Morepen Laboratories Limited announces carving out its point of care (POC) medical devices business into a newly incorporated wholly-owned subsidiary, Morepen Devices Limited.

The company stated that the medical devices business has delivered exponential growth and it recorded a growth of 71 per cent in FY21 and in Q1FY22 it has already achieved a growth of 187 per cent.

According to Anubhav Suri, CEO, Medical Devices Business, ``The Indian POC market is expected to touch US $ 16 billion by 2025 and we aim to be the number one player in India with a large part of our manufacturing being made in India.

Sushil Suri, Chairman and Managing Director, said "Our POC diagnostic business has surpassed even our expectations and we have to carve out a separate subsidiary both for building specialised teams to handle such scale and POC business unique skill sets."

He further adds, ``Given the scale, we are looking to achieve, we will also explore bringing in fresh capital that makes it imperative to have a separate entity to undertake this huge initiative. It will also unlock the value of medical devices business segment of the company."

The POC medical devices business is marketed under the brand "Dr. Morepen"

"Doctors now want patients to monitor their health vitals and share the data over the phone. That is just the first step of integrating this data directly with the doctors. The company is focusing on connected devices, data mining using artificial intelligence (AI), machine learning and also develop a data lab for connected devices", added Anubhav Suri.

The new devices company will be scaling up its R&D teams to create a world-class R&D Centre for medical devices in India. The device company would also go for all relevant certifications of its manufacturing facilities and products for exporting them to regulated markets in Europe and North America and plans to become a hub for manufacturing POC medical devices for the global market.