A report by FICCI and Assocham reveals that India imports 85 percent of its medical devices – a market worth $4.6 billion. In fact, a FICCI list identifies only one Indian medical device startup in the top 30 companies in the Medical Devices and Equipment Industry: YourStory’s Tech30 company Forus Healthcare, which has raised $13.4 million from Accel and Chiratae so far.
So, it is not surprising that a growing number of investors and companies, dominated by the likes of GE, Philips, and other MNCs, would want a share of this pie. Yet, surprisingly, for incubator-turned-medtech company InnAccel, which focuses on building novel medtech devices in the areas of Critical Care, ENT, and Maternal Care, that’s not the core reason. For InnAccel, along with its subsidiaries Coeo Labs and Sattva Medtech, the emphasis is on building innovative medical devices to serve the healthcare needs of India and emerging markets.
Siraj Dhanani, CEO of InnAccel, says, “We started as an accelerator, got involved in the innovation ourselves, set up teams, and had subsidiaries. I think we figured out a path. One thing we’ve been consistent on is innovating for Indian needs, whether we do it as an incubator or as a company, and we’re staying on track with our mission to create 20 innovative technologies by 2020.”
He adds, “We are a medical technology company, but we are not creating versions of western products like cheaper ECG monitors. We are creating technology products for the clinical environment of India by identifying diseases that affect Indians and we have original IP on our products.” – Yourstory