Chennai, July 3 (IANS): City-based medical technology company Cura Healthcare is looking at developing countries for its products, said a top company official.
"Indian medical equipment makers have to look at developing markets to have economies of scale. We are looking at markets that are similar to India. We are awaiting the CE marking for our medical devices so that it is easy to venture into overseas markets," M.Balasubramaniam, chief executive officer told IANS.
The Rs.45 crore turnover Cura Healthcare in May acquired the Pune based, Rs.8 crore turnover Concept Integrations for an undisclosed sum.
He said Concept Integrations is an apt fit for Cura Healthcare as it makes patient monitoring systems, diagnostic tele-ECG systems. Concept Integrations also offers tele-medicine, hospital management solutions and others.
"Patient monitoring systems is a huge opportunity in India. Similarly, tele-medicine will take off in a big way as it is the one of the ways to reach the rural populace," Balasubramaniam added.
Confirming the development, Concept Integrations' managing director Arvind Savargoankar told IANS: "There are lot of synergies between the two companies. The products of both companies are complimentary and not competitive. Further, customer base for both the companies is the same."
According to Sarvargoankar, the two companies can increase their market reach with this association.
Balasubramaniam said Cura Healthcare's design of its digital radiography machine was validated by Korean company Sitec.
The Korean company makes the machines now as Cura Healthcare is awaiting the CE certification.
According to Balasubramaniam, the company will also make mobile computer radiography systems which can work at low power outputs.
Recently, Cura Healthcare made additional funds infusion of $6 million from private equity fund Peepul Capital. In 2012, the company got $9 million from Peepul Capital.
"The majority stake is held by Peepul Capital. The fund is ready to put in additional funds if needed," Balasubramaniam said.