Medical Devices Business with India
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Slides from speech in May 2013 on Doing Business with India - Medical Technology Market for Ausbiotech's Medical Devices Conference in Melbourne.
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Medical Devices Business with India
- 1. Speech by Stephen Manallack Author, “Soft Skills for a Flat World” (Tata McGraw-Hill India, 2012) 1.2 billion reasons to be excited about India.
- 2. “The Great Gatsby” insight into India! © Stephen Manallack 2012 F. Scott Fitzgerald – “…the test of a first rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function.”
- 3. India Business TIP 1. © Stephen Manallack 2012 Indian culture embraces paradox – two competing ideas often go together
- 4. © Stephen Manallack 2012 You have to understand…
- 5. © Stephen Manallack 2012
- 6. © Stephen Manallack 2012
- 7. © Stephen Manallack 2012 India Business TIP 2. India is a smart, innovative country
- 8. Indian Medical Devices Market. © Stephen Manallack 2012 US$2.6 billion today 75% imported US$11 billion 2023 Drivers of growth…
- 9. © Stephen Manallack 2012 Drivers of growth in medical devices. • Demography – young + old • Economic growth = disposable income • Health insurance • Medical tourism
- 10. © Stephen Manallack 2012 The optimistic mind of the market. Kiran Mazumdar-Shaw, Chair and Managing Director, Biocon Ltd: “My philosophy in life is that every failure can be converted into a success. As somebody said, defeat is temporary but giving up is permanent. The way I approached it was that I am going to be just not brainwashed by perceptions. I thought let me do it my way."
- 11. © Stephen Manallack 2012 India Business TIP 3. Treat problems and setbacks as a gift It’s worth it because…
- 12. © Stephen Manallack 2012 Medical Devices Imports for India. • Roughly 75% of the medical device market imported • Key imports - imaging equipment, pacemakers, orthopaedic and prosthetic appliances, breathing and respiration apparatus, and dental equipment • About 14,000 medical devices marketed in India • Biggest suppliers - USA, Japan, UK, France, Finland and Germany • USA is leading supplier with more than 28% products
- 13. © Stephen Manallack 2012 Who are the major players in health? Apollo Hospitals Escorts Group Fortis Healthcare Max Healthcare Manipal Health Aravind Eye Hospital …major players in over 30 cities
- 14. © Stephen Manallack 2012 India Business TIP 4. Go with an open mind Most diverse country on earth Religions, beliefs, languages and culture Your host could have spent many years in the USA or the UK, and have a global outlook - or never have left India and have a regional view
- 15. © Stephen Manallack 2012 Just some of the issues… • Where to HQ? • Who to partner? • Constant travel (35 cities +) • Long hours • Slower, collective decisions
- 16. © Stephen Manallack 2012 India Business TIP 5. India will be hard work, so be prepared
- 17. © Stephen Manallack 2012 Steve’s TIPS for success in India. 1. Be ready for paradox 2. India is smart, innovative 3. Treat problems as a gift 4. Go with an open mind 5. India will be hard work
- 18. © Stephen Manallack 2012 Why not take action? Indian thinker Rabindranath Tagore is the inspiration to action: “You can’t cross the sea merely by standing and staring at the water.”