Poly Medicure’s Domestic Business To Grow Over 20% In Next Three Years, Says MD

Poly Medicure Ltd. is poised for over 20% growth in its domestic business segment over the next two to three years, driven by the import substitution of medical devices, supported by new government policies, according to the company's Managing Director Himanshu Baid.

In a conversation with NDTV Profit, Baid noted that the domestic healthcare industry is currently growing at a rate of 15%.

“The domestic healthcare industry is growing between 12% to 15%. We are very much dependent on the healthcare growth in the segment,” he said.

Poly Medicure will grow upwards of 20% in the next three years, Baid emphasised.

“We feel that with import substitution we are doing right now in India, especially in the renal space, oncology space, cardiology space, we will see growth upwards of 20% in the next two or three years in the domestic business,” the top executive said.

He mentioned that the growth could surpass expectations, but the company is currently being conservative in its projections.

“It could be more. But for the moment we're conservative, and we're guiding over 20%. As time progresses, we will revise our guidance. But that's the traction we see today in the domestic part,” he said.

The policies and regulations India brought in in October 2023 have almost doubled the exports of medical devices.

“What we see is India has brought in regulations for medical devices, and they were implemented in October 2023. All the devices were regulated. Since that period from 2021 to 2024, you've seen exports almost doubling because that is where the regulatory landscape was kind of developed within the country. With that, the trust in Indian-made devices also increased a lot during this period,” Baid said.

He noted that by 2030, India will be able to export medical devices worth around 20 billion dollars. 

“What we see is with almost 3,000 manufacturing different medical devices in the country.  India is poised to grow this industry quite strongly in the next five to six years. We estimate that by 2030, we should be in the range of around $20 billion for exports,” Baid said.