The Australia-based Cochlear Ltd, a global leader in offering implantable hearing solutions for the hearing impaired, has launched its direct operations in India by setting up offices in New Delhi, Mumbai and Bangalore, eyeing the potential for its product base in Indian healthcare market.
The company, which has been present in the Indian market for past 15 years through distribution tie up, is planning to infuse around US$ 15 million in the next five years to spread product awareness on hearing related disease through education and campaigning among medical professionals through its Indian subsidiary - Cochlear Medical Devices India Pvt Ltd.
Cochlear Ltd, which claims to have almost 70 per cent share in the cochlear implant products in both the global and Indian market, has recruited 51 people including sales and marketing team for marketing operations in the country, informed Dyranda Hortle, regional director- Southern Asia, Cochlear Ltd, in Mumbai.
The company has identified an increased interest among population to rely on cochlear implants to restore hearing for both children and adults and thus decided to enter the market directly, targeting population of around 50,000 with hearing problems. Initially, the company will strengthen its presence in India through the 45 cochlear implant clinics in the country and later, would increase market penetration by roping in leading surgeons offering the treatment.
“We have identified that the biggest challenge for us in India is the lack of awareness among parents about the importance of the disease in this area and the need of cochlear implants. We are also ready to work with the government championing early intervention in children,” said Hortle. However, there is no short-term plans to commence manufacturing in any of the Asian countries, since it has a well established facility for high end complex technology in Australia limiting its production to 20,000 systems per annum to maintain the best quality in production.
Governments of various countries are offering funds to support treatment hearing implants and this could also work in India. She added that the company is already offering its products in almost half the price it charges in Australia, considering the issues with affordability of treatment with the Indian population. According to WHO estimates, there are approximately 63 million people in India suffering from significant auditory impairment, placing the prevalence at almost 6 per cent of the nation's population making the Indian market potential for cochlear implant solutions.
The company markets three types of implantable technologies in India - the Baha bone conduction implants which uses a Swedish technology for adults and children with outer and middle ear problems and total deafness in one ear, Cochlear Hybrid electroacoustic implants offering a unique combination of cochlear implant and a hearing aid, and Cochlear Nucleus 5 a most advanced and slimmer hearing solution for adults and children with moderate to profound hearing loss.