POLY MEDICURE LIMITED
About
Established in 1995 by a group of technocrats, Polymedicure Ltd (Polymed) is the leading manufacturer of Medical devices in India. Company’s products cater to a wide range of therapeutic segments such as infusion therapy, dialysis, respiratory care, cardiology, oncology, urology, gastroenterology, critical care, blood collection & management, anesthesia and surgery & wound drainage, etc.
Polymed has ten manufacturing facilities and it selling products in almost 120 countries across the globe.
Compay’s managing Director is Himanshu Baid.
Manufacturing Facilities
Polymed has ten manufacturing facilities spread across in India, China, Egypt and Italy. Company’s seven manufacturing facilities are in India, out of these, four units are situated at Faridabad (Haryana), two in Jaipur (Rajasthan) and one in Haridwar (Uttarakhand). Apart from this, Polymed operates one manufacturing facility in Assuit, Egypt, as wholly owned subsidiary and one manufacturing facility in Italy through its step-down subsidiary and another one facility in China, which also a wholly owned subsidiary.
Key Strengths
Polymed has a strong track record of manufacturing superior quality medical devices in India with amazing growth. The company is dedicated to introduce of new products and strengthening its manufacturing infrastructure continuously. Company’s core competency is its strong research and development capability which focused on introduce innovative products with superior quality and cost-effective manner. At present, company holds an impressive product portfolio of over 375 patents, spreading over a diverse range of therapeutic areas.
Polymed is selling products in almost 120 countries across the globe supported by its strong distribution network. Company boasts the largest sales network within India which includes over 6,500 private and government hospitals and nursing homes.
Polymed’s domestic and international manufacturing facilities have been accredited with several quality certifications. All of its manufacturing facilities are accredited with the EC certificates for quality assurance systems and EN ISO 13485:2016 certifications. In addition to this, it’s Faridabad and Haridwar facilities have also been accredited with management system certificates for compliance with ISO 9001:2015. Company’s overseas facility, located in China named Poly Medicure (Laiyang) Company Limited is certified to the compliant with Korea Good Manufacturing Practices by the Korea Food and Drug Administration. Polymed also operate one manufacturing facility in Italy through its step-down subsidiary, Plan 1 Health S.R.L., which also is accredited with EC certification for quality assurance system and EN 13485:2016. ( Source, company AR)
Indian Medical devises industry benefitted from two schemes of the Government of India, Department of Pharmaceuticals, such as PLI (production Linked Incentive) and Medical Devices Park. It is also benefitting from the Govt’s special purchase policy, which announced with the objective to boost domestic manufacturing and attract large investments in the Medical Devices Sector.
Industry Outlook
The healthcare sector in India is growing at a tremendous pace on strengthening coverage and increasing spending by public as well private players. Healthcare sector’s growth is directly support the growth of the Medical Devices industry and expected to experience strong growth in the future, supported by growing and aging population as well as increased per capita and disposable income levels. The size of the Indian medical devices market is estimated at USD 11 Billion in 2020, expected to grow to USD 50 Billion by 2030 with CAGR of 16.4% (source: company AR). Govt’s intense focus, growth in health insurance penetration and improvement in GDP is likely to support the healthcare sector’s growth.
Financials
Poly Medicure reported consolidated Q2FY24 revenue at Rs 337.3 crore, up 22.79% YoY. Net Profit for the period stood at Rs. 62.2 crore, up 42.97% from Rs. 43.50 crore in September 2022. EBITDA also stands at Rs. 98.3 crore in up 34.01% against Rs. 73.4 crore in Q2FY23. Company’s EPS has increased to Rs. 6.48 in September 2023 from Rs. 4.53 in September 2022.
Key Developments and Future Prospects
Polymed is in the process of expanding its manufacturing units situated in Faridabad and Jaipur, which will substantially increase its revenue in the second half of the current financial year onwards. The company increased revenue guidance from 20% to 24% for the FY24. It also has ambitious plans to venture into the critical care business, aiming to make India self-reliant (Atmanirbhar) in the medical device segment. Going forward, Polymed will remain committed to being the most trusted and reliable supplier of medical devices for both the Indian and International market.
Risks Factors
Like the pharmaceutical industry, the medical devices industry also one of the highly regulated industries worldwide. The regulations for this industry vary from country to country. Company need to strictly adhere to these regulations, which is critical to introduce a product as well as maintain market access.