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00:00Welcome back to First Trace right here on Easy Now and now let me welcome Mr. Hamanshu Baird, MD of Polymedicare, joining us on the show right now.
00:08Mr. Baird, hi, morning and great to be speaking with you. A big GST push for your industry indeed.
00:14From that 12% GST on medical devices, it's been slashed to 5%.
00:18And Mr. Baird, we keep talking about how big a headroom is there for Indian players to grow in this industry.
00:25Help us understand what does it mean for you and what sort of a growth are you penciling in now?
00:31See, I think it's a great initiative from the government of India to reduce healthcare costs for patients.
00:38And I think a lot of medical equipment surprised at 18% GST and 12 and 5.
00:43Everything goes to now 5%.
00:45So that increased accessibility and affordability for patients in the hospitals as the cost will come down for medical equipments and consumables.
00:56Secondly, especially for home care, where a lot of, you know, these products are sold through chemist shops.
01:02I think there is going to also make a huge impact as devices are going to get cheaper.
01:07And that is also going to increase the consumption of these products across, you know, different segments.
01:13On Polymed, I think, you know, we are very grateful to the government of India for taking that step.
01:19And what we are seeing is that demand will increase as, you know, treatments will get more, you know, cost effective.
01:27And we have already called out this year that our domestic business will grow by around 30% plus.
01:34So I think that adds more, you know, to that resolve that, you know, we would continue to grow in that upward direction.
01:42Okay.
01:43So that's the take coming in on the GST cut.
01:45But, Mr. Baer, you did speak about a bunch of benefits.
01:48Help us understand by when will these be seen in terms of the pass on to customers?
01:53Will it be from quarter three itself?
01:54See, I think the pass on is happening immediately from today, actually.
02:00So there is, you know, there is no looking back from there.
02:04And, of course, the channel margin, you know, the channel partners have to pass on whatever stocks are there with them.
02:11They will pass on immediately from today.
02:13So I think what I see is there will be a short pain, you know, for GST accumulation, whether at manufacturer level or at the channel partner level.
02:24But I think in a few months, I think that is going to, you know, disappear because, you know, everything is going to get consumed.
02:31All right, Mr. Baer, though, really sorry we have a little paucity of time, but so good having you on the channel today.
02:38Thank you so much for taking the time out and speaking.
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