New Delhi, November 14, 2016: PHD Chamber in association with AMTZ (Andhra MedTech Zone) organized a Seminar on ‘Medical Electronics International collaborations & Financing for Manufacturing’ in India on Friday, 4th Nov 2016, 11:00am at James Hotel (Formerly Park Plaza) Chandigarh.
AMTZ (Andhra MedTech Zone) aims to make India a self-sufficient and in fact an exporter of good quality and cost-effective medical technology.
The inflow of foreign direct investment (FDI) in medical devices was less; post the government permitting 100 per cent FDI under the automatic route several MNCs have been increasing their manufacturing footprint and locating research centres in India to serve both the Indian and global markets. Increased funding and investments have also reflected in other supply-side changes in healthcare delivery in India, such as AMTZ (Andhra MedTech Zone) aims to make India a self-sufficient and in fact an exporter of good quality and cost-effective medical technology said by Mr Vivek Seigell, Director, PHD Chamber.
He also appreciated the efforts being taken by the Andhra Pradesh Govt. and urged the industry members to come up front and be the part of AMTZ project and support the govt. in fulfilling the goal of make in India.
He further added to avail the facilities available in manufacturing the medical devices which exists today.
The objective of the Seminar was to familiarize the Industry on this opportunity which exists in fulfilling this gap which is likely to only widen as the healthcare services reach out to semi-urban and rural areas. The seminar also threw up opportunities for foreign collaborations for technology transfers and financing for setting up units.
The Conference was presided over by Mr. Judish Raj, Vice-President (Planning) shared that Medical device Industry in India is Rs 30,000 Cr ( USD 5.00 Bn) and is fourth largest in Asia. He also shared about the benefits of being the part of AMTZ project at Vizag, where they are offering Plug-n-Play Infrastructure, Lower cost testing services, Lower Capex for manufacturers, Regulators and Export Facilitation, Promotional activities thru EXPO/ Convention Center, Finance and technology transfer services, Preferential Market Access Circa and all other facilities commonly required in the manufacturing of medical devices etc.
Mr Vikas Verma, Financial Advisor , AMTZ shared about AMTZ value proposition for investors and he also shared about multiple fiscal incentives provided by AMTZ to the companies participating in the project like 100% reimbursement of Stamp Duty, Transfer Duty and Registration Fee paid on sale / lease deeds on the first transaction and 50% thereof on the second transaction, 50% to micro, 40% to small & 25% to medium & 10% to largescale industry limited to Rs 50 lakh for a period of 5 years from the date of commencement of commercial operations, Exemption of Electricity Duty for new electronic hardware units, after coming into commercial operations entitled for 100% exemption on Electricity duty for a period of 5 years, The cost of filing patents will be reimbursed to the companies having their headquarters in Andhra Pradesh, subject to a limit of Rs 5 Lakh per domestic patent awarded and Rs 10 Lakh per international patent awarded, 50% subsidy on the expenses incurred for quality certification limited to Rs 4 Lakh (Conformity European (CE),China Compulsory Certificate (CCC), ULCertification, ISO, CMM Certification, SA, RU etc.), 25% subsidy on cleaner / greener production measures limited to Rs 10 Lakh, 100% tax reimbursement on VAT/CST for a period of 10 years subject to a maximum of 100% of fixed capital investment other than land (such as building, plant, machinery, testing equipment, etc).and many more.
Mr. Vishal Gandhi, CEO, BioRx Ventures shared about how their organization will be supporting the project by their Healthcare focussed financial solutions.
According to an industry report, in India, the medical devices industry is small, with a disproportionate reliance on imports and a complex regulatory environment. The Indian market is among the top 20 in the world by market size, and fourth in Asia after Japan, China and South Korea. It is significantly behind developed economies like the United States. This current under penetration of Medical devices in India represents the sizeable growth opportunity.
Medical devices play a role not only in screening, diagnosing and treating patients, but also in restoring patients to normal lives and in regularly monitoring health indicators to prevent diseases.
Corporate Comm India(CCI Newswire)
