Poly Medicure gets USFDA nod to sell devices in American mkt

"We have received approval from USFDA for our Faridabad plant recently. We are now aiming to enter the market by the middle of next year," Poly Medicure Managing Director Himanshu Baid told PTI.

Commenting on the company's plans of entering the US market he said: "Our plan is to enter the US market with niche products. At present, we are looking at blood infusion accessories to enter the market."

The NCR-based company has invested Rs 30 crore for the expansion and up gradation of its Faridabad plant in the current fiscal.It has further earmarked Rs 35 crore to be invested in the same facility for expansion purposes in the next fiscal.The firm, presently has two facilities at Faridabad, another in Haridwar and one each at China and Egypt.

In addition to these, the company is also setting up a manufacturing plant in Jaipur, for which it has already acquired land. It plans to manufacture catheter, a device used to drain and administer fluids in the body, in the facility.

Baid, however, did not disclose the planned investment on the plant in Jaipur.
The company, which presently has 2-3 per cent market share in the Indian medical device segment, wants to increase it to 5-7 per cent on the back of its expansion process.
The country's medical device market is estimated to be around Rs 2,500-Rs 3,000 crore per annum.

Poly Medicare is also looking to increase revenues from domestic market. At present, its domestic sales account for only 25 per cent of its total sales. The rest, 75 per cent is accounted by exports to different markets across the globe.

The company, which reported a turnover of Rs 136 crore in 2009-10, is looking to increase its topline to Rs 175 crore in the current fiscal.

"We expect our revenues to touch Rs 225 crore in 2011-12 on the back of expansion and addition of new markets," Baid said.

The company, which makes medical devices like blood bags and blood infusion sets, is also eying acquisitions in Europe and the US."We are looking for acquisitions in both Europe and the US. But as we have a distribution system in Europe, it is more likely that we snap up a deal there first," Baid said without disclosing further details.