Opto Circuits (India) Ltd (OCIL)'s wholly-owned subsidiary Criticare Systems Inc has signed a long-term development agreement with a leading OEM customer. The agreement provides for a joint development program focused on a new modular and MRI-compatible patient monitoring system.
The system will be based on Criticare's new eVision platform. The development program will commence immediately. The resulting new product and iterations thereof are projected to increase revenue.
Vinod Ramnani, chairman & managing director, OCIL said, "This is a very significant milestone for Criticare Systems and will result in a greatly increased presence for the company."
The company's partnership with this OEM customer will expand and result in mutual benefits for many years to come. The new product line will be produced by Criticare Systems and will be marketed by the OEM partner under their brand name in all major markets, he added.
Opto Circuits (India)) is a leading manufacturer of healthcare equipments. Its products include digital thermometers, sensors, probes, pulse oximeters, patient monitoring systems, Stents, Catheters and innovative products in the pipeline. In 2001, the company acquired 60 per cent stake in Advanced Micronic Devices to market its equipments in the country. OEMs contribute (80per cent) of sales while MediAid (100per cent US-based subsidiary) contributes the balance. MediAid came into existence with the acquisition of the patient monitoring division of Palco Labs, US, in end-2003. and now markets OCI's products in the US markets directly. In April 2007, OCI ventured into new product segments - Urology, Gastroenterology, Gynaecology and Orthopaedics after acquiring Devon Innovations Private Limited (Bangalore) and Ormed Medical Technology Limited (Chennai).