In talk with Anil Singhvi, Poly Medicure MD, Himanshu Baid says company likely to benefit from Covid-19 vaccination drive

In a chat with Zee Business Managing Editor today, Himanshu Baid, MD, Poly Medicure, said that his company's insulin syringe is frequently used during vaccinations and the company has offered this product to the Government for Covid-19 vaccination drive. He added that many other companies are making similar products and that the government should start the procurement process for syringes as early as possible. He said that Covid-19 vaccine will soon arrive in the market. 

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Baid said that the government may soon give permission to 3 or 4 companies to start manufacturing Covid-19 vaccines in India. He averred that Poly Med will need syringe, needle cutter and cold chain products which will be required to transport the vaccine. The company is talking to Government regarding this at various forums and explaining the requirements properly.  

Government has given immense importance to medical device sector, Baid said. He added that currently, 80% of the medical devices are being imported in the country. It is extremely disappointing that India has progressed in each and every field, however, has not done well in the field of medical devices. 

Baid revealed that the company has decided to raise Rs 400 cr, out of which Rs 150 to Rs 200 cr will be used by the company to take the benefit of the PLI Scheme.

Due to Covid pandemic, the company has decided to make some new diagnostic products which will help to improve the revenues of the company. Government has approved 100% FDI for the medical equipment industry to give boost to our industry. Government has brought the industry into regulation which was not there earlier. Steps taken by the Government are motivating us to accelerate the growth opportunity on the company and increase the revenue of the company in coming years.

Baid said that the company is hoping that there should be Atmanirbharta in medical devices sector the way it is in Pharma sector. Baid said in next 5 to 7 years medical device industry will completely become Atmanirbhar and there will no need to import any devices.

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Baid said that India is way behind in medical device technology when compared to other countries. He added that visiting different countries, meeting doctors of other countries motivates him to invest in Research and Development. He said, "As a company, we are learning many new things and hoping we can implement it well, for the benefit of the people of our nation by creating and making new products." 

Baid indicated that this field is very progressive as every 2 to 3 years new technology comes in the market. So it becomes necessary to participate in different exhibitions and trade shows that happen in different countries. He said, "This helps us to understand what companies around the globe are bringing and we can implement the same in our country. India has the best technology engineers who are equally good in learning and developing new technology."