Healthium Medtech targets Rs 1k cr revenues in 2 years

Medtech company Healthium Medtech, which is growing at 30%, aims to touch Rs 1,000 crore revenues in the next two years.

The Bengaluru-based company, which was earlier known as Sutures India, has also invested $5 million in its new line for urology products at its Kunigal plant, and it will be operational by July.

“These urology products from the new line will be for the domestic market as well. At present, we are focusing on three areas- wound closure, minimally invasive solutions and urology products,” said Anish Bafna, CEO of Healthium Medtech.

He added that when it comes to medtech space, the Indian market is growing with the industry growth of 8-11%. "We are growing at close to 30% and we will continue to grow over 25%. We are targeting Rs 1,000 crore revenues in the next couple of years," he said.

According to IBEF (India Brand Equity Foundation), the healthcare market can increase three-fold to Rs 8.6 lakh crore ($133.44 billion) by 2022.

The medtech company is also looking at inorganic growth. "There are over 750 domestic players in medtech space, and a majority of them are small players with a turnover of less than Rs 10 crore," he said.

The company is also planning to create a platform for startups where they can help them develop products. The medtech company, which has six manufacturing locations including two in Bengaluru, has over 2,600 employees. It also employes over 150 people in the UK. It is also planning to recruit at least 50 more people for its new line at the Kunigal plant.

Bafna also pointed out that robotics will be the future and that the company has been investing in technology.