With the Indian market expanding, we are moving towards becoming a very strong player at home and overseas. We are upbeat and excited to make BPL as the No 1 Indian brand over the next few years.
On the MedTech industry
The Indian MedTech industry is growing at an average annual growth rate of 12–13 percent, varying between 10 and 18 percent for specific segments, similar to other emerging markets such as Latin America and China. In developed markets such as the United States of America and the United Kingdom, the growth is flat to 2-3 percent per annum with major contribution coming in from the replacement market. In markets such as these, most companies launch new offerings just by adding a couple of new features and such a growth pattern is very different from ours.
On how this space has evolved and impacted the stakeholders of healthcare
This space has evolved immensely over the last three decades, and has empowered each and every stakeholder involved – be it the patient, device supplier, pharma company, hospital, or a nursing home. The customer is now digitally empowered and has access to all the information before making a buying decision. The growth is higher in rural areas where hospitals are creating hub-and-spoke models, so that a large hospital functions as a referring center and feeds a network of tele-clinics, manned by two or three doctors. This has empowered patients in rural areas to get the benefit of improved medical care.
In a fiercely competitive sector as MedTech, please articulate your brand’s differentiating factor
The competitive nature of the sector is very good for the purchaser and there is enough space for everyone. We, at BPL differentiate ourselves by reaching out to the last mile with effective distribution channels. Another major differentiating factor is our effectiveness in service as our channel partners and distributors handle service as well, nullifying the possibility of a customer ever being stranded after purchase. Our track record of maintaining a 30 percent annual growth rate gives credence to our philosophy that a customer will remain loyal when serviced honestly in terms of quality and price.
On your growth plans and strategy over the next couple of years
4.5 years back, we were specific to a couple of modalities. We have now gradually expanded to critical care, and are now also betting big on radiology. In addition to our regular products and services, we are also focused on consumables and accessories. We aim to become a one-stop shop, offering world class solutions that satisfy the needs of the customer, in all the markets we serve.
Roadmap for radiology space
Focusing on emerging markets, we are expanding our product offerings in radiology – we have introduced C-ARMs, fixed and mobile X-ray machines, complete digital radiography systems, digital fluoro systems as well as retrofit DR solutions. We have a wide range of color Doppler offerings – right from portable to premium machines that provide unmatched image quality. Responding to what the Indian customer requires, the technology is tailor-made, and products are competitively priced. This also helps us leverage the Make in India initiative.
On availability of funds
Funds have not been an issue for us, as we have complete backing from our investors. They have immense commitment towards the growth story of healthcare in India, see our vision, and are happy to see funds invested in key projects. We have a 150-member strong manufacturing facility at Palakkad committed to manufacture in India. We see a lot of scope for major expansion.
Road ahead for BPL
In addition to our focus in India, we aim to be an Indian multinational, catering to global markets. We are positive that our exports will contribute about 30 percent to our turnover by 2022. With better price realization overseas, we will be able to cross leverage to gain market share in India. BPL has had a good innings so far. With the Indian market expanding, we are moving toward becoming a very strong player at home and overseas. We are upbeat and excited to make BPL the No 1 Indian brand over the next few years.