Godrej’s medical device biz to hit ₹500 cr

Godrej Appliances’ medical and health equipment portfolio, spanning refrigeration systems and insulin storage devices, will contribute ₹500 crore to its overall sales within three to five years.

On Tuesday, Godrej Appliances, a Godrej and Boyce subsidiary, said it expects the new InsuliCool product range will strengthen its medical refrigeration portfolio. The portable storage box is light weight and maintains a temperature of 2-8 degrees to store insulin vials, pens and catridges.

According to Kamal Nandi, business head and executive vice president, Godrej Appliances the health portfolio contributes 3% to sales. “We have a target to reach ₹150-175 crore this year, which will be about 3% and over the next three to five years our goal is to make this vertical about ₹500 crore or 5-6% of overall turnover,” Nandi said in an interview.

Godrej’s refrigeration solutions for medical equipment were used in the nationwide Covid-19 vaccination drive.

More products that are targeted to solve the refrigeration needs in the healthcare industry could be rolled out, he said. “We are exploring opportunities and trying to understand where precise cooling systems are required.”

To be sure, Godrej Appliances also manufactures refrigerators, washing machines, air conditioners, air coolers, deep freezers and microwave ovens, as well as specialized medical refrigerators.

The insulin storage unit will be priced upwards of ₹5,999 and will be rolled out pan-India for both online and offline sales.

“This will be largely targeted toward the business-to-consumer segment, but could also be sold to B2B segments. We have also got interest from diagnostic labs since they need cooling equipment for carrying medicines and vaccines.”

The company will also continue to premiumize its refrigerators and washing machines portfolio.

“We will be focusing on the premium segment. We had been investing since the last two years, and this is the third year we are investing in the premium segment. You will see more and more premium product launches. Our mix of premium has moved up from 17-18% to 32%,” he added. LiveMint