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Medtronic targets over 20% growth in FY'14

NEW DELHI: US based medical technology major Medtronic Inc's Indian arm today said it is looking at over 20 per cent growth in the South Asian region for the current financial year. 

"We are looking at over 20 per cent growth in the current fiscal in South Asia. We need to grow faster," Medtronic Vice President
South Asia and India Medtronic Pvt LtdManaging Director Milind Shah told PTI. 

"This will be done by increasing access and availability of products in all our businesses," he added. 

The growth projection is in line with the company's thinking of increasing the share of emerging markets in the total revenues of the global firm, he said, without giving revenue details of the business in the region. 

Globally, the company had posted revenues of USD 16.6 billion last fiscal ended April. 

Shah was speaking on the sidelines of the launch of 'Shruti', a programme by Medtronic in collaboration with 
Dr Shroff's Charity Eye Hospital to detect and treat ear infections in the country. 

Minneapolis headquartered Medtronic follows a May to April financial year and its business is broadly in two groups -- Cardiac and 
Vascular Group and Restorative Therapies Group. 

Shah said the impact of the company on public health can be gauged by the fact that "more than 9 million lives are enhanced every year by a Medtronic product or therapy that's one every three seconds". 

On being asked about the expansion plans of the India unit he said: "We have just opened office in Bangladesh and plan to open in other countries in the region." 

Mumbai based India Medtronic Pvt Ltd markets, services and distributes Medtronic products. It has regional offices across the country. 

Its business region extends to South Asia that includes India, Bangladesh, Sri Lanka and Nepal. The company employs more than 350 people and has over 200 distributors across the region. 

Medtronic operates in more than 140 countries. It employs 46,000 people, including 5,800 scientists and engineers and has more than 28,000 patents.