Nikon India, which is widely associated with cameras and imaging solutions, said recently that it is entering India’s healthcare system through its microscopy business. The company, which has had a presence in India through distributors for over four decades, now aims to facilitate direct sales, service, and distribution for its microscopy solutions.
Sajjan Kumar, MD of Nikon India, told Moneycontrol in an interview that the company expects its healthcare segment to grow 10 percent by the end of next year. Kumar said the company is considering partnering with government research laboratories and is also assessing the retinal imaging market in the country. Edited excerpts:
What’s the idea behind Nikon foraying into healthcare through the microscopy business in India?
The healthcare ecosystem in India is evolving at a rapid pace, with the Indian government concentrating more on the sector post-pandemic. The microscope is a crucial component of many healthcare and medical sectors including hospitals, path labs, in vitro fertilisation, drug discovery and development, and sectors like cancer research, HIV research, Covid research and many other research areas.
Adding another essential component to Nikon India’s diverse product repertoire, we have decided to enter the market directly and contribute to the government’s quest to make India more future-ready for pathbreaking innovations in the field of research & development.
How big is the microscopy market in India? What goals does the company plan to achieve in the next few years?
Registering an annual growth rate of 5-10 percent, the microscopy market in India is worth Rs 200-250 crore and is projected to grow significantly in the upcoming years. We have forayed into India’s healthcare sector through the system product microscopy business.
We plan to install AXR microscope systems in research institutes namely Indian Institute of Technology Bhilai, Indian Institute of Technology in Mumbai, and ACTREC (Advanced Centre for Treatment, Research and Education in Cancer) Mumbai, to name a few.
Our expected annual turnover for FY23 will be around 5 percent of Nikon’s India operations and we anticipate it to grow 10-plus percent by the end of next year.
What would Nikon focus on through the microscopy business in India?
Nikon… aims at facilitating direct sales, service, and distribution for their microscopy solutions. System products are classified as capital equipment and are tailored to user research areas/needs. These system product lines will be aimed at serving premier research institutes, research centres funded and established by the government of India, academic educational institutions, clinical centres, i.e., hospitals and medical research institutes, etc.
Also read: Nikon India enters healthcare sector with microscopy solutions
What is the growth potential of the microscopy market and how do you expect to grow in this?
Microscopy is a vital component of the Indian healthcare R&D industry which is witnessing considerable investment from the government and private sector. This increase in interest and investment is a testament to its growth potential and scope of expansion in India.
We have plans to collaborate with various research laboratories in India and conduct workshops, and seminars to strengthen Nikon’s direct presence in the healthcare sector. These initiatives will facilitate the growth of this burgeoning industry.
What products will be available in India and for which sectors?
We have categorised our microscopy segment into four parts:
· Clinical - This will focus on private path labs, hospitals, and university teaching labs.
· IVF/ICSI - This will concentrate on the private market for in-vitro fertilisation (IVF) and ICSI (inter-cytoplasmic sperm injection) as well as animal breeding studies in various government research institutes.
· Research - This will cater to university research laboratories, the private pharmaceutical research sector, government R&D centres.
· System products - This will cater to top government research laboratories.
Are you looking at partnering with the government for installing these machines for research purposes?
Yes, we are very much looking ahead to form alliances with the government and are in talks with IIT Mumbai, IIT Bhilai and national institutes like IISER (Indian Institute of Science Education and Research, Pune) and ACTREC, to name a few.
Does Nikon plan to bring eyecare solutions and contract cell development to India?
Yes, we are considering partnering with government research laboratories. While Nikon has an eyecare product range from OPTOS, which manufactures products related to retinal imaging, we are now assessing the market for India.
Regarding the contract cell development unit, we don't have any plans at the moment.
With the healthcare sector booming post-pandemic in India, what is Nikon’s medium-term management plan for India in this sector?
The Covid pandemic has made the entire country aware that a robust and sustainable healthcare system is the key to safeguard a nation and its people from unforeseen circumstances and the perils associated with that. The only solution to ensure this is to be future-ready with strong plans for sustainable healthcare in place. We are looking forward to associating with top researchers and laboratories in India and advancing in this sector alongside them.
A common factor among all developed nations is that they’ve realised that sustainable healthcare constitutes a significant part of a country’s economic development. Developed countries such as the US or Japan have healthcare spending of 16-18 percent of GDP and 11 percent of GDP, respectively.
They are spending a significant portion of their GDP on the healthcare sector, which is an important step toward becoming a developed nation, and we believe that India is now heading in the same direction. This is the ideal time for Nikon to establish a foothold in the Indian market.
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