New Delhi: Trivitron group of companies, a leading medical technology company and Aloka, innovators in Ultrasound technology from Japan have entered a joint venture to manufacture cost effective, high technology ultrasound equipment in India.
The product would be ideally designed to suit the needs of developing countries. The Joint Venture will embark on an initial investment of Rs50 crore by both companies, followed by further investments subsequently.
In Phase I the companies will manufacture portable black and white ultrasound scanners, floor model high resolution black and white ultrasound scanners and whole body colour dopplers.
They will acquire necessary capital equipment and infrastructure for setting up the manufacturing unit and extend its current distribution network in India for sales application and engineering support for new products. Apart from meeting needs of the Indian market, products manufactured by the JV will be exported to several developing/developed countries across the world.
“India has the potential to set itself as a manufacturing hub for medical equipment segment and meet rising global demand. With initiatives like these we see that the export market of the equipments manufactured in India will exceed within ttwo years. Aloka is looking forward to set up its base for developing embedded and application software for ultrasound systems in India.” says Yoshihiro Yoshikawa, President, Aloka Co. Ltd., Japan.
According to him this joint venture is an extension of seven years relationship with Trivitron where together they are aiming to achieve a 20% market share in the Indian ultrasound market within two years.
“With a population of over 1billion, India currently meets over 90% of its medical equipment requirements through imports. The current market for Ultrasound equipment in India is around 500 crore and is growing at an average CAGR of 20% per annum.
Aloka will bring in patented technology for manufacturing ultrasound systems, ultrasound probes and related ultrasound accessories and training requirements for the manufacturing unit will be met through special training sessions provided in Japan and day-to-day handholding by senior Japanese Engineers, based in India.
Aloka is also planning to use premier institutions in India for clinical research and product development sites for bringing new innovative Ultrasound systems in the years to come.