Philips, a brand name synonymous with audio-visual entertainment devices in India, now wants to be the lead player in medical diagnostics.
The company plans to sell its medical equipment across 300 cities, with the focus being on tier-II and tier-III cities. For this, it will drive down the cost of its equipment, such as CT scanners, MRI machines, ultrasound machines and cardio-vascular x-ray systems, by increasing manufacturing in India.
“The (market for) healthcare medical equipment is set to grow at a rapid pace, as India is catching up in healthcare facilities,” said Murali Sivaraman, managing director and CEO (Indian Subcontinent) Philips Electronics India.
The total size of the healthcare medical equipment market in the country is estimated to be around Rs 2,300 crore.
“We already hold dominant market share in the tertiary segment of healthcare. The new growth will come by getting down the value chain, wherein we target smaller cities and offer quality equipments at much cheaper prices,” said Anjan Bose, vice president and business head for Philips Healthcare in India, Bangladesh, Sri Lanka and Nepal.
In line with its leadership in the cardiology segment, Philips has introduced a low-priced cardiovascular x-ray system — Allura FC Multi-purpose catherization (cath) lab — that will be manufactured in India.