Chennai-based Fischer Medical Ventures (FMVL) has made a significant stride in India's medical device sector by domestically manufacturing magnetic resonance imaging (MRI) systems. Marking a milestone achievement, FMVL asserts itself as the first company in the nation to accomplish this feat, aiming to reduce the country's dependence on imported devices. Additionally, the company expresses openness towards acquisitions and investments, intending to expand its footprint in medical imaging and technology offerings.
The Indian medical device industry is substantially dependent on imports, with statistics indicating that approximately 80-85 percent of devices are sourced from abroad. This reliance translates into a staggering import expenditure exceeding Rs 63,200 crore, highlighting the pressing need for domestic production and self-reliance initiatives to bolster the nation's healthcare infrastructure.
Fischer MVL is actively pursuing acquisitions and investments in various high-tech ventures, including those involved in CT scanners, AI-powered X-ray equipment, teleradiology solutions, and advanced diagnostics. This strategic expansion aims to diversify Fischer MVL's portfolio and enrich its diagnostic solutions market, catering to a wide spectrum of point-of-care services. By embracing innovation, the company endeavors to furnish healthcare providers with essential tools for prompt and precise diagnoses, thereby elevating patient care standards and outcomes.
Establishing its MRI systems production facility in the Andhra Pradesh MedTech Zone (AMTZ) situated in Visakhapatnam, Fischer MVL capitalizes on the conducive environment provided by India's premier medical technology park. Leveraging access to state-of-the-art facilities and a skilled workforce, the company reinforces its commitment to local manufacturing. Moreover, following its successful listing on the Bombay Stock Exchange (BSE) in December last year, with Ravindran Govindan as group chairman and CEO, alongside Shankar Varadharajan as chief operating officer, Fischer MVL heralds a new era in its corporate journey. With Govindan's extensive 45-year experience and Varadharajan's distinguished background in investment banking and strategic leadership, the company aspires to carve a leadership position in India's medical imaging and MedTech landscape.