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Speech for Ausbiotech Conference on Medical Devices market in India and How to do Business with India.

Speech for Ausbiotech Conference on Medical Devices market in India and How to do Business with India.

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Ausbiotech speech2 Ausbiotech speech2 Presentation Transcript

  • Speech byStephen ManallackAuthor, “Soft Skills for a FlatWorld” (Tata McGraw-HillIndia, 2012)1.2 billionreasons to beexcited aboutIndia.
  • “The Great Gatsby” insight into India!© Stephen Manallack 2012F. Scott Fitzgerald –“…the test of a first rateintelligence is the ability tohold two opposed ideas inthe mind at the same time,and still retain the abilityto function.”
  • India Business TIP 1.© Stephen Manallack 2012Indian cultureembraces paradox –two competing ideasoften go together
  • © Stephen Manallack 2012You have to understand…
  • © Stephen Manallack 2012
  • © Stephen Manallack 2012
  • © Stephen Manallack 2012India Business TIP 2.India is asmart,innovativecountry
  • Indian Medical Devices Market.© Stephen Manallack 2012US$2.6 billion today75% importedUS$11 billion 2023Drivers of growth…
  • © Stephen Manallack 2012Drivers of growth in medical devices.• Demography– young + old• Economic growth= disposable income• Health insurance• Medical tourism
  • © Stephen Manallack 2012The optimistic mind of the market.Kiran Mazumdar-Shaw, Chair andManaging Director, Biocon Ltd:“My philosophy in life is that everyfailure can be converted into a success.As somebody said, defeat is temporarybut giving up is permanent. The way Iapproached it was that I am going to bejust not brainwashed by perceptions. Ithought let me do it my way."
  • © Stephen Manallack 2012India Business TIP 3.Treat problems andsetbacks as a giftIt’s worth it because…
  • © Stephen Manallack 2012Medical Devices Imports for India.• Roughly 75% of the medical device market imported• Key imports - imaging equipment, pacemakers,orthopaedic and prosthetic appliances, breathing andrespiration apparatus, and dental equipment• About 14,000 medical devices marketed in India• Biggest suppliers - USA, Japan, UK, France, Finland andGermany• USA is leading supplier with more than 28% products
  • © Stephen Manallack 2012Who are the major players in health?Apollo HospitalsEscorts GroupFortis HealthcareMax HealthcareManipal HealthAravind Eye Hospital…major players in over 30 cities
  • © Stephen Manallack 2012India Business TIP 4.Go with an open mindMost diverse country on earthReligions, beliefs, languages and cultureYour host could have spent many years in the USA or theUK, and have a global outlook - or never have left India andhave a regional view
  • © Stephen Manallack 2012Just some of the issues…• Where to HQ?• Who to partner?• Constant travel (35cities +)• Long hours• Slower, collectivedecisions
  • © Stephen Manallack 2012India Business TIP 5.India will behard work,so beprepared
  • © Stephen Manallack 2012Steve’s TIPS for success in India.1. Be ready for paradox2. India is smart, innovative3. Treat problems as a gift4. Go with an open mind5. India will be hard work
  • © Stephen Manallack 2012Why not take action?Indian thinkerRabindranath Tagore isthe inspiration to action:“You can’t cross thesea merely bystanding and staringat the water.”