Fischer Medical Ventures (FMVL), a Chennai-based medical technology company, will be introducing indigenously developed Computed Tomography (CT) scans. Earlier this year, the company developed India’s first indigenous Magnetic Resonance Imaging (MRI) system.
The company, celebrating its listing on the Bombay Stock Exchange (BSE), announced plans to introduce domestically produced CT scans in collaboration with Edusoft at half the price of current market offerings.
This announcement follows the company’s recent collaboration with Edusoft to introduce affordable, locally developed X-ray machines. These strategic moves are part of FMVL’s broader vision to make advanced medical technology accessible and affordable in India, where the cost of a CT scan machine ranges from Rs 50 lakh to Rs 4 crore.
The company aims to capture a significant share of the Indian healthcare market, with a revenue target of $30 million for the financial year 2024-25. Currently, India is Fischer Medical Ventures’ primary market, contributing the majority of its revenue. However, the company is eyeing global expansion and expects approximately 60 per cent of its revenue to originate from India in the future. To fuel this growth, the company is investing $40-50 million this year.
The announcement comes on the heels of the company’s successful manufacturing of MRI systems at its Andhra Pradesh MedTech Zone (AMTZ) facility in Visakhapatnam. The company invested $10 million in this plant.
Speaking on future collaboration, Shankar Vardharajan, Group Chief Operating Officer of FMVL, stated, “Although the company develops medical imaging devices and technology, we are leveraging the research and development done by others to broaden our offerings. For example, our collaboration with Wonder Tech—the founder spent 8-10 years developing that technology—collaborating and investing in an entity like that helps us to utilise our time and bring those technologies faster to the market.”
Speaking on potential markets, Ravindran Govindan, Chairman and MD of FMVL, stated, “India is a very promising market; however, we are also targeting the ASEAN and GCC countries as our offerings are well suited for these markets.”
Fischer Medical Ventures is actively looking to expand its portfolio through acquisitions and investments in high-tech medical imaging and technology solutions.
With its focus on affordability, innovation, and domestic manufacturing, Fischer Medical Ventures is poised to transform healthcare accessibility in India and beyond.
Speaking on focus areas, Svetlana Rao Raviwada, Whole-Time Director of FMVL, stated, “Our key focus areas include eye health, audiology, oral health, mental health, as well as lung and respiratory health. In addition to our strong presence in India, we plan to expand into various international markets, including ASEAN and GCC countries, through a range of our existing and upcoming products and ongoing collaborations.”
FMVL’s confidence in achieving its revenue targets is bolstered by its robust order book and ongoing participation in state government tenders. With the recent lifting of the election code of conduct, the company is actively participating in tenders across six states, aiming to secure contracts in at least two or three of them. Discussions are also underway with various state governments for potential collaborations, further expanding FMVL’s footprint in the public healthcare sector.
First Published: Aug 13 2024 | 7:25 PM IST
