As Polymedicure continues to expand its business, it also has its eye on huge opportunities in the global market. The company has received approval for four products from the U.S. Food and Drug Administration, with another eight to ten products currently pending approval. “We have already started sales in the U.S. market this quarter, building on our previously sold products. Although we are not providing specific guidance for the current fiscal year, our newly approved products have also started generating revenue. However, over the next three to four years, we expect revenue from the U.S. market to reach approximately $15 million to $20 million. This year, we expect revenue of $2.5 million to $3 million,” said Baid.
In the domestic market, Polymedicure is adjusting its strategy to move away from reliance on government contracts and focus more on the private sector.
“Currently, 75 per cent of healthcare is done in the private sector. The government has become more of a payer than a provider, especially with initiatives like Ayushman Bharat. So, for us, the momentum will shift towards the private sector, which is growing much faster than the government sector and that’s why we are focusing there,” Vaid said.
He said Polymedicure is currently operating at over 75 percent capacity across all its factories, with the potential to raise this to 80 percent. The company is well positioned to meet growing demand in both domestic and international markets, especially as global companies seek alternatives to China, Baid said.
“We see rapid growth in demand outside India, especially as the ‘China Plus One’ strategy gains momentum. While there has not been any new large-scale investment inflow into China over the past few years, both Polymedicure and India are well positioned to attract new investment and customers in the medtech sector. China’s medtech market is $150 billion compared to just $15 billion in ours, creating a huge opportunity to penetrate global markets,” he said.
As for profit margins, Poly Medicure is looking to improve them over the next few years: “We are already targeting healthy EBITDA margins, aiming for 27-27.5% this year and aiming to reach around 30% in the next two to three years,” Baid said.
