Vishakapatnam to have medical device park, first of its kind in asia
Andhra Med Tech Zone (AMTZ) will set up Asia's first medical device park in Vishakhapatnam in Andhra Pradesh.
June 03, 2016: The company, which is part of the Andhra Pradesh government, has received approval for funding for it by the state cabinet. The creation of such a park will definitely help in creating an ecosystem for the medical devices sector with a great push for the Small and Medium Enterprises (SMEs) and help in achieving the objectives of import substitution and export promotion. The country’s medical devices sector is worth INR 60,000 crore (USD 9.23 billion), with imports worth of INR 23,000 crore (3.54 billion), a dependency of as high as 80 per cent.
The move is a god send to the medical devices sector as the sector requires heavy capital investment, which is too high for individual manufacturers to bear. It is expected that the park of such a nature will help reduce the manufacturing cost by about 40 – 50 per cent. Currently, the manufacturers have been sending their products for process updation and value addition abroad due to lack of availability of such centrally located common facilities in the country.
AMTZ which is spread across 226 acres will have in-house high investment scientific facilities including specialized laboratories, warehousing, testing facilities. The zone already has 100-150 manufacturing units with built in ready to move in facilities of 0.5 to 1 acre each. AMTZ has been spearheaded by Dr Jitendar Sharma who is well known in the technology circles as the Med Tech Man of India who has been an implementer of major health technology intensive projects. He has been named as the Chief Executive Officer for the AMTZ project.