Trivitron Healthcare Has Embarked On Its Growth Strategy to Expand its Footprints in Emerging Global Markets
Q1. Congratulations for an Excellent 2019, Please let us know your key Achievements in 2019?
Trivitron Healthcare has embarked on its growth strategy to expand its footprints in emerging global markets in the year 2019. In 2019, we have aggressively worked on our mission to innovate and provide medical technology products, services and solutions to make healthcare affordable and accessible to everyone across the globe. All our divisions like, Newborn Screening, In- Vitro Diagnostics, Imaging & Radiology, Radiation Protection, Critical Care and Operating Room Solutions have achieved great successes during the year.
Our Finnish subsidiary, Labsystems Diagnostics is growing at an impressive rate, spending more on innovation and thereby adding more products in their portfolio.
Trivitron Healthcare Middle East & Trivitron Healthcare Africa are performing exceptionally well, sealing deals with major private players. Our Turkey subsidiary Bome Trivitron is playing a key role by partnering with Government of Turkey for their NBS program. Bome Trivitron screens more than 1.8 million babies every year, as a part of the Turkish National Newborn Screening Program which makes it screen almost every baby born in Turkey.
In 2019, Kiran – our radiology brand has introduced ZeroLead Air, launched digital C-Arm, color doppler, digital mammography. These are life-changing breakthrough focused on providing uncompromising quality to our customers.
Q2. Key Challenges to overcome in 2020?
Year 2020 is going to be the defining period in Trivitron’s journey. We will continue to expand through joint ventures and acquisition
As our top priority, we look forward to broadening the product lines of our Finnish subsidiary so that we meet the demands of entire Europe and the US. Our custom-tailored products for the African market and for all emerging markets is being taken care of by our manufacturing and R&D team. In 2019, we have entered the US & LATAM region and are midway to finalize few acquisition opportunities in Europe.
Apart from the European and the African market, we are expanding Trivitron’s footprints in the Chinese market. We are working to make Trivitron a truly global enterprise offering our services as per the needs in every continent.
Q3. Way forward for 2020?
Trivitron Healthcare has been trying to cement itself as a full-fledged manufacturing company. Today, we have 11 manufacturing units in five locations – Chennai, Mumbai, Pune, Helsinki, Ankara and China. We want to scale up our manufacturing abilities to the extent that we become a reliable contract manufacturer for leading healthcare giants.
Also, we intend to do more acquisitions, at national and international levels. We are doing well in imaging and diagnostics and that will continue to be the focus areas for the company, where we are looking for both organic and inorganic growth. We have a limited presence in intensive care & operating room solutions and in renal care which needs to be increased too.
We are also looking at implantable devices as an area of growth so that we truly become the only surviving multi-modality medical device company. We also want to work closely with Government of India and contribute to all the programs that are being launched through National Health Missions.
n the revenue front, Trivitron is growing at a rate of 10 to 15% per year and we want to sustain that growth. We have posted Rs 700 cr as revenues for FY18-19 and are looking for around 1000 crores in revenues for 2020-2021.
Q4. Developments in 2019 & Key initiatives?
We plan to sustain our growth rate and grow organically as well as inorganically. We aspire to increase our product portfolio. The focus areas for the company are laboratory, imaging, intensive care, operating room solutions, and newborn screening. Out of these, 80 percent of the profits come from the areas of laboratory and imaging while others are emerging areas for the company
Also, we are exploring opportunities to enter into cardiac modalities and implantable device manufacturing. Going forward laboratory, imaging and critical care segment will continue to be the focus areas for the company where we are looking for both organic and inorganic growth to push revenues.
We have entered the American & the LATAM region and are midway to finalize few acquisitions and joint venture opportunities in the US as well as in the European Union.
Q5. Message for Healthcare Industry Stakeholders?
Medical Device industry is a very dynamic sector greatly impacted by several factors including technological advancements, prevailing regulatory environment, availability of funds, age group of the population and others. New rules are being promulgated and the effects are clearly visible now. India is developing as a huge market for medical device outsourcing and will carry on to strengthen its position in 2020.
In the year 2020, Industry will be eagerly looking at how the proposed medical devices bill will make quality healthcare accessible and affordable for common masses, and enable India to be placed among the top 5 medical device manufacturing hubs worldwide.
Further, manufacturing sector might experience greater push backed by government policies and reformed taxation policies. The Indian medical devices sector might expand its value to USD 5 billion in 2020.