India's overall medical devices industry is pegged at a $5.2 billion (Rs. 35,097.40 crore), most of which is imported.
Kolkata: Unlike its MNC peers, India's home-grown medical devices company Transasia Bio-Medicals, is increasingly focusing on tier-II, tier-III cities and beyond to grow. India's No. 1 In-Vitro Diagnostic (IVD) and among the leading global players, is also doing technology adoptions through overseas acquisitions and making the products here to bring down the costs. Transasia Bio-Medicals, is betting big on the fast growing IVD market in India which is currently estimated to be Rs 7500 crore and is growing at 15 per cent CAGR. The global IVD market is estimated to be $70 billion and as per industry reports in 2018, India's overall medical devices industry is pegged at a $5.2 billion (Rs. 35,097.40 crore), most of which is imported.
"We have coughed up nearly Rs 1000 crore in acquiring 14 companies abroad- in countries like Germany, France, Italy, the UK, the US, Russia, Brazil, Turkey, Czech Republic, to name a few, over the last few years and have been spending Rs 100 crore every year for R&D activities. Our plan is to emerge as a complete solution company in the field in next three years through adoption of the right technology from the right place and manufacturing them in India," said Suresh Vazirani, Chairman & Managing Director, Transasia Bio-Medicals. The company has recently teamed up with Cambridge, UK based company, backed by the Cambridge University and working in molecular space to get into TB, HIV etc.