Poly Medicure’s Managing Director, Himanshu Baid, wants stronger efforts for “Make in India” and reducing imports in the upcoming Budget. The government might include a new plan to improve medical device manufacturing in Budget 2024, aiming to enhance quality and cut down on imports.
Baid said the previous Production Linked Incentive (PLI) scheme wasn’t fully used and called for a better one. He suggested expanding the PLI scheme to include more products, especially those currently imported. He believes adding ₹1,000-1,500 crore to a new PLI scheme could greatly boost local manufacturing. Medicure
Currently, around 70% of medical devices and equipment, worth about ₹50,000 crore, used in India are imported. The import duty for these items is between 7.5% and 10%. Baid also emphasized the need for more incentives for research and development (R&D) and exports.
He feels the current incentives are too small to attract big multinational companies to manufacture in India. He thinks the current import duty should stay the same because India relies heavily on healthcare imports and quick changes are not practical. A gradual approach is necessary.
Poly Medicure has a market capitalization of ₹20,300 crore, and its shares have increased by 91% over the last year. Poly Medicure is an Indian company specializing in medical devices and healthcare products. Founded in 1995, it focuses on manufacturing high-quality items such as infusion sets, catheters, and surgical products.
The company has established a strong presence in both domestic and international markets, exporting its products to over 100 countries. With a commitment to innovation and quality, Poly Medicure invests in research and development to enhance its product offerings and ensure compliance with global standards. The company’s efforts have earned it a reputation as a reliable supplier in the healthcare sector.
