Omron Healthcare eyes 3-fold rise in sales in India by FY15
New Delhi: Japanese firm Omron Healthcare on Tuesday said it is aiming for nearly three-fold increase in revenues in India by FY15 for which it will expand presence in the country.
The company, which is present in the country through a wholly-owned subsidiary, currently sells its healthcare products through 17,500 retail stores across India.
"Our aim is to reach USD 43 million in sales in India by FY15 from the current USD 14 million," Omron Healthcare India Managing Director Shinya Tomoda told reporters here.
When asked how the company planned to achieve the target, he said: "We are looking towards increasing our healthcare retail network by 25 percent in the next 12 months."
This, in turn, will help the firm to reach a target of 33,900 retail stores, including pharmacies and surgical shops in the Indian market by FY15, he added.
Omron Healthcare, which markets various products including blood pressure monitoring systems, on Tuesday, launched two new devices--HGM 111 and HGM 112 -- to monitor blood glucose in the body.
He added that the company would focus on expanding its reach in the tier II and tier III cities in the country as part of its plan to expand and achieve desired growth.
"We are also looking to focus at hospital segment for the desired growth," Tomoda said.
According to industry estimates, the Indian diagnostics market is expected to touch Rs 27,500 crore in near future.
Omron Healthcare, which is one of the verticals of Kyoto-based Omron Corporation, posted net sales of 60 billion Japanese yen in FY11.
Omron Corporation, which has presence in various verticals including healthcare and industrial automation, posted revenues of 620 billion yen in FY11.
Globally, the company employs around 36,000 people across 35 countries.