Bodytechmed Establishes Production Plant in India... "Serving as a Forward Base in South Asia"

[Asia Economy Reporter Lee Gwanju] Boditech Med announced on the 12th its plan to purchase a 10,032㎡ production plant site and construct a factory in the Jajar area near Delhi, India. Approximately 5 billion KRW will be invested in establishing the Indian factory, including land purchase, construction, facility setup, and production facility certification costs.

Boditech Med explained that the background for establishing the Indian factory is to secure price competitiveness to increase market share in the South Asia region. They intend to use the production plant as an outpost to actively target the South Asian market in line with the rapidly growing in vitro diagnostics market in India.

Boditech Med plans to respond to market conditions primarily by reducing costs through local production facilities. The Indian factory will produce products that measure TSH (thyroid-stimulating hormone), HbA1c (hemoglobin), and product lines requested by local distributors. Currently, they have obtained sales approval for 42 types of 'ichroma™' diagnostic kits and plan to increase the number of approved products in the future.

The timing for revenue generation from the operation of the Indian local production plant is expected to be next year. Boditech Med, which recorded sales in the 10 billion KRW range in the Indian market last year, has set a goal to surpass 100 billion KRW in sales by 2030 based on the establishment of the Indian factory. They also plan to expand their market share in India from 0.65% last year to around 5%.

Choi Eui-yeol, CEO of Boditech Med, said, "As the income levels of South Asian countries rise and the number of patients suffering from chronic diseases increases, diagnostic demand is expected to continue growing." He added, "By establishing the Indian production plant, we will raise our market share in the South Asian region, the world's largest market, and leap forward as a leading global in vitro diagnostics company representing Korea.”