Noida: Work on the Medical Device Park in Sector 28 off the Yamuna Expressway has been progressing steadily, with one company completing construction and seven others starting work on their units.
The Yamuna Expressway Industrial Development Authority (YEIDA) has allotted 74 plots so far, and 36 have executed lease deeds. These companies are expected to begin construction soon as the Authority has sped up the process of providing electricity connections to these units, YEIDA CEO Arun Vir Singh said.
Singh said these manufacturers did not get an exemption from stamp duty while executing the lease deeds. “Now, with the help of the director of the industries department, all of them received the necessary letters to avail of the benefits,” he added.
UP plans to inaugurate the project formally in the next two months. Among the common infrastructure, the administrative and IT buildings are expected to be ready by May.
“All the basic facilities, including water and electricity supply, along with the drainage system, are in place. These two common facilities will be ready by the set deadline,” he added.
Roads, drainage and sewerage network for the 350-acre park, strategically located near the upcoming Noida International Airport, Film City, and other industrial complexes, have been completed.
Vanguard Diagnostics, Q-line Biotech, Bioradmedisys, Allengers, Epsilon, Romsons, Betamed, Avienbio, and DiaSys are among the medical device manufacturers who have been allotted plots in the park. One of the largest projects is TI Medical, a joint venture between Fortune India 500 company Murugappa Group’s Tube Investments of India (TII) and Premji Invest, which was allocated 11 acres to set up a manufacturing facility.
Centre approved YEIDA’s detailed project report (DPR) for the park in Jan 2022. The project aims at encouraging the domestic manufacturing of medical devices to reduce import dependence, and is being closely monitored by the department of pharmaceuticals under the ministry of chemicals and fertilisers and UP. YEIDA has been designated as the state implementation agency.
As per allotment regulations, all companies must complete construction within two years of executing the lease deed and secure a functional certificate from the Authority. Since the project was launched during the COVID-19 pandemic, it initially attracted interest from 21 companies looking to manufacture oxygen concentrators, which were in high demand at the time. However, as the demand for these devices declined, 15 companies applied to shift their focus to other medical devices, and their requests were approved. Six more firms are likely to follow suit, officials said.
The targeted segments in YEIDA’s Medical Device Park include cancer care and radiotherapy medical devices, radiology and imaging medical devices, nuclear imaging devices, anaesthetics and cardio-respiratory medical devices, including catheters of the cardiorespiratory category, renal care medical devices among others.
