Mumbai, Jan 17 (PTI) Global speciality medical devicesand equipment manufacturer Smiths Medical today announced toset up a wholly-owned subsidiary here to expand its businessin India.
"We had a presence for over 20 years in India through ourstrong distributor network. Our aim in establishing SmithsMedical India is to continue to leverage that network, whilealso growing our direct-to-customer business," Smiths MedicalVice President, global sales and marketing, StuartMorris-Hipkins told reporters here.
This represents an exciting step forward in theinvestments that Smiths Group is making in India, UK''sSecretary of State for Business, Innovation and Skills, VinceCable, also present on the occasion, said.
"It is a fine example of the business ties that we wouldlike to see between India and the UK. The UK''s high endtechnology expertise is second to none in the world andcompanies like Smiths are a good example of this," he said.
With 25,000 hospitals, India''s health sector andspecialised health care is booming. "We see huge opportunityin India, which spends 5 per cent of its GDP in health care,and has the scope to raise it further," Morris-Hipkins said.
Smiths Medical employs 8,400 people with a sales of 858million pounds in 2010 fiscal (August-July), with a directsales presence in 20 countries.
Morris-Hipkins said Asia is a rapid growing market andconstitutes 30 per cent of the Smiths Medical''s business.
The company is also mulling to build partnerships and setup manufacturing unit in India. "There are early days.
However, partnerships, setting up manufacturing units andacquisitions are definitely part of our road map in India," hesaid.