Chennai-headquartered Fischer Medical Ventures (FMVL), aiming to lessen the country’s reliance on imported devices, has manufactured its magnetic resonance imaging (MRI) systems domestically, claiming to be the first company in the country to achieve this. The company is also open to making acquisitions and investments to broaden its medical imaging and medical technology offerings.
The Indian medical device industry is heavily reliant on imports, with estimates suggesting 80-85 per cent of devices coming from outside the country. This dependence translates to a staggering import bill of over Rs 63,200 crore.
Fischer MVL is actively looking to acquire and invest in several high-tech ventures, including companies producing CT scanners, X-ray equipment with AI-powered solutions, teleradiology solutions, and advanced diagnostics. This expansion aims to diversify Fischer MVL’s portfolio and enhance its offerings in the diagnostic solutions market, covering a wide range of point-of-care services. By embracing innovation, the company seeks to equip healthcare providers with the tools necessary for timely and accurate diagnoses, ultimately enhancing patient care and outcomes.
The company is developing its MRI systems at a production facility in the Andhra Pradesh MedTech Zone (AMTZ) in Visakhapatnam. AMTZ, India’s premier medical technology park, provides a conducive environment for production, with access to facilities and a skilled workforce. The company also successfully got publicly listed on the BSE last year in December, signifying a new chapter, with Ravindran Govindan as group chairman and CEO and Shankar Varadharajan as chief operating officer. Govindan brings over 45 years of experience, while Varadharajan boasts a distinguished career in investment banking and strategic leadership.
Fischer MVL aims to establish a leadership position in the medical imaging and MedTech industry in India.
First Published: May 27 2024 | 6:44 PM IST