Persistent Systems sees healthcare revenue growing to $1 billion in next 3-5 years
life sciences vertical, Pune-based mid-tier IT engineering services firm Persistent Systems expects the vertical to clock about two and a half times increase in revenue to $1 billion in the next three to five years.
Revenue from the vertical is a little below $100 million per quarter and it is growing 71% year-on-year, chief executive Sandeep Kalra told ET, saying “that’s a dream come true”.
The vertical’s contribution to the company’s total revenue has increased by 8 percentage points in the past four quarters, to 27.8% in the July-September quarter from 19.3% in the year-ago period.
“In the next one to two quarters, it (healthcare and life sciences) will be at a run rate of $400 million and we'll have crossed 100 million dollars (every quarter). So, in the next three to five years, that should be a billion dollar business, standalone,” said Kalra.
The vertical has the right ingredients to achieve this milestone, he said, adding, “The market is big, especially the US. The market is big in healthcare… there are multiple sub segments – scientific instruments, medical devices, the payers and providers. So, there are four distinct categories, although there may be a consolidation happening between payers and providers and new category, emerging providers, but there's enough.”
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