Trivitron group of companies, the largest Indian medical technology company and Aloka, the innovators in Ultrasound technology from Japan today announced their joint venture agreement to manufacture cost effective, High Technology Ultrasound equipment in India to suit the needs of the developing countries. The Joint Venture will embark on an Initial investment of about 50 crores by both the companies followed by further investments in due course.
The investment pooled in by the two companies will thus be used for acquiring necessary Capital, Equipment and Infrastructure for setting up the manufacturing unit. Trivitron will additionally extend its current distribution network in India for Sales Application and Engineering support for the new products. Apart from meeting the needs of the Indian Market, the products manufactured by the JV will be exported to several developing/developed countries across the world.
As the part of the deal Aloka will also bring in their patented Technology for manufacturing Ultrasound Systems, Ultrasound Probes and related Ultrasound Accessories. The Training requirements for the manufacturing unit will be met through special training sessions provided in Japan and day to day hand holding by Senior Japanese Engineers, based in India. Aloka is also planning to use Premier Institutions in India as Clinical Research and Product Development Sites for bringing the new innovative Ultrasound Systems in the years to come.
India currently meets over 90% of its medical equipments requirements through imports; But with the recent growth areas such as Electronics Manufacturing, Biotechnology Manufacturing, Mechanical Components Manufacturing, Pharma Manufacturing India can soon be the hub for indigenous medical technology. The Current market for Ultrasound equipments in India is around 500 Crores and is growing at an average CAGR of 20% per annum.