and the land would be provided by the state. Private investments will get rebate under the make in India campaign.

States like Gujarat, Andhra Pradesh, Tamil Nadu, Mumbai, Delhi, have already announced medical manufacturing zones, anticipating huge demand and scope.

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