Medical devices maker Poly Medicure to focus on exports amid geopolitical shift
Subscribe to enjoy similar stories. Indian medical equipment manufacturer Poly Medicure Ltd. will continue to focus on export markets amid rising demand in the US and as global economies look to diversify their supply chains away from China, a top company official said.
“The narrative is very clear globally, that people want to move technology away from China, and we are hearing it more and more now. The US president-elect is also talking about this…So I think now it's more of a bolder approach," Poly Medicure's managing director Himanshu Baid told Mint in an interview. Similar to the past few years, Polymed expects 70% of its total revenue to come in from global markets, and 30% from India, a ratio Baid expects to continue for the next five years as well.
The company recorded a consolidated revenue of ₹1,376 crore in FY24, with a net profit of ₹258.26 crore. Shares of Poly Medicure traded 1% higher at ₹2,535.00 apiece on the BSE on Tuesday. In addition to geopolitical shifts as countries look to move supply chains away from China, India’s medtech industry can leverage the country’s cost advantage - a lower cost of manufacturing on the workforce side, software and hardware talent as well as a growing electronics ecosystem - to boost exports, Baid said.
The Indian medtech industry was valued at $12 billion in FY24, and is projected to more than quadruple to $50 billion by 2030, according to a November report by EY. India's exports of medical devices have risen at a compound annual growth rate of 14% from FY20 to FY24. Shipments from the country reached $3.8 billion in 2023-24, with the US as the primary market, accounting for 18% of India’s exports.
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