Commerce and Industry Minister Piyush Goyal has pitched for the development of high-quality medical devices for global customers, stating that the government is willing to provide 100 per cent funding for the purchase of testing equipment. He said domestic firms should bring technology partnerships, encourage joint ventures, and invite global innovators and large pharma companies to India.
He stated 'We must develop a critical component ecosystem by strengthening our domestic capabilities with high quality. We must create shared testing infra facilities where these equipment can be tested, benchmarked to the best in the world, certify and demonstrated to global customers. From BIS (Bureau of Indian Standards), we are willing to support 100 per cent cost of the best testing equipment for your equipment...100 per cent government of India will fund the acquisition of testing equipment...demand from us, there is no proposal from you. And we'll set up the most modern labs.’
Moreover, he called for improving design, copyrights, patent laws, and the IPR (intellectual property right) ecosystem so that internationally people look up to come to India and India can become a global hub of innovation because the country has a huge cost advantage. He added ‘We must bring technology partnerships, we must have better buyer and seller relationship, we must encourage joint venture...We must co-design, and co-develop licence wherever required...look for joint R&D centres with other countries.’
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