Mumbai: Philips Electronics India Ltd is betting big on the healthcare segment and is looking at expanding through both the organic and inorganic routes, a senior company official said on Wednesday.
“We are looking at expanding through both the organic and inorganic routes. As a part of our expansion plans, we are setting up our fifth manufacturing facility at Chakan in Pune for manufacturing healthcare products," Philips Healthcare vice-president & business head Krishna Kumar said in the financial hub.
The company is a market leader in patient monitoring and healthcare informatics both globally and in India. It has four units in the country -- two in Maharashtra at Ambernath and Pune, and one each at Bhilad in Gujarat and in Goa. The company also has an R&D centre in Bangalore.
In 2008, Philips acquired two companies, Meditronics, engaged in medical equipment making and Alpha X-Ray Technologies.
“As a part of our growth strategy, we are actively looking at inorganic opportunities," Kumar said.
The Indian healthcare market-size is estimated at € 1 billion and expected to grow at 16% per annum.
Healthcare contributes 20% to overall Philips business in India, he said.
The Dutch firm, which operates three businesses -- lighting, healthcare and consumer electronics and appliances -- is one of the top global players in the healthcare technology market alongside General Electric (GE) and Siemens.
Its healthcare sector has global leadership positions in areas such as cardiac care, acute care and home healthcare.
In India, Philips holds an enviable market share of 40% in the patient monitoring business. The company is also bringing in low-equity patient monitoring solutions to the country, which is helping in the proliferation of quality healthcare at affordable prices to the value segment customers in Tier II and Tier III towns, Kumar said.
As a part of breakthrough technology for treatment of uterine fibroids, Philips Healthcare recently launched high intensity focused ultrasound (HIFU) solution called ‘Sonalleve´ in India.
Sonalleve offers a non-invasive alternative to the traditional treatments for uterine fibroids in women. It combines magnetic resonance (MR) imaging, with high-intensity focused ultrasound (HIFU).
The benefits for women include a scar-free treatment, no anaesthesia, quicker recovery, more precise image guided treatment and only little stress.
“The launch of Sonalleve is yet another testimonial to Philips’ commitment to bring cutting-edge innovations to solve key healthcare challenges like tumors that face India," Kumar said.
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