Poly Medicure targets 20-22% domestic growth through acquisitions in next six to eight months

As Poly Medicure continues to expand its business, the company also sees significant opportunities in global markets. The company has received approval from the United States Food and Drug Administration for four products, while another 8-10 products are currently pending. On this, Baid said, “We have already started selling in the US market this quarter, building on the foundation of products that we have been selling previously. Newly approved products have also started generating revenue, although we have not given specific guidance for this year. However, over the next 3-4 years, we expect revenue from the US market to reach about $15-20 million. This year, we expect revenue in the range of $2.5-3 million.”

Domestically, Poly Medicure is changing its strategy to focus more on the private sector and move away from government contracts.

“Currently, 75% of healthcare is in the private sector. The government is now more of a payer than a provider, especially with initiatives like Ayushman Bharat. So, for us, the momentum will shift towards the private sector. The private sector is growing much faster than the government sector, so we are focusing our efforts there,” Baid said.

He added that Poly Medicure is currently operating at more than 75% of its facilities, with the potential to grow to as much as 80%. The company is well-positioned to meet growing demand, both domestically and internationally, especially as global companies seek alternatives to China, Baid said.

“I believe demand outside India is growing rapidly, especially as the China plus one strategy gains traction. With no significant new investment coming into China in the last few years, both Poly Medicure and India are well-positioned to attract new investment and customers in the medtech sector. China’s medtech market is $150 billion, while ours is only $15 billion, which presents a significant opportunity for us to expand into global markets,” he said.

As for margins, Poly Medicure is targeting improvement in the next few years. “We have already planned for a healthy Ebitda margin, targeting 27-27.5% this year, with a target of around 30% in the next two to three years,” Baid said.