You have been a day-one employee of Trivitron Healthcare and have seen its transition from trading to manufacturing, setting up hospitals, etc. What is next in the journey? What have been the recent milestones leading up to the future vision for the company?
Having been with Trivitron for over 25 years, I have witnessed a remarkable journey of reinvention. We began as a distribution company in 1997, partnering with leading multinational healthcare brands and building a strong presence across India. While distribution helped us scale, we recognised that long-term sustainability and value creation required us to move up the value chain.
That realisation led us to manufacturing—a transition that was both challenging and transformative. We started with OEM partnerships, moved into assembly, and gradually built deeper manufacturing capabilities. Throughout this evolution, our commitment remained unchanged: to stay focused on healthcare and create solutions that address real healthcare needs.
One of the defining aspects of our journey has been our early and deliberate focus on Tier 2 and Tier 3 markets. At a time when most global players concentrated on metros, we identified an opportunity to improve healthcare access in underserved regions. This strategy, envisioned by Dr GSK Velu from the outset, enabled us to build a strong foundation and create meaningful impact where it was needed most.
Over the years, we expanded from manufacturing consumables such as biochemistry and haematology reagents into medical devices, diagnostics, imaging, and critical care technologies. Today, Trivitron is among the few Indian med-tech companies with a truly diversified portfolio spanning radiology, diagnostics, in-vitro and invivo solutions, consumables, and advanced medical equipment. This diversification has been a key driver of our resilience and growth across different market cycles.
More recently, our focus has been on strengthening our global footprint and developing market-specific solutions. Recognising that healthcare needs vary across geographies, we have expanded manufacturing capabilities in regions such as Europe and the US, while exploring opportunities in other strategic markets. This allows us to serve local healthcare ecosystems more effectively while maintaining global quality standards.
Looking ahead, the next phase of Trivitron’s journey is not just about scaling revenues or expanding our product portfolio. It is about deepening our impact— through innovation, localisation, and greater access to quality healthcare. Our vision is to strengthen India’s position as a global med-tech manufacturing hub while continuing to deliver affordable, relevant, and accessible healthcare solutions across the world.
What are Trivitron’s revenues today? What are the growth drivers?
International markets have emerged as one of Trivitron’s strongest growth drivers. In the financial year just concluded, we crossed approximately $100 million in revenue, with nearly 60 per cent of our profits coming from our international businesses. This reflects not only the scale of our global operations but also the strength of our specialised product portfolio across key markets.
What differentiates our international business is that it is built around highly specialised and marketspecific solutions. For example, through our wholly owned subsidiary, Labsystems Diagnostics, we have established a strong global presence in newborn screening—a niche but critical area of preventive healthcare. This business is particularly strong in Europe, where newborn screening programmes are mature and widely adopted. In India, the segment is still in its early stages, but we see significant long-term potential as awareness and policy support continue to grow.
The US is another important growth market for us. We have built strong capabilities in the manufacturing of radiation protection products used by surgeons, radiologists and healthcare professionals working in X-ray environments. Recognising the strategic importance of radiation-shielding core materials, we invested in manufacturing facilities in the US nearly six years ago. This has enabled us to strengthen our position in the global supply chain and serve customers more effectively, particularly at a time when the industry has been looking to diversify beyond traditional sourcing hubs.
We are also expanding into new geographies with high-growth potential. Russia, for instance, represents a significant opportunity for our newborn screening business. As the market currently has limited domestic manufacturing capabilities in this segment, we are actively pursuing regulatory approvals and registrations to establish a local presence.
Going forward, our growth strategy will continue to be driven by a combination of specialised healthcare technologies, deeper localisation, and markets pecific innovation. Rather than adopting a one-size-fits all approach, we are focused on developing solutions that address the unique healthcare needs of each geography, while leveraging our manufacturing and R&D strengths to create sustainable, long-term growth.
Can you explain more about your radiation protection apron products?
Radiation protection aprons may appear to be simple products, but the technology behind them is highly specialised. The key component is the radiationshielding core material, which is manufactured using a proprietary blend of materials such as bismuth, antimony and other shielding compounds. The effectiveness of the apron depends on multiple factors, including the composition of the material, its density, thickness and the precision of the manufacturing process.
This is a niche segment that requires significant technical expertise and stringent quality standards. The products are designed to protect individuals who are routinely exposed to radiation, including surgeons, radiologists, cath lab personnel and other healthcare professionals working with X-ray-based imaging systems. Beyond healthcare, these solutions are also used by scientists, researchers and professionals working in radiation-intensive environments, including nuclear and research institutions.
Recognising the strategic importance of this technology, we invested in developing our own radiation-shielding core material manufacturing capabilities in America. This has enabled us to strengthen our position in the global value chain, reduce dependence on external suppliers and serve international customers more effectively While radiation protection remains an important specialised segment for us globally, our manufacturing footprint in India spans a much broader range of medical technologies. We have built strong capabilities across diagnostic imaging, including X-ray, C-arm, CT and ultrasound systems. Today, we manufacture X-ray, C arm, CT, Mamography equipments and ultrasound equipment at our facilities in Navi Mumbai, Patalganga, Pune, Chennai and Vishakhpatnam with each plant focused on specific product categories and technologies.
This combination of specialised global businesses and a broad-based domestic manufacturing portfolio reflects Trivitron’s overall strategy—building expertise in niche, high-value segments while simultaneously addressing large-scale healthcare needs through locally manufactured medical technologies.
Since import substitution and “Make in India” has been Trivitron’s strategic focus, what has been the progress so far?
Import substitution and Make in India have been central to Trivitron’s strategy for many years. We have made significant progress in expanding domestic manufacturing capabilities across a range of medical technologies, including X-ray systems, C-arms, CT scanners and ultrasound equipment. Today, a substantial part of the value addition and assembly takes place within India, helping reduce import dependence and strengthen the country’s med-tech manufacturing base.
However, the journey towards true self-reliance is still ongoing. While finished products are increasingly being manufactured locally, many of the critical, highvalue components and core technologies continue to be sourced from global suppliers. These components remain essential to the manufacturing process and currently have limited domestic alternatives.
To accelerate the next phase of Make in India, India needs a stronger ecosystem for medical device components, raw materials and precision engineering. This will require sustained investments in local manufacturing capabilities, technology development, supplier networks and innovation. As these supporting ecosystems mature, India will be better positioned to move beyond assembly and localisation towards end-to-end indigenous manufacturing.
The opportunity is significant. With the right policy support and industry collaboration, India can not only meet its domestic healthcare technology requirements but also emerge as a globally competitive hub for medical device manufacturing and exports.
So the heart of all these medical equipment is still being imported and then assembled?
To a significant extent, yes. While India has made steady progress in local manufacturing and assembly of medical devices, many of the critical, high-technology components that form the core of advanced medical equipment are still imported. These components are often the result of decades of specialised research, technology development and supply-chain investments in global markets.
That said, the industry has come a long way. When we started in 1997, nearly 80 per cent of the medical equipment used in India was imported. Today, that figure has come down to around 70 per cent. While a 10-percentage-point shift may seem modest, it is important to view it in the context of a healthcare market that has grown several times over during the same period. In absolute terms, the increase in domestic manufacturing and value addition has been substantial.
India today represents one of the world’s most attractive healthcare technology markets, and naturally, global manufacturers continue to view it as a key growth opportunity. At the same time, there is growing momentum behind domestic manufacturing, supported by government initiatives and industry investments.
Going forward, the pace of import substitution will depend on how quickly India can build a robust ecosystem for components, raw materials and advanced technologies. With stronger policy support, greater investments in R&D and a more developed supplier base, Indian manufacturers will be well-positioned to increase localisation and move further up the value chain.
When you say that industry needs policy support from the government, what exactly do you mean?
One of the key areas where the industry requires policy support is the duty structure on components and raw materials used in medical device manufacturing. In many cases, if a company wants to manufacture a CT scanner or other advanced medical equipment in India, it must import several critical components and pay customs duties on them. However, the duty on importing a fully assembled finished product can sometimes be lower than the cumulative duty paid on those components.
This creates an inverted duty structure, where local manufacturers are placed at a cost disadvantage compared to importers of finished equipment. If India is serious about building a globally competitive medical technology manufacturing ecosystem, it is important that policy frameworks incentivise local value addition rather than inadvertently favour imports.
Beyond duties, the industry would benefit from continued support for R&D, component manufacturing, technology development and the creation of a robust domestic supplier ecosystem. Building a selfreliant med-tech sector requires strengthening the entire value chain, not just final assembly.
The positive development is that policymakers are increasingly aware of these challenges and there is growing recognition of the strategic importance of medical technology manufacturing. We are optimistic that, over time, policy measures will continue to evolve in a direction that supports greater localisation and innovation.
At the same time, the industry itself is evolving. Healthcare technology is advancing rapidly, with new players, innovations and business models emerging every year. While competition remains intense, there is also a growing appreciation for collaboration. Increasingly, companies are looking beyond traditional competitive boundaries and exploring partnerships that leverage complementary strengths. Such collaborations can accelerate innovation, strengthen domestic capabilities and ultimately deliver better outcomes for healthcare providers and patients alike.
Can you give one example of such a collaboration?
There are several examples of such collaboration models globally, particularly in diagnostics and medical technology. In many cases, multinational companies focus on developing and manufacturing instrumentation, while we specialise in reagents or consumables. When combined, these offerings create a complete end-to-end solution for the customer.
This approach is mutually beneficial. For reagent companies, it expands access to a larger installed base of equipment, enabling wider adoption of their test menus. For instrumentation companies, it enhances the value of their platforms by offering a broader range of applications and consumables, making their systems more attractive to hospitals and laboratories.
We see this model playing out across segments such as radiology, in-vitro diagnostics (IVD) and molecular diagnostics. For instance, we have a strong portfolio of molecular diagnostic kits, while other players bring deep expertise in instrumentation. By working together, both sides are able to deliver more comprehensive and clinically relevant solutions to healthcare providers.
We first adopted and refined this collaborative approach in international markets, and over time, we have successfully extended it to India as well. The response has been very positive, as it allows companies to focus on their core strengths while improving outcomes for end users through integrated solutions.
What are the new, recent or upcoming innovations that you are focusing on? Will it also impact the cost?
One of the key innovation areas we are currently focused on is next-generation radiation protection materials. Today, the industry largely relies on conventional material combinations and established manufacturing processes. Our R&D teams, in collaboration with government agencies, are working on advanced material science solutions that can significantly improve both performance and manufacturing efficiency.
These innovations are not limited to materials alone but also extend to process improvements. A key outcome we expect from this work is cost optimisation. At present, many of these specialised materials are imported. Developing and manufacturing them domestically will not only strengthen supply security but also help reduce costs and enable more efficient, high-performance radiation protection solutions.
Another important area of focus is newborn screening. Our research teams in Finland are actively working on advanced mass spectrometry-based technologies and developing new-generation screening kits. This remains a highly specialised and science intensive field, with strong long-term growth potential as preventive healthcare gains greater importance globally.
In the imaging segment as well, we are expanding our portfolio. While we already have a strong presence in Carm systems, we are now moving towards digital Carm technology, with upcoming product launches that will further strengthen our position in advanced diagnostic imaging.
Overall, our innovation strategy is centred on combining material science, diagnostic advancements and imaging technologies to deliver solutions that are not only more advanced but also more accessible and cost efficient for healthcare systems.
How are geopolitical disruptions impacting Trivitron?
So far, the impact on customers has been relatively contained, and we have not seen any major disruption in service delivery. However, geopolitical tensions are beginning to create challenges on the supply chain side, particularly in terms of logistics, availability of inputs and movement of goods across regions.
The impact is not uniform across geographies. The Middle East has seen the most significant disruptions in recent months, affecting supply routes and creating operational constraints in certain markets. The US has also experienced some level of disruption, though to a lesser extent. Europe, on the other hand, has remained comparatively stable. India has been relatively insulated, largely because a significant part of our manufacturing base is located domestically.
That said, the broader effect of geopolitical uncertainty is being felt through increased logistics costs, input price volatility and longer lead times. These factors eventually cascade through the value chain and influence overall pricing in the market.
We are closely monitoring these developments and working to ensure supply continuity for our customers. While the situation remains fluid, sustained geopolitical disruptions could have wider implications for global healthcare supply chains, making resilience and localisation even more important going forward.
You have spoken about the Make in India initiative and Trivitron’s role in that. What is the vision for the next phase? What are the new areas you are going to enter?
The next phase of Trivitron’s growth goes beyond revenue expansion. It is equally about widening access to healthcare and deepening the real-world impact of medical technologies. Our core objective is to ensure that advanced healthcare solutions reach a much larger population and translate into meaningful health outcomes.
However, access alone is not enough. The key question is whether these technologies are being deployed in a way that improves early detection, treatment and overall patient outcomes at scale. This is where public health systems and structured programmes play a critical role.
Government participation is therefore essential in driving large-scale adoption. While manufacturers like us can develop and supply the necessary technologies, widespread impact is achieved when these are integrated into national or state-level health programmes. Initiatives focused on screening, early diagnosis and preventive care have the ability to reach millions of people in a structured and sustained manner.
For example, in mammography, we supply systems across hospitals, diagnostic centres and healthcare providers. However, the true impact of such technology is amplified when breast cancer screening becomes part of an organised public health programme rather than an individual, discretionary choice. The same principle applies to other areas such as cancer screening and preventive diagnostics.
We see a strong need for deeper collaboration between governments and private healthcare providers to build large-scale screening and early detection ecosystems, similar to successful public health programmes such as polio eradication and tuberculosis control.
Newborn screening is another important example. In many developed countries, it is a mandatory and well established programme covering a wide range of conditions. In India, it is still evolving and largely optional. That said, progress is underway, and we have supported pilot initiatives in states such as Kerala and Goa, where newborn screening has been introduced in government hospitals for selected parameters.
These early initiatives demonstrate the potential of scalable, population-level healthcare programmes. Our ambition is to support and expand such models across India, as well as in other emerging markets such as Africa and the Middle East, by working closely with governments, healthcare providers and ecosystem partners. Ultimately, our vision is to ensure that innovation is not confined to a limited segment of the population. Technology delivers its true value only when it is accessible, affordable and capable of improving health outcomes at scale.
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