Medical devices maker Polymed eyes global expansion with new plants, strategic M&A

Medical devices maker Polymed eyes global expansion with new plants, strategic M&A

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26 Aug, 2025 12:21

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Poly Medicure Ltd (Polymed), a leading Indian medical consumables and devices maker, is set to significantly expand its global footprint, driven by new manufacturing facilities, strategic mergers and acquisitions (M&A), and an aggressive push into key export markets like the United States and Europe, Himanshu Baid, Managing Director of the company told Moneycontrol in a recent interview.

The Delhi-NCR-based company is debt-free and holds around Rs 1,220 crore in net cash enabling it to fund expansion.

The company is spending Rs 500 crore on capex planned over the next 2 years for three new manufacturing facilities in Haryana, Uttarakhand, and Rajasthan with a focus on scaling up renal capacity and CDMO opportunities. Construction started at two sites and the third is to begin soon. Commercialization by CY26 end.

Baid said these facilities are designed to provide "sufficient capacity and capability for future, next 5-10 years," a move he added few Indian companies undertake.

Baid said Polymed's export strategy has already yielded significant results, with two-thirds of its revenue currently derived from international markets. Europe, particularly the "big 5 countries like UK, France, Italy, Spain, Germany," has been a key market, contributing one-third of the company's revenue. While the US market is currently small at "sub 3 million" in revenue, Polymed has set an ambitious target to grow its US revenue to "$20-25 million opportunity" within the next three to four years, driven by new contracts and FDA approvals.

Polymed makes disposable medical items, such as IV cannula, blood bags, blood collection tubes, and infusion and transfusion sets. About two-thirds of sales come from infusion therapy products. The company spends 2% of revenue on R&D and is currently focussed on developing new products in cardiology, oncology and renal segments. The addressable market for medical consumables in India is Rs 8,000-10,000 crore, growing at 12-14%. Around 70% of medical consumables are imported.

The company’s revenue grew 21.4% year-on-year (YoY) to Rs 1670 crore in FY25 with around 27.1% EBITDA margins. The company net profit rose 31.1% YoY to Rs 338.6 crore in FY25. About two-thirds of its revenue comes from exports to Europe, North America and other regions.

M&A

Beyond organic growth, Polymed is actively pursuing M&A opportunities, looking for technologies "adjacent to what we are doing today". Baid specifically mentioned oncology, with a focus on biopsy and drug delivery, as well as expanding the portfolio with more advanced products in cardiology. The company is also exploring critical care, particularly in neonatology where India remains heavily import-dependent. "We are in constant lookout, hopefully in next few months, we will zero in on some of these things," Baid stated..

Baid highlighted Polymed's agility in developing "small incremental differentiators" that enhance ease of use or patient comfort, enabling quicker market entry. The company also maintains a robust product pipeline, launching "around 15-20 new products" annually for the past three years, offering a comprehensive "full basket of products" to hospitals.

In the domestic market, Polymed has made significant strides in renal care, a segment where India was 100% import-dependent. Following a push during the COVID-19 pandemic and the introduction of the Production Linked Incentive (PLI) scheme, Polymed is now the sole Indian company manufacturing a full range of renal care products, from dialysis machines to filters and consumables. The company has also introduced innovations to reduce dialysis cycle time, minimize blood wastage, and improve patient comfort. Polymed anticipates capturing a 15% market share in India for these devices within the next two years, with a target of 25% by 2030, aiming to make these products more affordable and curb the reuse of devices, which is a significant issue in Indian hospitals due to cost constraints.

Polymed has also ventured into cardiac and vascular products, where 90-95% of products other than stents were previously imported. After three years of R&D, the company has developed technology for angiography catheters, guiding catheters, and wires, and has also entered the stent market with new polymer and coating technologies. The company launched these products last year and has already deployed 1000 stents. Baid acknowledged the "very tough field" due to doctor preference for imported products but sees great promise in reducing treatment costs and the reliance on imported products.