New Delhi: Microtek, a renowned player in the power product market of India is planning to further consolidate its position in the healthcare market, a segment it forayed into last year.
The company entered the burgeoning healthcare market of India with the manufacturing of products including blood pressure monitors, oximeters, and thermometers, both digital and infrared. In order to meet the growing demand for oxygen concentrators, it has also begun manufacturing ‘Made in India’ oxygen concentrators last year.
“We have set up a manufacturing plant for healthcare products in Vishakhapatnam. We started producing oxygen concentrators in August 2021. The response from the market has been overwhelming. The Oil and Natural Gas Corporation Limited (ONGC) alone ordered 10,000 oxygen concentrators that we delivered by the end of September 2021. We plan to expand our portfolio of healthcare products with the manufacturing of blood glucose monitors, nebulisers, dialysis machines, and ultrasound monitors besides other products,” said Mr. Subodh Gupta, CMD, Microtek International Private Limited.
Microtek is holding talks with the government and private entities across the world for technology transfer that will allow them to manufacture healthcare products in their respective markets. The company is looking to set up an offshore R&D centre in Ireland, adding to the similar facilities it has presently, in Baddi (Himachal Pradesh), Vishakhapatnam (Andhra Pradesh) and Taiwan.
“A robust healthcare system is the backbone of any progressive country. The significance of the sector has grown manifolds post the outbreak of the pandemic. We are ready to play a critical role in the growth of the healthcare market. Our vision is to manufacture world-class healthcare products and to emerge as a dominant player in the healthcare products domain,” added Mr. Saurabh Gupta, Deputy Managing Director, Microtek International Private Limited.
Microtek is expecting to cross a turnover of Rs 100 crore in the healthcare segment by the end of the current financial year. As per industry estimates, the healthcare market in India is expected to reach USD 372 billion by 2022. This growth will be driven by many factors including rising income, better health awareness, lifestyle diseases, and increasing access to insurance. The Indian government is also planning to introduce a credit incentive programme worth Rs. 500 billion to boost the country’s healthcare infrastructure.
“India is believed to spend approximately USD 100 billion on healthcare for 1.4 billion citizens while the US spends almost USD 4 trillion on healthcare for 330 million citizens. So, there is immense opportunity to serve Indians with better healthcare products and services is tremendous,” concluded Mr. Subodh Gupta.