 "Meril life sciences")
Medical devices company Meril Life Sciences is eyeing a five-fold growth in revenue over the next five years from Rs 3,000-3,500 crore estimated for the financial year 24. The company plans to achieve this target by expanding its global presence, launching new products in cardiology and setting up new manufacturing facilities.
Currently, 55 per cent of Meril's revenue comes from its international business, through its presence in over 150 countries and subsidiaries in more than 25 nations such as Germany, Russia, Brazil, Turkey, the UK, Southeast Asia, and Africa. The company aims to expand its presence in the global market by establishing new subsidiaries in more countries. Meril Academy has already initiated operations in four locations in Brazil, Turkey, Germany, and Russia.
To support its growth plans, Meril Group is also investing Rs 910 crore in 2024-25. This investment includes setting up new plants in Vapi, Gujarat for Meril Healthcare, Micro Life Sciences, and Meril Life Sciences. These plants will focus on manufacturing various medical devices, including stents, valves, orthopaedic implants, and therapeutic implants. These facilities will house equipment and will help the company increase its production.
Speaking on this, Vivek Shah, Chief Executive Officer of Meril, stated, "We plan to increase our focus on international markets, particularly in emerging economies, in the coming years. We also plan to launch up to 15 new products in the cardiology segment within the next 12 to 24 months."
"We have a clear vision for the future and we are confident that we have the right team and resources in place to achieve our goals," he added.
Meril Life Sciences is not only focusing on revenue growth but is also investing in opening up training academies globally, to educate healthcare professionals in more than 12 locations. In India, Meril plans to establish three academies in New Delhi, Cochin, and Kolkata within the next 12 months.
