Morepen Laboratories spins out medical devices business

Morepen Laboratories Limited said that it has separated its point of care (POC) medical devices business into a newly formed fully-owned subsidiary called Morepen Devices Limited.

The Indian pharma company claimed that its medical devices (POC) business has been witnessing exponential growth for the past several years and has secured a top position in the market. The business is said to have had a 71% growth in the previous financial year ending March 2021.

Sushil Suri — Chairman and Managing Director of Morepen Laboratories said: “Our POC Diagnostic business has surpassed even our own expectations and is gaining bigger share year after year in the total revenue of the company.

“Given that the business is scaling up so rapidly with the mainstreaming of POC business in India, we have to carve out a separate subsidiary both for building specialized teams to handle such scale and POC business unique skill sets.”

According to Morepen Laboratories, increasing concerns for health have pushed the average usage and consumption of diagnostics devices in all households multiple folds during the last 18 months.

Anubhav Suri — CEO of Morepen Laboratories medical devices business said: “While the growth is stupendous, we believe this is only the tip of the iceberg. The Indian POC market is expected to touch US$ 16 billion by 2025 and we want to be the No 1 POC player in India with a very large part of our manufacturing being “Made in India.”