|Omron will expand its med tech business in India--courtesy of Omron|
Japanese conglomerate Omron has pulled the trigger on a major expansion of its med tech business in India.
Pharmabiz reports that the maker of blood pressure monitors and others devices (plus automotive and industrial products) wants to grow its sales in the country from an anticipated $14 million this year to $43 million by the end of its 2015 fiscal year. That would be robust growth, considering the company products generated just $8.2 million in revenue in India in 2011, according to the story.
Shinya Tomoda, Omron's managing director for the Asia/Pacific region, is quoted as saying that the company would target India's surging hospital expansion with its blood pressure monitor business and other products, with a plan to expand sales efforts from major cities to smaller and more regional markets across the country.
"While the blood pressure monitor remains our flagship product here, we would bring in a series of products in the immediate future, both for hospital as well as domestic use," Tomoda told Pharmabiz. Some of those products could include body composition monitors, according to the article, which can analyze various conditions involving body fat and muscles.
Omron, whose technology also includes a number of home-use healthcare devices, is attracting increased interest from the global medical device industry. Some of that includes an increased focused on boosting the country's interest in device imports. Other outfits are eyeing India's medical manufacturing capabilities, in areas such as contract manufacturing.
Experts expect India's medical device market to grow rapidly in the coming years, fueled by the country's drive to expand healthcare services.
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