Prime Minister Modi Inaugurates Major Medical Manufacturing Milestone

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Synopsis of the Article:

• Prime Minister Narendra Modi virtually inaugurated Meril’s new, advanced manufacturing facility in Vapi, Gujarat, on October 29, 2024.
• The facility, built under the Production Linked Incentive (PLI) scheme, aims to boost India’s medtech manufacturing capacity.
• Gujarat’s Chief Minister, Shri Bhupendrabhai Patel, attended the inauguration in person.
• Meril, a leading MedTech company in India, exports “Make in India” medical devices to over 150 countries, reducing dependence on imports and supporting Atmanirbhar Bharat.
• CEO Vivek Shah highlighted Meril’s commitment to innovation and quality, with the company’s global education reach including 12 Meril Academies.
• At the 2024 Vibrant Gujarat Global Summit, Meril signed an MoU to invest Rs. 910 crore in the Gujarat medical devices sector.
• To date, Meril’s investments total over Rs. 1,400 crore, aiming to create 5,000 jobs and significantly cut critical device imports.
• Four Meril group companies are involved in producing devices across Structural Heart, Vascular Interventions, Orthopaedics, and Endo-Surgery, thanks to the PLI scheme.

PM Modi Inaugurates New Milestone in Indian MedTech Innovation

Prime Minister’s Support for Indian MedTech

In an important stride for Indian medtech, Prime Minister Narendra Modi virtually inaugurated Meril’s advanced manufacturing facility on October 29, 2024. Located in Vapi, Gujarat, this state-of-the-art unit is a significant addition to India’s growing presence in the global medical technology sector. The launch was attended by Gujarat’s Chief Minister, Shri Bhupendrabhai Patel, who was present at Meril’s headquarters to celebrate the opening of the new facility in person.

The facility is a product of the Production Linked Incentive (PLI) scheme, a government initiative aimed at reducing India’s dependence on foreign medical devices by encouraging domestic production. This not only bolsters the “Make in India” movement but also ties into the larger vision of Atmanirbhar Bharat, or self-reliant India.

Meril’s Global Impact on Medical Devices

Meril has made remarkable strides over the years, establishing itself as one of India’s leading MedTech companies. Known for its innovation and reliability, Meril has already cemented a strong global footprint, providing healthcare solutions in over 150 countries. The company’s products span an impressive range of medical devices, allowing it to cater to diverse healthcare needs worldwide. This global reach has been further boosted by Meril’s dedication to producing high-quality “Make in India” devices, which significantly contributes to reducing India’s reliance on imports for critical medical needs.

CEO’s Commitment to Innovation and Quality

During the inauguration event, Meril’s CEO, Vivek Shah, expressed his pride in being recognized under the PLI scheme, stating that it aligns with the company’s vision of an India capable of leading in healthcare technology. “We are honored to be recognized under the PLI scheme, which is in perfect alignment with India’s aim to be self-sufficient in healthcare. This new facility embodies Meril’s dedication to pioneering advanced, quality healthcare solutions for India and the world,” said Mr. Shah.

Meril not only emphasizes manufacturing but also focuses on training and education. With 12 Meril Academies established in India and internationally, the company has shown a commitment to empowering healthcare professionals worldwide with the knowledge and skills required to handle cutting-edge medical technology.

Major Investment Plans and Vibrant Gujarat Summit 2024

In January 2024, during the Vibrant Gujarat Global Summit, Meril signed a Memorandum of Understanding (MoU) with the Gujarat government, committing to an investment of Rs. 910 crore in the medical devices sector in the state. This significant investment reflects Meril’s commitment to advancing India’s medtech ecosystem by fostering local production and reducing dependence on imported devices. With this MoU, Meril aims to strengthen its production and development capabilities, contributing to the state’s economy while supporting India’s ambitious healthcare vision.

So far, Meril’s investments in India have exceeded Rs. 1,400 crore, a testament to its long-term vision and dedication to the country’s healthcare progress. These investments are projected to generate 5,000 jobs, providing valuable employment opportunities in the MedTech sector. This expansion is expected to be pivotal in making essential medical devices more accessible in India and beyond.

PLI Scheme’s Role in Driving MedTech Growth

The government’s Production Linked Incentive scheme has been a game-changer for India’s manufacturing sector, especially in medtech. Meril’s new facility joins a growing list of Indian companies benefiting from this program, allowing them to scale up and reduce the country’s dependence on imports for medical equipment.

As part of the PLI scheme, Meril has included four of its group companies focused on Structural Heart, Vascular Interventions, Orthopaedics, and Endo-Surgery, each playing a crucial role in delivering innovative healthcare solutions. By enabling the production of devices within India, the scheme aims to ensure timely access to high-quality medical products at affordable rates.

India’s Rising Leadership in Healthcare Technology

The inauguration of Meril’s facility underlines India’s growing capabilities in healthcare innovation. This development reflects the government’s ongoing commitment to fostering a competitive medtech industry that can stand shoulder-to-shoulder with global leaders. Additionally, initiatives like Meril’s focus on training through its academies not only empower Indian healthcare professionals but also help establish India as a global hub for medical innovation.

With continued government support, Meril and other MedTech companies can look forward to sustained growth, helping India reduce its dependency on imports, cut costs, and expand its reach in international markets. As India steadily moves towards Atmanirbhar Bharat, Meril’s new manufacturing facility marks a crucial step forward.

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