Medtronic Inc, the $16.6-billion (Rs 103 lakh crore) US-based medical devices giant, plans to start manufacturing some of its components in India as it mulls innovations to replicate the success of its EMI-based payments model for its cardiac implants including pacemakers and stents in other product categories.
“We are investing to develop and manufacture portions of the portable haemodialysis system system in India,” Omar Ishrak, chairman and chief executive officer of Medtronic Inc told HT in an exclusive interview.
“We are opening a research and development team with Apollo Hospitals. It would to be early to say when manufacturing will start,” Ishrak said.
Apollo Hospitals and Medtronic have announced a collaboration to offer portable haemodialysis for filtering blood for kidney patients.
Ishrak said the company plans to take its EMI (equated monthly instalment) payment system for cardiac implants to other countries.
“At this stage, this ( EMI-based model) is specific in India, but there is tremendous interest among our regional leaders on this,” he said.
The company has high expectations of India. “We are expecting India to be a long-term growth driver. We are about four times bigger in China than India, and four-to-five times bigger in the Middle-East. India offers huge opportunity,” Ishrak said. “The end market in India is not anything remotely close to being saturated.”
He added that the rupee’s recent slide has hit Medtronics, which imports its entire product range for the Indian market.