Peters Surgical global CEO Thierry Herbreteau said the company is actively on the lookout for acquisitions.
Peters Surgical, a top wound care company, said it plans to make India its export hub to supply surgical sutures, meshes, needles and other medical consumables.
The company also plans to make India a service hub for the whole group for information technology, research and development and regulatory work.
Founded in 1926, the French medical consumables maker, with presence in 90 countries, has sales of around 64.6 million euro, of which 63 percent comes through exports. The company now calls India as its priority market.
Th company entered the Indian market after buying a controlling stake in Gurgaon-based Stericat Gutstrings for 7.7 million euros.
The acquisition gave Peters Surgical a manufacturing foothold in India with a facility in Manesar. The company further invested 5 million euros to expand the facility and ensure that it meet the same quality and regulatory standards of its other facilities in France and Thailand.
Focus on Indian market
Peters Surgical global CEO Thierry Herbreteau said the company is actively looking out for acquisitions.
He said the company has a five-year plan with an aim to multiply the business by five times during that period.
Currently the market share of Peters Surgical is minuscule in India. The market size of sutures market in India Rs 650-700 crore, that include surgical sutures, meshes and needles. The market for these consumables is expect to rise as more number of people afford surgeries due to programmes like Ayushman Bharat.
Johnson & Johnson and Healthium Medtech, formerly called as Sutures India, dominate the market with together accounting for over 50 percent.
The company’s annualised revenues are estimated at about Rs 1,200 crore with an operating profit of around Rs 180 crore
"India as domestic market is a huge opportunity for us with more and more people having access to healthcare," Herbreteau said.
Herbreteau added that Peters Surgical plans to bring more products from its global portfolio to India."We are currently only manufacturing and distributing surgical surtures, but we have many more products of our portfolio in other countries, so we are planning to get regulatory approvals for meshes, surgical glues and laproscopic instruments to launch in India," he said.