Chennai-based Fischer Medical Ventures (FMVL) has unveiled India’s inaugural domestically produced magnetic resonance imaging (MRI) systems, aiming to reduce the nation’s dependency on imported medical devices. According to FMVL, this achievement marks a significant milestone in the country’s healthcare sector. The company expressed its readiness to pursue acquisitions and investments to expand its medical imaging and technology offerings.
India’s medical device industry heavily relies on imports, with approximately 80-85% of devices sourced from overseas, incurring a substantial import expenditure of over Rs 63,200 crore. Fischer MVL is actively exploring opportunities to acquire and invest in ventures specializing in advanced medical technologies such as CT scanners, AI-powered X-ray equipment, teleradiology solutions, and cutting-edge diagnostics.
As reported by Business Standard, Fischer MVL is currently manufacturing its MRI systems at a production facility situated in the Andhra Pradesh MedTech Zone (AMTZ) in Visakhapatnam, leveraging the park’s conducive environment and skilled workforce. The company’s recent listing on the BSE in December, under the leadership of Ravindran Govindan as group chairman and CEO, alongside Shankar Varadharajan as chief operating officer, symbolizes a new phase in its growth trajectory. Govindan brings over 45 years of experience, while Varadharajan contributes expertise from his distinguished career in investment banking and strategic leadership.