Indian medical device manufacturer Poly Medicure Ltd. is planning to expand its footprint with an investment of over ₹500 crore in the coming years. The company is targeting three areas: cardiology, critical care, and renal care, while aiming to increase its presence in Europe and the United States markets.
“Our priority is to expand manufacturing capacity and enter segments like cardiology, critical care, and renal care,” said Himanshu Baid, Managing Director at Poly Medicure Ltd. The investment will support the scaling of existing facilities and potential acquisitions, focusing on technology to enter healthcare areas such as interventional cardiology, cardiac surgery, and structural heart devices, which have been primarily imported.
Poly Medicure's efforts in cardiology and critical care will involve technological investments. Baid pointed out that these innovations are crucial for positioning Poly Medicure effectively in these sectors. The company's expansion plans include setting up new facilities and enhancing current ones, which will increase its capacity to meet both domestic and international demand for advanced medical devices.
In renal care, Poly Medicure claims to hold a 12-13% market share in India, and Baid mentioned plans for globalisation: “We aim to make renal care a contributor to our international operations, scaling up this business to broaden our footprint abroad.”
The company reported achieving a 23% year-on-year revenue growth, reaching Rs 1,376 crore in FY24. Looking ahead, Poly Medicure expects revenue growth of 22-24% in FY25, supported by capital raised through a Rs 1,000 crore Qualified Institutional Placement (QIP). Of this, Rs 500 crore is earmarked for capital expenditure, primarily to expand manufacturing capacity through the establishment of three new plants in India.
The remaining Rs 500 crore will be allocated for strategic acquisitions and general corporate purposes, with Rs 250 crore reserved for technology acquisitions. These acquisitions aim to address technology gaps and expedite product launches, enabling Poly Medicure to enhance its innovation pipeline.
Poly Medicure's global growth strategy is part of its long-term vision. Baid disclosed plans to double the company’s market share in Europe in the coming years, followed by a push into the US and Latin America. “We are exploring acquisition opportunities that will help us scale more efficiently. Strategic partnerships will be essential for expanding our product range and presence in regulated markets,” Baid said.
The company is also focused on improving its R&D capabilities, with continuous innovation across its twelve therapeutic areas, including infusion therapy, dialysis, and oncology. Baid highlighted plans to introduce new products annually in these segments, reinforcing Poly Medicure’s position in medical device innovation.
“We operate in diverse therapeutic areas, and our goal is to add new products each year. Innovation is central to our strategy, bolstered by R&D investments that facilitate the development and launch of new solutions,” he said.