Taiwan-based Apex Medical Corp on May 6 announced its plan to enter the Indian market with an initial investment of around Rs. 100 crore.
The three product verticals that the company will focus in India are respiratory, support surface and autoclaves, said Daniel Lee, Apex Medical chief executive.
"The Indian healthcare market is growing at 12-15 percent. We expect Apex in India to grow at least by 5 times in the next five years. We intend to offer best quality products at best and most affordable prices to medical personnel, care givers and consumers in the subcontinent," he added.
The company will import its products initially and sell them through local dealers, hospitals and tenders to the government. It expects to grow in India at a compound annual growth rate of 30 percent.
"In the initial phase, we will only be marketing the products in India," Lee said.
Apex Medical India president Puneet Sahai said, " The Company will adopt three routes to sell products in India, through local dealers, hospitals and tenders to government".
Established in 1990, Apex Medical Corp markets its products in 60 countries.