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Polymed Medicure Eyeing US
Market
Medical device manufacturer
Polymed Medicure is eyeing the US market, making it the first Indian company to
do so. Once the company’s plant in Faridabad gets USFDA approval, it will start
exporting four medical devices to the US, which accounts for 25% of the global
$70-80 billion medical device market.
Medical devices are intermediate
products used for drug delivery or suction and generally made from plastics.
Common medical devices include syringes, blood bags, catheter, cannula, infusion
sets and fluid management products among others.
Currently, the Indian medical
device market is about Rs 1,500 crore while about Rs 300-400 crore worth of
medical devices are exported, mostly in unregulated markets. The sector is
highly dominated by unorganised sector. Currently, Polymed exports its products
to over 50 countries.
Polymed Medicure managing
director Himanshu Baid told ET, "We expect to get USFDA nod by June or July. By
2010, our revenues from US is expected to be about $7-8 million which will be
about 15% of our total revenue. For marketing our products in the US, we are
also looking at partnerships."
The company is also exploring
strategic partnership with global MNCs, to manufacture medical devices in the
country. The company has appointed consultants who are scouting for suitable
global companies who could partner with the company, he added.
With the expansion of hospitals,
primarily by the corporate hospitals in the country, medical devices sector is
expected to grow by about 18% from the current 10-15 % by 2010. Polymed has
entered into a JV with a local company in Egypt to capture the North African
market and is looking for a similar JV in Europe and South America also.
Polymed is also putting up
another facility in Haridwar to cater to the domestic market. Mr Baid said, "We
are investing about Rs 30 crore for the Haridwar facility and the first phase
will be operational by May. Polymed is also planning to set up another facility
in Jaipur." The company plans to fund the expansion through internal accruals
and debt.
(Ref : The Economic Times
dated April 12, 2007)
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