TTK Healthcare said the strategy for its medical devices business in FY22 would be to expand into new geographies, grow revenues from new products such as hip range and knee portfolio extensions, besides venturing into cardiology market and exploring the export opportunities.
T T Jagannathan, chairman, TTK Healthcare, while addressing the shareholders at the annual general meeting, said as most of the hospitals were treating only Covid patients, regular surgeries like valve replacement surgery, being an elective one, were postponed and this impacted the performance of heart valve division.
Though there was some amount of revival in the later part of the year, the performance for the year as a whole was below expectation. The single centric clinical trial for the new model titanium valve would commence during the first half of the current year, according to the company.
The chairman also said focus would be to grow the volumes of TTK Chitra Heart Valves, to gain further volumes through bi-leaflet valves and to venture into the cardiology market through the launch of coronary catheters.
The hip replacement products were launched in the second half of FY21 in select markets and the chairman said its response was encouraging. Further, he added the line extensions in the hinge knee range are getting traction and helping penetration in more markets.
He said the company as a whole is planning to ramp up its business volume during the current fiscal as it expects revival in demand resulting in improved performance in the subsequent months. Though the second wave did have an impact on the operations during Q1, the company is confident of delivering an improved performance as a whole in the remaining quarters of the year.
The Chennai-based company plans to improve its performance through new launches, foray into new geographies, commercial ads and expand the existing product portfolio, among others.