New Delhi: Boditech Med, a South Korean company engaged in R&D and manufacturing of medical devices for Invitro Diagnostic Solutions, will set up a manufacturing facility in Jhajjar in Haryana, according to an announcement.
The unit, that is expected to cost around Rs 50 crore, will be established in the Model Economic Township Limited (MET City), a wholly owned subsidiary of Reliance Industries Limited (RIL).
Boditech Med will be focusing on the Southwest Asia and Middle East market with the new production plant at MET City and will hire diverse human resources related to sales and regulation affairs to meet customers’ IVD needs, said a press statement issued by the RIL.
“It is an appropriate location for our new facility, which we are very happy to establish in MET City, which is one of the fastest-growing business cities of North India,” Boditech Med CEO Eui-Yeol Choi was quoted by the statement.
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“Following the recent changes in policy, India has received encouraging support for the construction of a new manufacturing facility from international companies. Thus, there is intense competition to enter this market,” he added.
“It is expected that IVD needs will continue to rise as the income levels of citizens in Southeast Asia have grown and the number of chronic disease patients has increased,” Choi said.
“The upcoming manufacturing facility in India will enable us to increase the market share of IVD market in Southwest Asia. With this as momentum, we are aiming to become a global IVD company,” he added.
MET City CEO S V Goyal said, “With Boditech Med setting up a state-of-the-art manufacturing set-up, MET City will also become a leading location for manufacturing of medical devices.”
He added that as India opens up further, “we will encourage more companies from South Korea to come to India and make MET City at Jhajjar their address for setting up their operations.”
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The sales volume of the India business of Boditech Med stands out in Southwest Asia and has continuously grown with an average annual growth rate of 38% in Southwest Asia and with an average annual growth rate of 50% in India from 2015 to 2021, the statement said.
It is expected to generate sales revenues in the new local production plant from 2023, it said.
Last year, Boditech generated $7.7 million dollars in India IVD market and aim to target $77 million dollars in 2030, the statement said, adding it is expected that Boditech Med market share of India IVD market will increase from 0.65% to 5% in the near future.
