AMTZ sign letter of intent with IBF for distribution of devices in South African marketsPublish Date : Jul 27, 2018
Andhra Pradesh MedTech Zone (AMTZ) – India’s first medical device park at Visakhapatnam – has signed a letter of intent with India Business Forum (IBF), South Africa for distribution of medical devices made at AMTZ for South African markets.
AMTZ is focused on building the medical technology ecosystem in India to cater to both local demand and export of Made in India products.
The BRICS manufacturing working group has also commended AMTZ model of manufacturing of medical devices. It has agreed to put up a proposal for financing scientific centre development projects in health care through New Development Bank (NDB) with two exclusive centres in each of the BRICS member countries.
NDB aims to mobilize resources for development projects in BRICS, emerging economies and developing countries.
AMTZ which is a member of the BRICS manufacturing working group from India was recently selected by World Health Organization (WHO) to setup the pre-qualification cell for In Vitro Diagnostics (IVD), which is the first of its kind in South East Asia.
Further to this, in order to drive ‘Made in India’ exports of medical technology products, AMTZ also signed an MoU with Engineering Export Promotion Council of India (EEPC). This MoU will provide support for Indian medical device manufacturers to increase export of ‘Made in India’ products to cater to global medical device demand of Rs. 30 lakh crore.
The partnership will enable manufacturers at AMTZ with access to global exhibitions and export promotion events, where Indian medical technology products can be showcased, with support from Engineering Export Promotion Council.
AMTZ partnership with EEPC would provide support in the areas of domestic regulations and technical support relating to medical devices. This partnership also paves the way for creating an export promotion body for medical devices which will ensure that Indian medical devices can compete in global markets. The AMTZ ecosystem which already offers best in class infrastructure, scientific facilities, regulatory support, preferential market access will also enable manufacturers to export globally with this partnership.
EEPC India is the premier trade and investment promotion organization in India. It is sponsored by the commerce ministry and caters to the Indian engineering sector. As an advisory body it acts as an interface between the engineering industry and the Central Government. It also serves as the reference point for the Indian engineering industry and the international business community in its efforts towards establishing India as a major engineering hub in the coming future.