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Poly Medicure to use Rs 10 billion fundraise for capex and acquisitions
Industry News- Sep 18,24
Expansion efforts are underway in areas such as cardiology, critical care, and renal diagnostics, focusing on manufacturing to broaden its market presence.
Medical devices company Poly Medicure (Polymed) is gearing up for acquisitions in the technology sector and capital expenditure (capex) following a Rs 10 billion fundraising through a qualified institutional placement. Himanshu Baid, Managing Director, stated that Rs 2.5 billion will be allocated for acquisitions, particularly in technology, while another Rs 2.5 billion is set aside for general corporate purposes.
Baid mentioned that they are open to acquiring companies globally, especially those offering technology that can help scale their business. He highlighted the long gestation period of the medtech industry, which typically requires a couple of years to establish a new plant and an additional 18 months for regulatory approvals and clinical trials. To expedite growth, the company sees acquisitions as a quicker route.
Half of the raised funds will be deployed for new capex, which is set to commence now and be completed by the end of 2025-26. Polymed is also focusing on expanding its product portfolio across its six core therapy areas: infusion therapy, vascular access, transfusion systems, cardiology, critical care, and renal diagnostics. The plan is to introduce two to three new products annually in each category.
The company is also increasing its investments in research and development to speed up new product introductions. Expansion efforts are underway in areas such as cardiology, critical care, and renal diagnostics, focusing on manufacturing to broaden its market presence. Baid noted plans to grow Polymed's presence in interventional cardiology and eventually expand into cardiac surgery products, structural heart devices, and electrophysiology.
By the end of this year, Polymed aims to capture 12-13% of the renal market in India, with further plans to expand this business globally. While 70% of the company's revenue in 2023-24 came from exports, it intends to push further into the European market, which currently accounts for about 30% of its export revenue. The next key markets targeted for expansion are the US and Latin America, with a continued focus on highly regulated geographies.
(Business Standard)
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