Tuesday, 24 November 2020

Kerala to house first medical devices park

22 September 2020 | News

The biomedical park will specialize in high-risk medical device sector involving medical implants and extracorporeal devices

Image credit- shutterstock.com

Image credit- shutterstock.com

Kerala will soon house one of the first medical device parks in the country, focusing on the high-risk medical device sector to provide full range of services for the medical devices industry like R&D support, testing, and evaluation. 

MedSpark, the medical devices park envisaged as a joint initiative of Sree Chitra Tirunal Institute for Medical Sciences & Technology (SCTIMST), an autonomous institute of the Department of Science and Technology (DST), Govt. of India, and the Kerala State Industrial Development Corporation Ltd (KSIDC), the industrial and investment promotion agency of the Government of Kerala is going to be established in the Life Science Park, Thonnakkal, Thiruvananthapuram.

This medical device park will stand out with its emphasis on the high-risk medical device sector involving medical implants and extracorporeal devices, in which SCTIMST scores with its knowledge.

Currently, Kerala has a number of medical device companies with an annual turnover in excess of Rs. 750 crores, most of them operating with technologies transferred from SCTIMST. 

When completed, the MedSpark will have:

  • A Medical Device Testing & Evaluation Centre accredited to international agencies
  • An R&D Resource Centre for facilitating R&D in medical device domain, the services of which would be shared by the entities within the Park
  • A centralised Knowledge Centre for skill up-gradation with facilities for conducting training and providing support on regulatory issues, clinical trials, etc.
  • A Technology Business Incubation Centre for promoting start-ups and early-stage companies
  • A set of Modular Manufacturing Units for lease by the industries coming to the park or land modules for setting up manufacturing units
  • The business model for the MedSpark is self-sustaining in which its operational expenses will be generated from its revenue streams. Funding from the state and central governments (both Kerala State and Central) through various schemes will meet the capital expenditure and deficit in income against expenses during the initial stages
  • It is expected that the project would provide direct employment to 1200 people. Besides, employment generation up to 4000 – 5000 jobs through the supporting industries like OEM suppliers, service providers, and marketing/post marketing support activities

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