Charting success – Unveiling our vision and strategy for 2024

BPL Medical Technologies today stands as a prominent Indian multinational company known for its vast product portfolio in the medical device space, capable of fulfilling up to 70 percent of the initial requirements of any hospital. We have evolved to offer a diverse product range encompassing non-invasive cardiology, critical care & surgery, woman & child care, imaging, homecare solutions as well as consumables & accessories.

Alongside our exceptional product offerings, we have taken remarkable strides in expanding our sales and service network nationwide. With a robust presence in every corner of India, including remote areas, we ensure timely and seamless support, positioning BPL Medical Technologies as the ultimate one-stop solution for Health-Tech needs. As we look back on our journey, our consistent efforts over a decade have yielded a promising and organic growth rate of around 20 percent CAGR, reflecting our commitment to quality and excellence.

At BPL Medical, we are guided by our mission to sustain and further enhance “Happier Living Every Day” for all, which includes our customers, co-workers, partners, and communities at large. We always focus on developing solutions with Indian customers and ecosystem in mind, and we will continue along with this roadmap.

The medical device sector has received substantial attention from the Government of India’s PLI scheme, aimed at fast-tracking the production of medical devices locally. Regarding our future plans, we envision a reduction in the current import dependence of over 85 percent in the medical devices space, down to approximately 50 percent over the next decade, with a minimum industry size of USD 50 billion from the current level of USD 12 billion. The medical device sector offers enormous potential for growth, with the industry projected to grow to approximately USD 25 billion in India. When India becomes the preferred destination for sourcing medical devices, we foresee the sector expanding significantly, with the possibility of exporting our products to neighbouring countries.

With a strong belief that the MedTech industry will witness exponential growth in the coming years, we have applied for and received PLI for two of our categories, expediting our efforts towards creating more innovative products. Inspired by the vision of our honourable Prime Minister, Mr. Modi, our goal moving forward is to make India self-reliant in the medical devices space. We are actively engaging in dialogues for technology partnerships for certain product categories where we currently rely on external sources due to a lack of proprietary technology, so as to locally produce them.

In addition to our existing full-capacity facility located in Palakkad, we recently inaugurated a new manufacturing facility in Bangalore, sprawling 90,000 sq. feet wide area, to establish a robust medical device manufacturing industry in India. Our ever-growing R&D team is the powerhouse behind designing our products. In order to advance our broad-based innovations in non-invasive cardiology, critical care, diagnostic x-rays, home care, and beyond, we have substantially expanded our R&D team and plan to manufacture these innovations in our recently inaugurated, state-of-the-art facility in Bangalore. We wish to go for vertical integration for most of the products from our Bangalore-based manufacturing facility, ensuring our offerings meet the highest standards of quality and excellence.

One significant addition to our portfolio is the inclusion of a full range of consumables, ensuring that our end users have access to recommended and quality products. This move is not just about safeguarding against substandard consumables but is a proactive step to enhance clinical outcomes and the longevity of our devices.

In the spirit of strategic realignment, we’ve successfully divested our 100 percent UK subsidiary after a five-year run. Now, we are strategically poised for mergers and acquisitions, having identified assets in new and promising areas. I am unable to divulge specific details at this time respecting the confidentiality of these initiatives. Rest assured, these endeavours align with our commitment to sustained growth and innovation.

In our pursuit to sustain our impressive CAGR of 20 percent in the domestic market for the next decade, we’re also strategically expanding our reach overseas. We are setting our sights on becoming a white-label ODM for all markets seeking alternatives to China. This forward-thinking move positions us as a reliable partner in the ever-evolving landscape of medical technology.

BPL MedTech is committed to building a culture that focuses on creating high-quality, affordable healthcare solutions. Our goal is to make these solutions available even in the most remote areas of the country, and around the globe. With last-mile connectivity as an integral part of our vision, we have established a robust network of sales and service distribution that is continuously strengthened to address the critical challenges faced by remote clinicians. We are proud of our achievements and owe it all to our unwavering efforts to promote a healthy world today and tomorrow. Our products and services have earned recognition and respect from our customers, and we are deeply grateful for their trust and support. As we continue on our mission to enhance “Happier Living Everyday,” we remain committed to delivering the best solutions to meet the diverse healthcare needs of people everywhere.

As we chart the course for the future, our overall roadmap for exponential growth is grounded in innovation, strategic partnerships, and global expansion. Underlined by an unwavering commitment to achieving self-reliance, BPL MedTech will emerge as a pioneering brand proudly making in India, for India and the world.