The policy document, welcomed by many in the industry despite concerns over a lack of detail, also outlines plans to boost local manufacturing and reduce reliance on imports.

While India is the world's third-largest pharmaceutical market, its share of the medical devices market is way behind. More than 70 percent of medical equipments sold in the country are imported, mostly from the United States.

The draft policy issued by the Federal Department of Pharmaceuticals proposes an autonomous National Medical Device Authority tasked with promoting the local industry and ensuring adherence to safety standards.

It also proposes price controls for devices including surgical instruments, implants and diagnostic equipment – a step that raised some eyebrows among manufacturers, as the country's pharmaceutical industry is already in a legal wrangle with the government over price caps on drugs.

Latest News  from Business News Desk