Godrej & Boyce, a consumer goods company expects double-digit growth in its healthcare market in the coming years, and it has seen a steady increase in demand for its main healthcare products and solutions, since the pandemic began in March 2020. Furthermore, Godrej & Boyce, a subsidiary of the USD 4.1 billion Godrej Group and a leading manufacturer of medical refrigerators in India, is open to forming a partnership with any vaccine manufacturer such as Pfizer, that requires storage at (-) 70 degrees Celsius.
“The company’s healthcare divisions are rising in the range of 22-25 percent in the past year. Godrej & Boyce’s numerous step-down subsidiaries, such as Godrej Appliances, Godrej Interio, and Godrej Lawkim, operate in the healthcare sector in areas such as hospital beds, medical refrigerators, and calibration facilities for medical equipment including ventilators. For the near future, we believe the healthcare sector presents opportunities for y-o-y double-digit growth. The need for India’s healthcare system to be strengthened and expanded is urgent and convincing”, said Nyrika Holkar, Executive Director of Godrej and Boyce.
“Demand for many of its key healthcare products and solutions has gradually increased since the pandemic began in March 2020. At the moment, the healthcare sector accounts for less than 10% of Godrej & Boyce’s overall revenue. However, we expect that this industry will continue to thrive long after the pandemic has passed. Godrej & Boyce’s income from the healthcare sector has not been disclosed. The government’s initiative to improve the medical cold supply chain presents a significant opportunity for the business. For example, our medical cold supply chain must be strengthened. Though vaccine refrigerators are urgently needed, the government has announced plans to establish 65 new blood banks at the district level”, added Nyrika Holkar.
Organ storage banks and pharma cold chains, like testing laboratories, need such specific cooling solutions. Godrej & Boyce’s technology and engineering skills, as well as a wide range of suitable products, place them to play a key role in these areas. Godrej & Boyce is interested in collaborating with COVID-19 vaccine manufacturers such as Pfizer, that the company believes in good alliances and collaborations. The UK based Sure Chill company, sells medical refrigerators that use the properties of water to hold vaccines in the ideal temperature range.
Now the vaccine procurement has been opened up to private sector companies and hospitals, alliances and collaborations in this area are being explored. Around 90% of Godrej & Boyce’s goods sold in the healthcare sector are enhanced locally. Organizations are dedicated to making India self-sufficient and are working to increase this ratio through local production, procurement, and partnerships.
“Godrej & Boyce has re-invested 10% of its healthcare revenues in the company. Investment is a continuous process at Godrej & Boyce, and constantly searching the horizon for investment opportunities for branches. It has constructed a new manufacturing plant for Godrej Interio in Khalapur, Maharashtra, with a capacity of 300 hospital beds per day and other healthcare accessories in the last 14 months. Godrej Appliances expanded its manufacturing capability by 300 percent in FY20, by investing in foaming plugs and conveyor lines. Multiple tools were built even at the part level to fit plant production”, added Nyrika Holkar
