that it would become difficult for consumers to afford them . Our introduction of nebulizers in the market helped consumers get better international quality nebulizers at a cost of 1000 rupees where as others were being sold for over 3000 .
Our strategy of focusing on manufacturing in India has helped us keep the costs down . Over the years there has been many entrants in the market which is helping in increasing the awareness of these products . We believe that there is still a lot of potential to unlock in this industry as many products are imported and which can be manufactured in India to reduce the prices . On the other hand , the organization of retail will also benefit consumers to get access of these products .
How has the company performed financially in the last fiscal year What are the expectations from FY 2023-24 ?
The company has performed better than the expectations . Definitely there has been a downturn due to the post pandemic period last year but we see the demand picking up strongly . This year we expect to grow our business by 100 % due to increased focus on our Indian market .
Why did the company refuse a lucrative acquisition offer from a foreign giant in 2018 ? What is your long-term outlook ?
We believe strongly in the concept of Make In India and Made by Indians . We wanted to bring out good made in India medical devices to consumers that were of world class quality . We had many projects in the pipeline and a clear path to growth . Our company also being on the growth trajectory also added to the confidence that we could grow by ourselves and hence we decided to refuse the offer . Our long term vision is to bring out the best in products from India for the world and to become a global name in healthcare .
Your views on the regulatory set up and the steps taken by the Indian government to ramp up the medtech infrastructure in India ?
Indian regulations are definitely getting more stringent for selling and manufacturing medical devices . In a way it ' s a good measure to filter out the good manufacturers that comply with the manufacturing standards . The government schemes for manufacturing in India are also something that everyone can make use of .
HealthTech
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