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Opto Circuits Expects To Grow At 25% During The Current Year

The focus on research and development activities has enabled the company to develop devices which are technologically superior to other devices available in the market.

Opto Circuits India, the leading global medical devices and technology group with a diversified product portfolio, dealing in products like vital signs monitoring, emergency cardiac care, vascular treatments and sensing technologies expects to grow at 25% during the current year.

The company has already achieved last year revenues in the first three Quarters [April to Dec 2018]of the year and expected to deliver good fourth quarter performance. This would result in 25% growth in revenues and profitability of the company during the current year.

The company has undergone various market related challenges across the geographies and is fairly able to come out of majority of them and had started fresh life last year with a profit of Rs. 35 crore and revenues of Rs. 225 core.

Going forward the company is expecting good growth from both domestic and international business. The company’s subsidiaries also seeing good flow of orders.

The Indian medical device market is growing steadily and it is valued at US $4.8 billion. With the company’s focus on driving organic growth in India and with the Indian medical device industry though in its nascent stages shows great potential for the company.

Other factors like strong private healthcare system, growing middle class with increasing income levels, change in the disease profiles (lifestyle diseases), greater penetration of health insurance, Government focus on healthcare infrastructure development and arising awareness of personal health care the company sees a great scope for its growth in India.

Currently the company along with its subsidiaries are engaged in the design, development, manufacture, marketing and distribution of a range of medical products that are used by primary, secondary and tertiary healthcare establishments as well as in public access facilities such as schools, fire stations, policy offices in over 150 countries.

The company specializes in vital signs monitoring, emergency cardiac care, vascular treatments and sensing technologies. The US FDA listed and CE marked products are manufactured in India, Malaysia, Germany and the United States.

The company’s biggest competitive advantages is the propriety technology developed by the in house teams which gives the company the control over features and intellectual property costs of devices and helps minimize their dependence on third party technologies. The focus on research and development activities has enabled the company to develop devices which are technologically superior to other devices available in the market.

Commenting on the development, Mr. Vinod Ramnani, Chairman, Opto Circuits India said, “As India's economic, healthcare, and social landscapes evolve, its medical device market emerges as a promising opportunity for manufacturers like us. Also, with medical tourism and luxury healthcare markets are among India's fastest growing industries, which create significant demand for specialized, high-tech medical equipment. We have streamlined all our businesses and on the path of delivering healthy growthfor the next two to three years.”


Ascent Meditech Embarks On Rs.70 Crore Expansion Plan To Achieve Four Times Growth In Next Five Years

Aiming to grow four times in the next five years, Ascent Meditech, a Mumbai-based leading player in orthopedic soft goods (OSG), mobility, wound-care and healthcare products, has embarked on a Rs.70 crore expansion plan to set up a state of the art integrated manufacturing plant spread over 15-acre land in South Gujarat.

The plant will be operational by Q1 in fiscal 2020-21 and is expected to increase the production of orthopedic soft goods, mobility, wound-care and healthcare products to around 2 lakh units from the existing 40,000 pieces at five plants in Daman to cater to the growing demands in domestic and global markets, said Rajiv Mistry, founder and managing director, Ascent Meditech Limited.

The company, which currently has more than 350 products under the Flamingo brand, has raised growth capital of Rs.70 crore from the UK-based private equity player LeapFrog which will be utilized to set up advanced manufacturing facility, he informed.

The plant will comply with regulatory norms governing all medical devices from April 2020 and help the company overcome the capacity constraints, he said, adding that as of now certain products in wound care segment are regulated under Medical Devices Rules 2017 but orthopaedic soft goods are unregulated.

The orthopaedic soft goods market is highly unorganized in the absence of regulations thus hampering the growth of the segment.

Currently, OSG industry in India is estimated to be worth Rs.2,000 crore growing at a rate of 15-18% annually but we are growing at 35% CAGR over last 27 years. Our current turnover stands at Rs.140 crore. Of them, export constitutes 20% of the turnover. The company exports products to 47 countries including UK, Canada, Australia, he stated.

Talking about changing trend in OSG segment, Mistri said “Earlier critical patients used OSG on the advice of medical practitioners. Now people started buying OSGs for pain management on their own thus fueling the growth of the segment. An OSG can be used in injuries caused by fractures, muscle pain, and other orthopedic complications. The industry is at a nascent stage and that awareness can help increase user base.”

Shedding light on business prospects, he said “The aim of the company is to make product affordable and exploit the untapped potential of Asian, African markets. We want to reach out to emerging markets having higher population to reap benefits. We will soon foray into sports, fitness and mobility products in a big way.”

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