Japanese health monitoring products maker Omron Healthcare is looking at over two-fold increase in its revenues in India to USD 40 million (nearly Rs 265 crore) by 2018-19 on the back of sales network expansion across the country.
The company, which is expecting to clock sales of USD 18.8 million in the current fiscal, is also open to the idea of opening a factory in India depending on the demand of its products here.
“We are targeting to achieve sales of USD 40 million for the fiscal year 2018-19. India is a very important market for us,” Omron Healthcare India Managing Director Hisao Masuda told PTI.
Bullish on the Indian market, he said the “target would be achieved as there is a huge market in India for our products due to increasing burden of non-communicable diseases such as cardiovascular, diabetes and respiratory ailments”.
“Growth wise India is very important to us. We have been clocking over 30 per cent revenue growth for the past several years,” Masuda said.
As part of the expansion plans by the end of the next fiscal the company will increase number of retail outlets from 45,000 to 55,000.
Currently, Omron Healthcare imports its products which are sold in India from it facilities in Japan, China and Vietnam.
When asked if the company had any plans to set up a manufacturing unit in India, Masuda said: “Once we achieve a significant threshold in volume terms for our products then we may open a factory in India.”
Right now the investments are in the areas of sales and marketing, in increasing the company’s distribution network, he added.
Omron Healthcare India’s product line in the country includes products such as blood pressure monitors, blood glucose monitors, nebulizers and body composition monitors.