The medical devices industry in Australia is set to explore the Indian market on a big scale by entering into distribution arrangements with local companies and also taking up manufacturing at a later stage.
While more than a dozen of the Australian medical devices companies already commenced marketing operations in India, many others are looking for distribution tie ups in the country. Three other companies and two major states namely Victoria and Western Australia are exploring the Indian healthcare market through the Australian Trade Commission. India's medical devices market is placed at Rs 1500 crore.
Currently almost 13 companies from the state of Victoria alone has shown their interest in exploring the Indian healthcare market, informed Gopi Shankar, trade manager, Victorian Business Office India.
"Many of these companies have come to India earlier for market expansion and some are already in the process of partnering with Indian companies. On the other hand, some of these companies are looking for right companies to tie-up with," said Gopi Shankar.
The establishments which are showing interest are Box Hill Institute of Tafe and La Trobe University, a clinical trial management firm - PulmoSonix Pty Ltd, imaging firms like Lake Imaging and Voyager Imaging, diagnostic firms including Heart Smart Diagnostics and Compumedics. Consultancy or management service providers like Matrix Health Pty Ltd, Padghams & Partners Pty Ltd and Quality Healthcare Australia Pty Ltd are also planning to partner with Indian companies to offer services.
Petal Black Clothing, a major supplier of assistive clothing for hospitals is looking for manufacturing partners in India for its specialised products catering to elderly and those with limited mobility, he added.
Similarly, the healthcare companies in Western Australia, a state occupying the entire western third of the Australian continent and the second largest sub-national entity in the world, are also keen on exploring the lucrative Indian medical devices and diagnostics market, said Paresh V Shah, trade commissioner, Western Australia Trade Office - India.
At present, the A$ 4.75 billion Australian healthcare industry is exporting A$1.75 billion worth products, almost 37 per cent of its production, informed Vaibhav Kale, business development manager, Australian Trade Commission.
Individual companies are also sending their representatives to hold talks with Indian firms for tie up. Dynek Pty Ltd, a wound care management products company and Heat Wheat Pty Ltd, offering natural pain management products with a unique moist heat application technology, informed that they are looking for setting up its marketing operations in India through distribution tie up.
The Commission is interested in exploring partnership opportunities for pharma companies of Australia, said Kale. He said that the companies can also set up their operations in the Australian pharma market either through collaborating with a local company or through direct investment.