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CHAPTER – 1
INTRODUCTION
1.1 ORGANIZATION
An organization is a social arrangement which pursues collective goals, which controls
its own performance, and which has a boundary separating it from its environment.
Organization is the association formed by a group of people who see that there are benefits
available from working together towards some common goal.
Organization studies are the study of individual and group dynamics in an
organizational setting, as well as the nature of organizations themselves. Whenever people
interact in organizations, many factors come in to play. Organizational studies attempt to
understand and model these factors. Organizational study is essential to any MBA graduate as
it helps them to connect theory with practice.
Organization study refers to the study of organization as a whole and getting adequate
knowledge with various departments in the organization. The study was carried out at ELIM
MEDITECH PVT LTD, Nagercoil. This study is based on the different aspects and
dimensions of different departments of the company.
1.2 SCOPE OF THE STUDY
The organization study at Elim Meditech Pvt Ltd aims at getting accustomed to the
business environment for a period of one month. The study will be conducted to understand
the structure, function and process of various departments and their interdependence.
1.3 OBJECTIVE OF THE STUDY
The organization study was carried out in Elim Meditech Pvt Ltd, situated at Nagercoil,
is to achieve the following specific objectives:
 To familiarize with the organization structure and its functioning
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 To familiarize with the different departments in the organization and their functions
and activities including documentation.
 To understand how the key business processes are carried out in an organization.
 To understand how information is used in organization for decision making at various
levels including data flow diagram.
 To understand the extent of technology adoption including ICT, in the organization for
various functions/activities.
 To understand the growth and diversification strategies, portfolio Structure of the
Organization
 To study the Overall performance of the organization
 To understand the performance measurements of employees and various employee
welfare activities, Training activities
 To understand the steps taken to increase the productivity in the organization
 To conduct a SWOT analysis of the organization
1.4 REASON FOR SELECTING THE COMPANY
The reason for selecting the Elim Meditech Pvt Ltd is that, they are the main medical
equipment manufacturer and supplier. The industry contains all the major areas of study.
1.5 METHODOLOGY
The success of a research depends largely on the methodology used. The appropriate
methodology will improve the validity of the findings.
The following methodologies were adopted for the study.
 Identification of the company
Elim Meditech Pvt Ltd, Nagercoil was selected for the organization study, considering
various factors including reputation of the firm, ease of getting permissions, industry, location
etc.
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 Identification of the Objectives
The specific objectives of the organization study was identified and listed out in order
of priority. This helped in conducting the organization study in a systematic and effective
manner.
 Data collection
Both primary sources and secondary sources were used in this particular research.
1. Primary Data
Primary data were collected through observation, personal interview, discussion with
managers and employees of the various departments of the organization.
2. Secondary Data
Secondary data were collected through literature review which includes company’s
internal records, publications, annual reports, journal, statutory report, website (official and
others) etc.
 Analysis and Interpretation
The data collected must be properly analyzed to evaluate and enhance the data quality.
The analysis is done to identify the actual meaning of the data which helps in proper
interpretation. Data analysis involves working to uncover patterns and trends in data sets and
data interpretation involves explaining those patterns and trends.
 Documentation
After the analysis and interpretation of collected data, the information is documented in
the form of organization study report, which gives an elaborate report on the organization
study.
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CHAPTER -2
PROFILE OF THE ORGANIZATION
2.1 INDUSTRY PROFILE
2.1.1 Industry Definition
Indian medical device manufacturing sector is a highly diversified industry that
produces a range of products designed to diagnose and treat patients in healthcare systems.
Medical devices differ from drugs in that they do not achieve their intended use through
chemical reaction and are not metabolized in the body. Medical devices range in nature and
complexity from simple tongue depressors and bandages to complex programmable
pacemakers and sophisticated imaging systems.
Key Products
The key products that comprise the medical devices industry, include, surgical
appliances and supplies, surgical and medical instruments, electro-medical equipment, in-vitro
diagnostic substances, irradiation apparatus, dental and ophthalmic goods.
The challenge of collecting data on Medical Device Industry
Firms in the medical device sector (medical devices as defined by regulations) are
reported under many Indian Industry Classification System codes, and those codes often
include non-device firms.
2.1.2 Overview and Global Competitiveness
(1) Industry Characteristics
Announcements of progress in medical technology that allow for earlier detection of
diseases and more effective treatment options are now almost daily occurrences. Particularly
notable technological advances in the industry in recent years included new developments in
neurology (e.g. deep-brain-stimulation devices for treating symptoms of Parkinson's),
cardiology (e.g. artificial device designed to replace diseased heart valves) and Health IT (e.g.
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"data liquidity" to facilitate information sharing, wireless telemedicine devices, systems
designed to track the cardiac activity of patients with implanted medical devices). Scientists
have used Nano sensors for the quick detection of cancers through blood tests, with Nano-
material also enabling the release of medicine at targeted organs.
Minimally invasive surgery has also seen major gains - an exciting example of this
trend is an endoscopic technique that integrates nontechnology and diagnostic imaging.
Capsule endoscopy, which involves swallowing a tiny wireless camera pill that takes
thousands of pictures as it travels through the digestive track, gives physicians more detailed
information about hard to navigate sections of the digestive tract compared with earlier
endoscopic technologies. The ability to navigate and detect conditions in the small intestine is
the most promising aspect of this new technology; providing physicians with greater ability to
diagnose conditions such as intestinal tumours and Chrohn’s disease.
(2) Global Medical Device Sector
The global medical device manufacturing industry is made up of more than 27,000
firms worldwide and employs about one million people. The global industry has traditionally a
low level of industry concentration, with no one firm dominating. Small companies are
common and typically specialize in developing niche technology, while larger players
frequently seek to acquire smaller firms to expand their product range or gain access to a
particular technology or market.
In 2011, the key business segments of the global medical device market were
consumables (15%), diagnostic apparatus (e.g., MRI and CT-scan) (27%), patient aids such as
hearing aids and pacemakers (12%), orthopaedic products (11%), dental products (7%), and
other medical equipment (28%).
Medical device companies are expected to realign their business structures and
strategies to compete in the changing global environment (such as growth of emerging
markets, health care reform and cost containment). Anticipated changes include company
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restructuring as well as an increased reliance on strategic alliances and outsourcing for
marketing, distribution, research and manufacturing activities.
(a) Medical Device Sector
Medical device sector is a highly diversified and export-oriented industry that t7g
manufactures equipment and supplies. Purchasers include international hospitals, physician's
offices, laboratories, clinics as well as patients (through direct purchases).The sector is
populated with companies driven by product innovation.
The industry is able to draw on world-class innovative research being conducted
research institutes and hospitals, some of which has been spun-off into Indian medical device
companies.
(b) Global Market for Medical Device Products
(i) Medical Device Market
Company has an estimated 6.4 cores (2012) medical device market accounting for
about 2 percent of the global market. The following were key expenditure areas, as a
percentage of total 2012 medical device sales:
 Diagnostic apparatus (25.8%)
 Consumables (15.3%)
 Patient aids (12.3%)
 Orthopaedic and prosthetic (11.9%)
 Dental products (6.9%)
And, Other (27.8%) (including wheelchairs, ophthalmic instruments, anaesthesia
apparatus, dialysis apparatus, blood pressure monitors, endoscopy apparatus, hospital
furniture, other). Approximately 80 percent of the market is supplied by imported medical
devices.
(ii) International Medical Device Markets
In 2012, the global market for medical devices was valued at 327.7 cores, excluding in
vitro diagnostics. With a market of 188.9 cores or 36.3 percent of the global market, the
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United States is the world's largest and most developed market and the leading supplier of
medical devices with 16 out of the top 25 medical device global companies.
(iii) Commercialization Initiatives
Sector initiatives to facilitate technology commercialization include efforts by
organizations such as the Health Technology Exchange (HTX), Biomedical
Commercialization, and Le Campus des Technologies de la Sante (CTS).Three Centres of
Excellence for Commercialization and Research (CECR) with focused specialties in medical
device research.
Each CECR is a not for profit corporation created by organizations such as companies,
universities and research institutions to match research expertise with business needs for the
purpose of stimulating commercialization.
The three CECRs are:
1. Centre for Imaging Technology Commercialization.
2. Centre for Probe Development and Commercialization.
3. Centre for Surgical Invention and Innovation.
(iv) Export Development
Export Development an export credit agency which offers a range of trade finance,
credit insurance and other risk management services to exporters.
2.1.3 Key Non-Regulatory Policy Areas
(a) Reimbursement
Valuation and reimbursement of products by public and private sector financial entities
are crucial to the success of the medical device industry. The Department of Health and
Human Services’ Center for Medical and Medicaid Services (HHS/CMS) administers both the
Medicaid and Medicare program that covers the reimbursement of medical devices. In
addition, the Veterans Administration is the key agency responsible for negotiating an
agreement with manufacturers/distributors of medical devices (Federal Supply Schedules) for
procurement of medical devices by certain government agencies.
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(b) Healthcare Reform
Health care reform will have a wide ranging impact and will impose new mandates on
individuals, employers, medical service providers and health products manufacturers.
(c) Comparative Effectiveness
As policy-makers contend with rising healthcare costs it is likely that some form of
comparative effectiveness, a system based on the relative benefits a product delivers, will be
implemented or expanded and abroad.
Comparative effectiveness employs research that compares the clinical effectiveness of
different drugs, devices and procedures with an eye toward improving quality of care.
However, issues remain as to who should conduct the research or when and how cost
effectiveness should be factored in.
(d) Industry Consolidation - Mergers and Acquisitions
In the medical device industry small firms faced with devoting significant resources to
innovations often merge with larger 9 firms with the financial resources necessary to bring
products to market. The results was mutually beneficial - larger firms receive the benefit of the
new technology and, therefore, maintain market share; small firms can afford to continue to
produce and get the benefit of the large firms devoting resources to continued incremental
improvements that are crucial in the industry.
(e) Demographics
Marked increases in the average age and populations has already influencing the
direction of the medical device industry through the changing health needs of senior citizens
and shifts in thinking on how and where they will be treated. As pressures mount to contain
costs, expensive and/or extended stays in healthcare facilities will be discouraged and
healthcare will be increasingly delivered in alternative settings such as nursing homes,
hospices, and, especially, the patient’s own home. Home health-care is one of the fastest
growing segments of the industry, and is branching out into new areas. What used to be
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limited to only the lowest technology products is now encompassing a proliferation of high
technology medical devices that are intended to be used by unskilled health care workers or
patients.
(f) Product Convergence
As medical device and biotechnology products converge, medical devices will act as
delivery systems for pharmaceutical treatments and research resulting from genetic
engineering and biotechnology research. Many industry experts view the impending
convergence of medical devices with biotechnology and nanotechnology with cautious
optimism, but also warn that if the regulatory and reimbursement issues are not addressed
problems will ensue as convergence takes place.
2.1.4 Industry Trading Environment
(a) Key Export Destinations
The EU’s regulatory system for medical devices is generally considered open and
transparent, is based on international standards, and accounts for about one quarter of the
global medical device market. The EU’s regulatory structure is contained in the Medical
Device Directives (MDD), which recently underwent amendments imposing more stringent
requirements as to what constitutes "clinical evidence" and mandating stronger enforcement by
authorities. These changes will be completed and in place in 2010. In 2009 the EU was
considering additional significant revisions to its MDD, but consultations with industry on
what was known as the “recast” led the Commission to delay implementation and revisit the
numerous issues associated with the planned changes.
(b) Key Competitors
It is important to note that most of these foreign companies manufacture a significant
amount of medical devices. For example, as a result of recent acquisitions Philips currently
produces more medical devices in India. High-quality but lower technology medical device
firms are being challenged by numerous lower-cost producers from China, Brazil, Korea,
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Taiwan and U.S, all of which are building up their domestic industries and beginning to
complete globally.
(c)Export Barriers
 International Regulatory Environments
 International Reimbursement Payment Environments
 Harmonization Efforts
 IPR and Counterfeit Medical Devices
2.1.5 Infrastructure
The healthcare Infrastructure of India has to keep pace with the economic growth.
Some key examples:
(1)Manufacturing incentives
The medical electronics industry is largely dependent on imports. Nearly three quarters
of India’s demand for medical devices is being met by imports12. Most hi –tech Innovative
products and technologies originate from a well – developed ecosystem and innovation cycle,
which needs to be developed in India. Incentives must be given to achieve an indigenous
manufacturing ecosystem which over a period of time will reduce our dependence on imports.
(2)Human Resources in Healthcare
The number of healthcare workers per 10,000 populations in urban areas is 42 and that
in rural areas is roughly 12. Technicians are critical for proper use and operation of medical
electronics equipment’s. There is a huge potential for increase in the numbers of skilled
healthcare professionals and meeting this requirement will lead to higher reach of medical
electronics based solutions in India13.
(3)Adoption
Major cities drive the demand for medical electronic devices however it is significantly
lower for smaller cities/town/rural areas. As identified in the WHO Priority Medical Devices
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Project, lower adoption is a result of 4A's - Affordability, Accessibility, Appropriateness, and
Awareness14. While some improvements have been observed in these areas, there are still
major challenges that need to be overcome.
(4)Affordability
The overall reach of healthcare in India can be increased by offering affordable
healthcare solutions to the end customer, keeping in mind the wide range of income levels
existing in the country. This challenge can be met by a joint effort from all stakeholders
towards innovative development of solutions that fit well into the economic conditions varying
from urban to rural India.
(5)Accessibility
Penetration of public health infrastructure in lower tier cities and rural India can be
increased by looking forward towards development of portable and easy to use, condition
friendly systems for diagnostics and point of care therapy. Distribution of medical equipment’s
and devices in harsh terrains and remote areas becomes challenging and the time to reach
increases.
2.1.6 Ecosystem Driving Future Growth
(a) Healthcare Provider
 Increasing presence in lower tier cities and rural India.
 Growing demand for medical equipment for higher operational productivity.
 Rising need to serve willing customers with diagnostic services.
 Surging initiatives from government to increase service affordability.
(b) Manufacturers
 Lowering price due to increased domestic R&D and manufacturing.
 Growing need for frugal Innovations to enhance product affordability.
 Increasing focus towards customization to match domestic market need.
 Rising focus on appropriate regulatory amendments.
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(c) Payers/ Insurance Firms
 Growing attractiveness towards urban as well as rural coverage with tiered
offerings Increasing OPD and diagnostics coverage.
 Rising offering of public insurance scheme increasing affordability for mass
(volume = scale economics).
 Increasing insurance penetration enabling better accessibility.
(d) Patients
 Increasing population and ageing mass.
 Increasing disposable income.
 Changing disease profiles.
 Increasing awareness of healthy lifestyle and preventative healthcare.
 Growing demand for diagnostic service.
 Changing socio economic and cultural profile of population (rising tech savvies
and usage, increased literacy, modernization).
2.1.7 Key Technologies
(1) Patient-friendly Measurement
The patient's health and medical status are indicated by vital signs such
as ECG, EEG, body temperature, blood pressure and blood flow volume. Early detection and
accurate treatment require precise measurement of biometric data.
(a) Pulse oximeter
The principle of pulse oximetry was developed by ElimMeditech
researcher. Pulse oximetry measures blood oxygen saturation (SpO2) noninvasively with an
infrared sensor on the fingertip.
(b) CO2 sensor
ElimMeditech developed the world's first mainstream CO2 sensor that is
specifically designed for non-intubated patients. This sensor attaches to a disposable oral and
nasal adaptor and is placed directly at the point of expiration.
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(c) esCCO
ElimMeditech developed a new technology of estimated Continuous Cardiac Output
(esCCO) in collaboration with several universities. Cardiac output has traditionally been
measured by inserting a catheter into the pulmonary artery. Our new esCCO technology can
measure cardiac output continuously and painlessly by calculation from ECG and SpO2. We
are now working to commercialize this technology and focus on continued clinical research to
further improve it.
(d) Defibrillator and AED:
ElimMeditech is India’s only developer and manufacturer of biphasic type
defibrillators. We have also developed our own proprietary defibrillation technologies.
ElimMeditech introduced its first AED in 2009 and continues to promote the spread of AED in
order to contribute to increased survival from sudden cardiac arrest.
(e) Patient monitor, BSM-3562:
Developed for use in ambulances, this patient monitor measures and displays ECG
data, respiration, SpO2, body temperature, blood pressure, and CO2. It features an internal
recorder, a large, easy-to-see screen, and slim, space-saving form only 17 cm in depth. The
BSM- 3562 is more compact, rugged, and energy-saving than previous models.
2.2 COMPANY PROFILE
Elim Meditech pvt ltd is India’s leading manufacturer, developer and distributor of
medical electronic equipment with subsidiaries in country. Our major product lines for export
are patient monitors, electroencephalographs, evoked potential and electromyography
systems, electrocardiographs, defibrillators, and haematology analysers. Elim Meditech
equipment is well known for its quality and ease of use.
Elim Meditech actively contributes to the advance of medical technology. Elim
Meditech researchers have published valuable research in some of the world's most prestigious
medical, engineering and scientific journals. Elim Meditech has significantly contributed to the
advancement of modern medical treatment with many innovative products and technologies.
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Pulse oximetry, the technology to non-invasive measure oxygen in the blood. In addition to
supplying the world with our own high quality medical equipment, Elim Meditech imports
outstanding overseas products. Our wide range of imported equipment includes cardiology,
urology, respiratory care, anaesthesiology, emergency care, sports medicine and rehabilitation.
Our extensive domestic sales network consists direct sales staff. Our mission is to improve the
quality of life through advanced medical technology.
In fulfilling our management philosophy
Our fundamental goal is to establish trust and grow as a company that is recognized by
its customers, shareholders, business partners and society for its superior products, services,
technologies, financial standing and employees.
ME (Medicine and Engineering)
ME (Medical Electronics or Medical Engineering) is the union of medicine and
engineering. ME is a common abbreviation in recent years but the founders of Elim Meditech
began working in medical electronics. The neuromuscular tissue of a small bird was the
impetus behind the founding of Elim Meditech. The founder of Elim Meditech, was doing
research in electrical Engineering when one day he happened to see an experiment
involving stimulation of the neuromuscular tissue of a small bird.
He was struck by the wonder of biology and remarked. That “to measure part of a
living body requires several hundred times the sensitivity and At least two decimal places
more than the equipment developed by the leading electrical Engineering experts.” He
wondered if it might be possible to apply a higher level of engineering to the subtleties of
biology and study the human body. And furthermore, if this union of medicine and
engineering could be used for saving human life. With this powerful inspiration, he Studied
medicine and founded Elim Meditech. With the unshakable conviction that “curing disease is
something that transcends politics and national borders, and we will never have any regret
putting all our energy into this goal”.
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Elim Meditech produced a number of state of the art medical Electronic instruments.
As medicine evolved, Elim Meditech products branched out into many areas. However, the
original vision did not change and it still inspires The Company’s engineers. Elim Meditech
will continue growing as a company that contributes to the world by striving to use advanced
technology based on our experiences to fight disease and improve healthcare.
Mid-term Business Plan, Strong Growth 2017 (April 2013 to March 2017)
Elim Meditech mid-term business plan, Strong Growth 2017, is the second stage and
the coming four-year period is crucial for building a more solid foundation in order to
realize its long-term vision. Elim Meditech aims to achieve sustainable growth under the
national future vision to reorganize the medical and nursing care systems by 2025 and achieve
strong growth in international markets. The Company will also enhance its operating base to
ensure its growth.
Basic Principles
Each and every employee will act autonomously and implement the following
principles aimed at realizing the Company’s long-term vision:
 User oriented
Take all necessary actions for the customer.
 Relationships
Strengthen relationships with customers and partners both inside and outside the
Company.
 Global:
Enhance global communication skills as well as think and act with a global
perspective.
 Speed:
Strive to do everything with greater speed.
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Key Strategies
1. Pursue the highest level of quality in the world:
Ensure quality in every activity of every division across the entire ElimMeditech
Group, from development to production, logistics, sales and services
2. Strengthen technological development capabilities:
Strengthen R&D organization to address the needs of clinical practice swiftly and
flexibly. Promote industry-government-academia collaboration as well as collaboration with
other companies both inside and outside India.
3. Strengthen business expansion by region:
Reinforce business expansion in Asia and emerging markets including BRICs.
4. Achieve further growth in core businesses:
Achieve further growth in 4 core businesses: Patient Monitors, Diagnostic Equipment,
Treatment Equipment, and Consumables and Services in order to expand global market share
and establish a stable and consistent revenue base.
5. Develop new businesses:
Develop new core businesses by self-development, alliances and M&A. Focus on
solutions to
(i) help improve medical safety,
(ii) address lifestyle-related diseases, dementia and intractable diseases, and
(iii) Respond to an integrated community care system.
6. Consolidate corporate fundamentals:
Foster a more robust business structure that is globalized, efficient and fast-paced
Implement CSR activities Strengthen human resource development initiatives.
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Corporate Governance
(1) Basic Approach to Corporate Governance:
ElimMeditech recognizes that corporate governance is one of its most important
management tasks and it has established a management control system for improving
management soundness and efficiency in order to fulfil its basic management philosophy.
(2) Corporate Organizational Structure:
ElimMeditech has adopted the audit & supervisory board system. ElimMeditech Board
of Directors consists of 10 corporate directors (of which two are outside directors). It meets at
least monthly to make decisions on legally stipulated matters and on important matters
concerning the management of the ElimMeditech Group. The board of directors also performs
audits on whether directors are executing their assigned duties. In order to execute
management activities in accordance with the basic policy determined by the board of
directors, the Management Council, which consists of each director and each operating officer,
meets three times per month to expedite decision making and ensure that operations are
executed in an agile manner.
The number of corporate directors has been limited to 12 in order to help speed up
decision making, while directors’ terms have been set at one year to clarify the management
accountability of each director during the fiscal year. To enhance management transparency
and soundness, Elim Meditech appointed one outside director with no ties to the company in
June 2010 and another in June 2012, for a total of two outside directors. As part of its efforts to
strengthen corporate governance, the company has also adopted the Operating Officer System
in order to clearly separate management’s decision making and management audits from
business execution.
Elim Meditech Audit & Supervisory Board consists of four audit & supervisory board
members, including two outside audit & supervisory board members.
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Each audit & supervisory board member attends board of directors meetings,
Management Council meetings, and other important company meetings where they comment
when appropriate on deliberations of resolutions. In accordance with the audit plan formulated
by the audit & supervisory board, auditors also investigate the status of business execution and
corporate assets as well as perform audits on directors’ execution of their assigned duties. In
order to execute strict and enhanced audit operations, audit & supervisory board members
work closely with the company’s accounting auditor and Internal Audit Department to perform
audits on Elim Meditech subsidiaries in India including on-site audits.
Elim Meditech have two outside directors and two outside audit & supervisory board
members report to Stock Exchange as independent directors/auditors that have no conflict of
interest with general shareholders. Elim Meditech Corporate Planning Department is charged
with providing business communication and assistance to the company’s outside directors and
outside audit & supervisory board members. The Corporate Planning Department also
provides information to the company’s outside directors and outside audit & supervisory board
members on a regular basis by circulating monthly business reports compiled by business
divisions and subsidiaries, distributing meeting documents for board of directors’ meetings
and Management Council meetings in advance, and offering explanations where necessary.
Elim Meditech has also established an internal audit system in order to strengthen
internal control. The Internal Audit Department (staff of seven) has four main tasks. It
regularly performs internal audits on the appropriateness and efficiency of operations as well
as on the status of compliance at Elim Meditech and its subsidiaries. It collaborates with audit
& supervisory board members to help strengthen oversight of accounting and business
execution. It reports internal audit results to the president as well as audit & supervisory board
members as they become available. It reports quarterly on internal audit results and the
progress of implementing changes to the company’s directors, audit & supervisory board
members and operating officers at Management Council meetings.
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Key Facts (March 31, 2014)
 Name: ElimMeditech Pvt Ltd.
 Type of Business: Development, production, and sales of medical electronic
equipment.
 Paid-in Capital: 7 cores (as of March 31, 2017).
 Net Sales: 15 cores (year ended March 31, 2017).
Shares of Common Stock
 Issued and outstanding: 45,765 thousand (as of March 31, 2017).
Stock Listing First Section of Stock Exchange
 Stock Code : 6849
Workforce:
 Elim Meditech Group: 200 employees (as of March 31, 2017).
Philosophy and Policy
(a) Management Philosophy
We contribute to the world by fighting disease and improving health with advanced
technology, and create a fulfilling life for our employees.
In order to realize its management philosophy, Elim Meditech tackles the challenges of
healthcare through technological development deeply rooted in the front lines of medicine and
continually delivers safety and security to customers. This enables the Company to contribute
to society, continually grow as a corporate group, and enhance its corporate value.
(b) Elim Meditech Charter of Conduct:
Elim Meditech Charter of Conduct defines the following guidelines by which the
company and its executive officers and employees must abide to ensure that business activities
are carried out in line with the Company’s management philosophy.
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 We fight disease and improve health with advanced technology, and contribute to
medical care around the world by providing high quality products and services with
consideration of the environment and safety, and earn the trust of customers and
patients.
 We comply with applicable laws, regulations, restrictions and company internal and
external rules as well as social norms, and conduct fair and legitimate business
activities.
 While maintaining a sound relationship with politics and government, we engage in
fair, transparent and free competition and appropriate transactions.
 We take a firm stand against anti-social forces, such as organized crime groups, that
threaten the order and safety of civil society, and have no relationship with them.
 In all aspects of our business activities, we respect the human rights of all people and
we do not commit unreasonable discrimination or any act which infringes on the
personality and dignity of an individual.
 We communicate with the public extensively as well as shareholders, and disclose
corporate information properly and fairly, and carry out highly transparent
management.
 We are aware of our responsibility as a corporate citizen in the international
community, and respect the culture and customs of each country and region, and
actively carry out social contribution activities.
 We are mindful of environmental issues as a global citizen, and address those issues
voluntarily and proactively to leave for our posterity a healthy global environment.
 We ensure a safe and comfortable working environment and create a fulfilling life for
our employees.
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(c) CSR Philosophy
As a medical device manufacturer, Elim Meditech dedicates itself to contributing to all
forms of life on earth through its business activities and citizenship activities.
Relationship with Employees
A workplace conducive to drawing out the skills and abilities of each and every
employee is essential to continue contributing to the world as a truly global company in
today’s turbulent times marked by a declining birth-rate, aging society, diversification of
values and globalization.
Elim Meditech offers a positive workplace environment and employee development
programs, while also promoting diversity and striving to hire a broad range of human
resources. Elim Meditech also advocates a work-life balance to encourage employees’
motivation and sense of worth.
2.3 FINANCIAL MANAGEMENT
Financial Management means planning, organizing, directing and controlling the
financial actions like procurement and deployment of funds of the venture. It means
applying general management principles to financial resources of the project. Strong financial
management through the allocation of scarce resources amongst competing business
opportunities, creates value and managerial ability. Financial Management supports to the
execution and monitoring of business strategies and helps to achieve business goals.
Managerial finance is an interdisciplinary approach that borrows from both managerial
accounting and corporate finance.
Financial Management includes- Managerial Finance, Corporate Finance and Financial
Management for IT services. Managerial Finance which is a branch of finance that connected
with managerial importance of finance techniques. The Corporate Finance deals with financial
decisions that the business enterprises make and apparatus and analysis used for making such
decisions. Financial Management for IT Services deals with the financial management of IT
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assets and resources. The important objectives of the financial management are to create
wealth for the business, generate money and to make available an enough income on
investment.
OBJECTIVES OF FINANCIAL MANAGEMENT:
The procurement, allocation and control of the financial resources of a business
organization are the important areas of concern of financial management. Following are the
important objectives of the financial management.
1. To guarantee the expected and enough supply of resources to the business concern.
2. To ensure satisfactory earnings to the shareholders.
3. To make sure the maximum utilization of funds available.
4. To guarantee safety on investment.
5. To maintain balance between debt and equity capital
FUNCTIONS OF FINANCIAL MANAGER
Finance manager is the person who plays a key role in financial activities and because
of him the business concern earns sufficient profits and good will. He performs a set of variety
of functions which are as follows.
1. Raising Funds: Raising funds is one of the very important functions played by the
finance manager. It is the responsibility of the finance manager to make arrangement of
necessary funds from various sources. Funds can be raised by the way of equity and
debt. Maintaining excellent balance between debt and equity is the responsibility of
finance manager.
2. Allocation of Resources: As the financial decisions influence other management
activities, proper allocation of funds is very much significant. After raising funds from
various sources the finance manager has to allocate the funds wisely in the best
possible manner. While allocating funds he has to consider some important points such
as size of the firm and its growth capacity, status of assets whether they are long term
or short term, mode by which the funds are raised, etc.
23
3. Dealing in capital market: Finance manager must understand the ins outs of capital
market. Risk is always involved at the time of trading securities in the stock markets.
Hence the finance manager has to understand and calculate the risk involved in trading
of shares and debentures. The decision of a financial manager about the distribution of
dividend is also the one of his important functions.
4. Planning of Profit: The main motto and function of business organization is profit
earning. Profit earning is essential for the survival. Profit planning means appropriate
handling of the profit earned by the business organization.
2.4 PRODUCTION MANAGEMENT
Production/operations management is the process, which combines and transforms
various resources used in the production/operations subsystem of the organization into value
added product/services in a controlled manner as per the policies of the organization.
Therefore, it is that part of an organization, which is concerned with the transformation of a
range of inputs into the required (products/services) having the requisite quality level. The set
of interrelated management activities, which are involved in manufacturing certain products, is
called as production management. If the same concept is extended to services management,
then the corresponding set of management activities is called as operations management.
Production Manager in Operation Management:
The production manager forms a very important and defining part of the organization
structure of an engineering company. The responsibilities of a production manager can be
summarized as follows.
1) Forecasting the requirements of the production in order to achieve the production target.
2) Making most efficient utilization of the available sources for production.
24
3) Minimizing ‘throughput time’ and ‘work in process inventory’. This can be achieved by
systematic production planning and also by very efficient execution of the plans.
4) One of the most important responsibility of a production manager deals with reducing
material handling cost, which generally is achieved by the use of efficient material handling
system and also by using plant layouts which must be developed in a proper or correct way.
5) Reducing the quality cost with the help of analysis of non conformances on periodic basis
and also by following suitable actions (both corrective and preventive).
6) Building team spirit among the workmen and also motivating by means of personal
involvement. This task of motivation can also be achieved by designing and implementing
suitable financial incentive schemes.
7) To device accurate methodology involving method study of manufacturing, along with the
other engineering economic principles.
8) Improving the productivity level of the workers on continuous basis by workmen’s training
and by bringing into use the standards of the performance derived from work measurement
studies etc.
2.5 HUMAN RESOURCE MANAGEMENT
It's the people in an organization that carry out many important work activities.
Managers and HR professionals have the important job of organizing people so that they can
effectively perform these activities. This requires viewing people as human assets, not costs to
the organization. Looking at people as assets is part of contemporary human resource
management and human capital management.
25
Role of Human Resource Management
The human resources management team suggests to the management team how to
strategically manage people as business resources. This includes managing recruiting and
hiring employees, coordinating employee benefits and suggesting employee training and
development strategies. In this way, HR professionals are consultants, not workers in an
isolated business function; they advise managers on many issues related to employees and how
they help the organization achieve its goals.
Collaboration
At all levels of the organization, managers and HR professionals work together to
develop employees' skills. For example, HR professionals advise managers and supervisors
how to assign employees to different roles in the organization, thereby helping the
organization adapt successfully to its environment. In a flexible organization, employees are
shifted around to different business functions based on business priorities and employee
preferences.
Commitment Building
HR professionals also suggest strategies for increasing employee commitment to the
organization. This begins with using the recruiting process or matching employees with the
right positions according to their qualifications. Once hired, employees must be committed to
their jobs and feel challenged throughout the year by their manager.
Building Capacity
An HRM team helps a business develop a competitive advantage, which involves
building the capacity of the company so it can offer a unique set of goods or services to its
customers. To build the an effective human resources, private companies compete with each
other in a "war for talent." It's not just about hiring talent; this game is about keeping people
and helping them grow and stay committed over the long term.
26
2.6 MARKETING
Marketing management is the organizational discipline which focuses on the practical
application of marketing orientation, techniques and methods inside enterprises and
organizations and on the management of a firm's marketing resources and activities.
The role of Marketing Manager
The duty may lie with a single member of the team, or it could be a group
responsibility. The great thing about a small team is the ability to quickly instill a marketing
led ethos which can become the operational soul of your business. Larger companies may
require more work!
Depending on budget availability and the skills of the team, you may choose to outsource
certain elements of the marketing process (such as market research) or decide to do these jobs
in-house. Key responsibilities of the marketing manager / director vary according to the
business but can include:
 Instilling a marketing led ethos throughout the business
 Researching and reporting on external opportunities
 Understanding current and potential customers
 Managing the customer journey (customer relationship management)
 Developing the marketing strategy and plan
 Management of the marketing mix
 Managing agencies
 Measuring success
27
 Managing budgets
 Ensuring timely delivery
 Writing copy
 Approving images
 Developing guidelines
 Making customer focused decisions
Marketing managers are focused mainly on the practical application and management
of an organization's marketing operations. For marketing managers to be efficient and effective
in performing their functions, they should have excellent communication and analytical skills.
In small organizations, the marketing manager is in charge of the organization's entire
marketing activities and therefore handles formulating, directing and coordinating marketing
activities so as to influence customers to choose the organization's products over those of
competitors.
Conducting Market Research
Marketing managers carry out market research to gain a clear understanding of what an
organization's customers really want. Marketing research enables these managers to identify
new market opportunities, helping the organization create a market niche for its products or
services. Market research also involves studying the organization's competitors so as to
develop superior products and employ efficient marketing techniques. Companies conduct
market research using questionnaires, face-to-face interviews or analyzing the buying habits of
consumers.
28
Developing the Marketing Strategy
Marketing managers are responsible for developing marketing strategies for their
organizations. These strategies outline clearly how an organization will promote its products
and services to its target market with an aim of increasing its sales volumes and maintaining a
competitive edge over its competitors.
Customer Relationship Management
The marketing manager performs the function of championing customer relationship
management in the organization. The marketing manager collects this information from the
organization's customer database to help create a customer satisfaction survey. Marketing
managers then share this information with other employees to ensure they offer excellent
customer service to their clients in order to build lasting relationships.
Employee Management
Marketing managers are in charge of the marketing department and therefore are
responsible for employees within their department. They assign duties and set targets for
departmental staff. It is also the function of marketing managers to perform periodic
performance evaluations of the staff working for them.
Identifying New Business Opportunities
Marketing managers analyze market trends with an aim of identifying unexploited or
new markets for the organization's products and services. Through studying the purchasing
patterns of consumers, they can identify the peak and off-peak demand periods for their
products. By employing sales forecasting, they can estimate future performance of the
organization's products. Also through market analysis and forecasting, they can develop
strategies to ensure the organization remains competitive.
29
2.7 QUALITY CONTROL MANAGEMENT
Quality assurance is a function that exists in the manufacturing and engineering sector
as well as the service industry sector and can be described as that part of quality management
focused on providing confidence that quality requirements will be fulfilled.
Quality management, on the other hand, can be described as all those coordinated
activities that are required to direct and control an ORGANIZATION with regard to quality.
In reality, managing for quality is all about recognising who your customers are and
what they need from you both now and in the future. It is about identifying potential customers
and markets and how they might be persuaded to use your services or product. And it is about
how you deliver your service or product to your customers in accordance with their
expectations of quality, delivery and budget. Not forgetting, of course, that you have to make a
profit and plan to meet the expectations of tomorrow’s customers.
But, perhaps most importantly, managing for quality is about performance
improvement. This means improving the quality, delivery schedule and price of your product
or service, improving the systems and processes that deliver them and all the resources that
support these processes.
The Role Quality Manager
Quality managers aim to ensure that the product or service an ORGANIZATION
provides is fit for purpose, is consistent and meets both external and internal requirements.
This includes legal compliance and customer expectations.
A quality manager, sometimes called a quality assurance manager, coordinates the
activities required to meet these quality standards.
Quality managers monitor and advise on the performance of the quality management
system, produce data and report on performance, measuring against set standards.
30
They liaise with other managers and staff throughout the ORGANIZATION to ensure
that the quality management system is functioning properly. Where appropriate, they advise on
changes and how to implement them and provide training, tools and techniques to enable
others to achieve quality standards.
Responsibilities
Quality managers use a variety of measures and management systems, such as total
quality management.
Their work is specialized and the exact tasks carried out vary depending on the nature of
the employing organization. They may be involved in some or all of the following:
 devising and establishing a company's quality procedures, standards and specifications;
 reviewing customer requirements and making sure they are met;
 working with purchasing staff to establish quality requirements from external
suppliers;
 setting standards for quality as well as health and safety;
 making sure that manufacturing or production processes meet international and
national standards;
 looking at ways to reduce waste and increase efficiency;
 defining quality procedures in conjunction with operating staff;
 setting up and maintaining controls and documentation procedures;
 monitoring performance by gathering relevant data and producing statistical reports;
 making suggestions for changes and improvements and how to implement them;
 using relevant quality tools and making sure managers and other staff understand how
to improve the business;
 making sure the company is working as effectively as possible to keep up with
competitors.
31
Supply chain management
 Working closely with purchasing staff to establish supplier quality performance criteria
and monitor supplier performance
 Assessing suppliers' product specifications and quality plans
 Supervising the programme of supplier audits
Liaison activities
 Liaising with other managers and staff, particularly in areas such as design, production
and purchasing
 Persuading sometimes experienced and reluctant staff to change their way of working
to incorporate quality methods
 Acting as key contact with customers' auditors and being responsible for ensuring the
execution of corrective actions and ongoing compliance with customers' specifications
 The difference between manufacturing and service organizations is much less distinct
than it used to be.
 However in a service organization, public sector or commercial context, work
activities may additionally include the following:
 Establishing reasonable standards of service for customers or clients
 Preparing clear explanatory documents such as customers' charters
 Monitoring performance through gathering relevant data and producing statistical
reports
 Ensuring compliance with relevant legislation
32
CHAPTER – 3
PROFILE OF THE DEPARTMENT
3.1 FUNCTIONAL DEPARTMENT
Functions in ELIM MEDITECH PVT LTD
 Financial Functions
 Marketing Functions
 Human Resource Management
 Production Functions
 Quality Management
The “ELIM MEDITECH PVT LTD” is a developing company so it contains only
limited functional departments at present.
FINANCIAL FUNCTIONS
Financial activity carried out in the organization is
1. Estimating the Amount of Capital Required
This is the foremost function of the financial manager. Business firms require capital
for:
a. purchase of fixed assets,
b. meeting working capital requirements, and
c. Modernization and expansion of business.
The financial manager makes estimates of funds required for both short-term and long-
term.
33
2. Determining Capital Structure:
Once the requirement of capital funds has been determined, a decision regarding the
kind and proportion of various sources of funds has to be taken. For this, financial manager
has to determine the proper mix of equity and debt and short-term and long-term debt ratio.
This is done to achieve minimum cost of capital and maximise shareholders wealth.
3. Choice of Sources of Funds:
Before the actual procurement of funds, the finance manager has to decide the sources
from which the funds are to be raised. The management can raise finance from various sources
like equity shareholders, preference shareholders, debenture- holders, banks and other
financial institutions, public deposits, etc.
4. Procurement of Funds:
The financial manager takes steps to procure the funds required for the business. It
might require negotiation with creditors and financial institutions, issue of prospectus, etc. The
procurement of funds is dependent not only upon cost of raising funds but also on other factors
like general market conditions, choice of investors, government policy, etc.
5. Utilization of Funds:
The funds procured by the financial manager are to be prudently invested in various
assets so as to maximize the return on investment: While taking investment decisions,
management should be guided by three important principles, viz., safety, profitability, and
liquidity.
6. Disposal of Profits or Surplus:
The financial manager has to decide how much to retain for ploughing back and how
much to distribute as dividend to shareholders out of the profits of the company. The factors
which influence these decisions include the trend of earnings of the company, the trend of the
market price of its shares, the requirements of funds for self- financing the future programmes
and so on.
34
7. Management of Cash:
Management of cash and other current assets is an important task of financial manager.
It involves forecasting the cash inflows and outflows to ensure that there is neither shortage
nor surplus of cash with the firm. Sufficient funds must be available for purchase of materials,
payment of wages and meeting day-to-day expenses.
8. Financial Control:
Evaluation of financial performance is also an important function of financial manager.
The overall measure of evaluation is Return on Investment (ROI). The other techniques of
financial control and evaluation include budgetary control, cost control, internal audit, break-
even analysis and ratio analysis. The financial manager must lay emphasis on financial
planning as well.
FLOW CHART OF FINANCIAL FUNCTIONS
35
3.2 MARKETING DEPARTMENT
Marketing is an art of selling goods or services. Success of product is in the hand of
market policies adopted in the company.
COMMERCIALIZATION
Advertisement is only the commercialization activity done in the company.
Advertisement is done through bills, website ad, banner, radio and television are for
company’s publicity.
TRADER’S SALES PROMOTION
Trader’s sales promotion activity is done with
 Samples
 Coupons
 Free gifts
 Discounts
 Offers
To attract trader’s for more sales of product.
CUSTOMER RELATIONSHIP MANAGEMENT
Main focus of this customer relationship management is to satisfy customer’s
requirement.
 To retain customer
 To increase number of customer
36
ACTIVITIES OF CRM
Sales person will offer a sheet of paper to get customer feedback and then feedback of
customer will be communicated to the production department to recognize the opinion of
customer about the product.
CHANNEL MANAGEMENT
Distribution of products is done in ELIM MEDITECH PVT LTD by grading the
product, branding, packing and packaging, pricing, storing or warehousing.
MARKETING ZONRALS
 Kanyakumari
 South India
FUNCTIONAL FLOW CHART OF MARKETING MANAGEMENT
37
3.3 PRODUCTION DEPARTMENT
MATERIAL PROCUREMENT
 Materials are purchased from other states like Gujarat and also imported from Japan.
 It will be transported through roadways, railways and airways.
 Heavy purchase will be made in case of material procurement.
LAYOUT
 Layout of plant is located in an area with all infrastructure needed for the production.
 Machines are placed in firm as per process layout where material will be transferred
from one machine to another for final production.
INVENTORYCONTROL TECHNIQUES
 Inventory control technique used by the firm is FIFO (FIRST IN FIRST OUT)
MAINTENANCE IN ORGANIZATION
 Preventive maintenance is done in the firm for continuous productions.
FLOW CHART OF PRODUCTION MANAGEMENT
38
3.4 HUMAN RESOURCE DEPARTMENT
Human Resource activity in the organization is to take care of the employees in the
organization.
Human Resource activities are
 Recruitment
 Training
 Compensation & benefits
 Welfare facilities
 Rest room
 Seating
 Drinking water
RECRUITMENT
In case of recruitment the management people will identify the need and company will
hire their employees through Human Resource consultancy.
TRAINING
The company will train its employee to operate and handle the machine through on the
job.
COMPENSATION
Compensation is defined as money which the employees receive for job performance
and other benefits given by the management for the work done towards the organization.
39
Compensation will be given as
 BONUS
 LOAN
 BATTA
WELFARE FACILITIES
The labor welfare is defined as anything done for the intellectual physical, moral and
economic betterment of the workers.
REST ROOM
Rest rooms are provided for the workers to take rest during the interval time.
Employees can keep their belonging in the rest room.
SAFETY & WELFARE
The company is providing mask to prevent the workers from dust and turbans are
provided to protect workers hair from machines.
These are the activities of Human Resource Management in an Organization.
3.5 QUALITY DEPARTMENT
Activities carried out in the Quality Management department are to maintain quality in
the entire organization.
Activities done in the organization for quality control are
 Machinery Packing
 Cleaning the surrounding
40
 Waste disposal management
Cluster sampling test will be done in order to improve quality of product and to remove
the waste or damaged good.
FLOW CHART OF QUALITY MANAGEMENT IS
41
3.6 ORGANIZATION CHART
MANAGING
DIRECTOR
MANAGER
ASSISTANT
MANAGER
HR PRODUCTION FINANCE MARKETING
DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT
QUALITY PRODUCTION AUDITOR MAINTENANCE
DEPARTMENT MANAGER DEPARTMENT
QUALITY SUPERVISOR
ANALYSERS
EMPLOYEE
42
CHAPTER – 4
SWOT ANALYSIS AND INTERPRETATION
Strength, weakness, opportunity and threat are the internal and external factors which
affect the company. SWOT helps the organization for its self-analysis to find out their own
position in the business field. Through self-analysis we found out the SWOT of “ELIM
MEDITECH PVT LTD”.
4.1 STRENGTH
 The brand name
 Financial strategy of the company
 Pricing strategy for the product
 Quality of the product
 Good infrastructure facility
 Continuous market research for new product development
 Employees are the strength
4.2 WEAKNESS
 Transportation charges are very high
 Lack of upgradation in technology
4.3 OPPORTUNITY
 Capture more market area
 Chance for more new product development
 Can be a leader in sale of spices
4.4 THREAT
 Tough competitors are the threat
 Quality of raw material
 Material life span
43
4.5 INTERPRETATION
Working as a Summer Intern for ELIM MEDITECH PVT LTD has been a very fruitful
and enlightening experience that helped me face the practical working scenarios of the
corporate world. I am now clear with the roles and importance of training and consultancy
services for higher effectiveness for an individual and organization. Strategic importance of
brochures, slide presentations and of course the cold calls done by me had improved my
marketing skills. How to use promotion strategies to do effective marketing is what I learnt
during the training tenure. Based on my eight week term as an intern, I realized that I was
successful to gather a lot of significant learning experiences which would be helpful in my
future career. ELIM MEDITECH PVT LTD offered me ample space and opportunities, not
only to learn but also to exhibit my skills as the company representative. My contributions
were well recognized by the organization. I successfully completed all the assigned duties and
handed them over to the senior supervisor at the end of the internship with the best of
my knowledge.
44
CHAPTER – 5
SUGGESTIONS AND CONCLUSIONS
5.1 SUGGESTIONS
 To extend the marketing area of the product
 To concentrate more on services and maintenance of the products
 Customer relationship management can be developed
 New design of products can be developed
 Management can conduct research on customer satisfaction
 Can reduce the rates of the products
5.2 CONCLUSION
This organizational study was conducted in the “ELIM MEDITECH PVT LTD” the
purpose of study is to understand about the functions of organization (ELIM MEDITECH PVT
LTD) and also to analyze about the Strength, Weakness, Opportunity and Threat of the
organization. It was analyzed carefully and the outcome of study is given in form of
Suggestion. This study helped in improving practical knowledge. The organization study was
beneficial as it helped to gain confidence and awareness. To conclude that the study was useful
to get the knowledge regarding the practical application of theoretical aspects. It also help to
know about actual functioning of the organization
45
BIBLIOGRAPHY
Website address
 www.elimmeditech.com
 http://test.plexconcil.co.in/directory/index.php?alpha=M-N
 www.scribd.com
 www.ebook/factorieact.com
 www.wikipedia.org
 http://ir.inflibnet.ac.in:8080/jspui/bitstream/10603/65705/10/10_chapter%203.pdf

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REPORT SUMMER TRAINING.docx

  • 1. 1 CHAPTER – 1 INTRODUCTION 1.1 ORGANIZATION An organization is a social arrangement which pursues collective goals, which controls its own performance, and which has a boundary separating it from its environment. Organization is the association formed by a group of people who see that there are benefits available from working together towards some common goal. Organization studies are the study of individual and group dynamics in an organizational setting, as well as the nature of organizations themselves. Whenever people interact in organizations, many factors come in to play. Organizational studies attempt to understand and model these factors. Organizational study is essential to any MBA graduate as it helps them to connect theory with practice. Organization study refers to the study of organization as a whole and getting adequate knowledge with various departments in the organization. The study was carried out at ELIM MEDITECH PVT LTD, Nagercoil. This study is based on the different aspects and dimensions of different departments of the company. 1.2 SCOPE OF THE STUDY The organization study at Elim Meditech Pvt Ltd aims at getting accustomed to the business environment for a period of one month. The study will be conducted to understand the structure, function and process of various departments and their interdependence. 1.3 OBJECTIVE OF THE STUDY The organization study was carried out in Elim Meditech Pvt Ltd, situated at Nagercoil, is to achieve the following specific objectives:  To familiarize with the organization structure and its functioning
  • 2. 2  To familiarize with the different departments in the organization and their functions and activities including documentation.  To understand how the key business processes are carried out in an organization.  To understand how information is used in organization for decision making at various levels including data flow diagram.  To understand the extent of technology adoption including ICT, in the organization for various functions/activities.  To understand the growth and diversification strategies, portfolio Structure of the Organization  To study the Overall performance of the organization  To understand the performance measurements of employees and various employee welfare activities, Training activities  To understand the steps taken to increase the productivity in the organization  To conduct a SWOT analysis of the organization 1.4 REASON FOR SELECTING THE COMPANY The reason for selecting the Elim Meditech Pvt Ltd is that, they are the main medical equipment manufacturer and supplier. The industry contains all the major areas of study. 1.5 METHODOLOGY The success of a research depends largely on the methodology used. The appropriate methodology will improve the validity of the findings. The following methodologies were adopted for the study.  Identification of the company Elim Meditech Pvt Ltd, Nagercoil was selected for the organization study, considering various factors including reputation of the firm, ease of getting permissions, industry, location etc.
  • 3. 3  Identification of the Objectives The specific objectives of the organization study was identified and listed out in order of priority. This helped in conducting the organization study in a systematic and effective manner.  Data collection Both primary sources and secondary sources were used in this particular research. 1. Primary Data Primary data were collected through observation, personal interview, discussion with managers and employees of the various departments of the organization. 2. Secondary Data Secondary data were collected through literature review which includes company’s internal records, publications, annual reports, journal, statutory report, website (official and others) etc.  Analysis and Interpretation The data collected must be properly analyzed to evaluate and enhance the data quality. The analysis is done to identify the actual meaning of the data which helps in proper interpretation. Data analysis involves working to uncover patterns and trends in data sets and data interpretation involves explaining those patterns and trends.  Documentation After the analysis and interpretation of collected data, the information is documented in the form of organization study report, which gives an elaborate report on the organization study.
  • 4. 4 CHAPTER -2 PROFILE OF THE ORGANIZATION 2.1 INDUSTRY PROFILE 2.1.1 Industry Definition Indian medical device manufacturing sector is a highly diversified industry that produces a range of products designed to diagnose and treat patients in healthcare systems. Medical devices differ from drugs in that they do not achieve their intended use through chemical reaction and are not metabolized in the body. Medical devices range in nature and complexity from simple tongue depressors and bandages to complex programmable pacemakers and sophisticated imaging systems. Key Products The key products that comprise the medical devices industry, include, surgical appliances and supplies, surgical and medical instruments, electro-medical equipment, in-vitro diagnostic substances, irradiation apparatus, dental and ophthalmic goods. The challenge of collecting data on Medical Device Industry Firms in the medical device sector (medical devices as defined by regulations) are reported under many Indian Industry Classification System codes, and those codes often include non-device firms. 2.1.2 Overview and Global Competitiveness (1) Industry Characteristics Announcements of progress in medical technology that allow for earlier detection of diseases and more effective treatment options are now almost daily occurrences. Particularly notable technological advances in the industry in recent years included new developments in neurology (e.g. deep-brain-stimulation devices for treating symptoms of Parkinson's), cardiology (e.g. artificial device designed to replace diseased heart valves) and Health IT (e.g.
  • 5. 5 "data liquidity" to facilitate information sharing, wireless telemedicine devices, systems designed to track the cardiac activity of patients with implanted medical devices). Scientists have used Nano sensors for the quick detection of cancers through blood tests, with Nano- material also enabling the release of medicine at targeted organs. Minimally invasive surgery has also seen major gains - an exciting example of this trend is an endoscopic technique that integrates nontechnology and diagnostic imaging. Capsule endoscopy, which involves swallowing a tiny wireless camera pill that takes thousands of pictures as it travels through the digestive track, gives physicians more detailed information about hard to navigate sections of the digestive tract compared with earlier endoscopic technologies. The ability to navigate and detect conditions in the small intestine is the most promising aspect of this new technology; providing physicians with greater ability to diagnose conditions such as intestinal tumours and Chrohn’s disease. (2) Global Medical Device Sector The global medical device manufacturing industry is made up of more than 27,000 firms worldwide and employs about one million people. The global industry has traditionally a low level of industry concentration, with no one firm dominating. Small companies are common and typically specialize in developing niche technology, while larger players frequently seek to acquire smaller firms to expand their product range or gain access to a particular technology or market. In 2011, the key business segments of the global medical device market were consumables (15%), diagnostic apparatus (e.g., MRI and CT-scan) (27%), patient aids such as hearing aids and pacemakers (12%), orthopaedic products (11%), dental products (7%), and other medical equipment (28%). Medical device companies are expected to realign their business structures and strategies to compete in the changing global environment (such as growth of emerging markets, health care reform and cost containment). Anticipated changes include company
  • 6. 6 restructuring as well as an increased reliance on strategic alliances and outsourcing for marketing, distribution, research and manufacturing activities. (a) Medical Device Sector Medical device sector is a highly diversified and export-oriented industry that t7g manufactures equipment and supplies. Purchasers include international hospitals, physician's offices, laboratories, clinics as well as patients (through direct purchases).The sector is populated with companies driven by product innovation. The industry is able to draw on world-class innovative research being conducted research institutes and hospitals, some of which has been spun-off into Indian medical device companies. (b) Global Market for Medical Device Products (i) Medical Device Market Company has an estimated 6.4 cores (2012) medical device market accounting for about 2 percent of the global market. The following were key expenditure areas, as a percentage of total 2012 medical device sales:  Diagnostic apparatus (25.8%)  Consumables (15.3%)  Patient aids (12.3%)  Orthopaedic and prosthetic (11.9%)  Dental products (6.9%) And, Other (27.8%) (including wheelchairs, ophthalmic instruments, anaesthesia apparatus, dialysis apparatus, blood pressure monitors, endoscopy apparatus, hospital furniture, other). Approximately 80 percent of the market is supplied by imported medical devices. (ii) International Medical Device Markets In 2012, the global market for medical devices was valued at 327.7 cores, excluding in vitro diagnostics. With a market of 188.9 cores or 36.3 percent of the global market, the
  • 7. 7 United States is the world's largest and most developed market and the leading supplier of medical devices with 16 out of the top 25 medical device global companies. (iii) Commercialization Initiatives Sector initiatives to facilitate technology commercialization include efforts by organizations such as the Health Technology Exchange (HTX), Biomedical Commercialization, and Le Campus des Technologies de la Sante (CTS).Three Centres of Excellence for Commercialization and Research (CECR) with focused specialties in medical device research. Each CECR is a not for profit corporation created by organizations such as companies, universities and research institutions to match research expertise with business needs for the purpose of stimulating commercialization. The three CECRs are: 1. Centre for Imaging Technology Commercialization. 2. Centre for Probe Development and Commercialization. 3. Centre for Surgical Invention and Innovation. (iv) Export Development Export Development an export credit agency which offers a range of trade finance, credit insurance and other risk management services to exporters. 2.1.3 Key Non-Regulatory Policy Areas (a) Reimbursement Valuation and reimbursement of products by public and private sector financial entities are crucial to the success of the medical device industry. The Department of Health and Human Services’ Center for Medical and Medicaid Services (HHS/CMS) administers both the Medicaid and Medicare program that covers the reimbursement of medical devices. In addition, the Veterans Administration is the key agency responsible for negotiating an agreement with manufacturers/distributors of medical devices (Federal Supply Schedules) for procurement of medical devices by certain government agencies.
  • 8. 8 (b) Healthcare Reform Health care reform will have a wide ranging impact and will impose new mandates on individuals, employers, medical service providers and health products manufacturers. (c) Comparative Effectiveness As policy-makers contend with rising healthcare costs it is likely that some form of comparative effectiveness, a system based on the relative benefits a product delivers, will be implemented or expanded and abroad. Comparative effectiveness employs research that compares the clinical effectiveness of different drugs, devices and procedures with an eye toward improving quality of care. However, issues remain as to who should conduct the research or when and how cost effectiveness should be factored in. (d) Industry Consolidation - Mergers and Acquisitions In the medical device industry small firms faced with devoting significant resources to innovations often merge with larger 9 firms with the financial resources necessary to bring products to market. The results was mutually beneficial - larger firms receive the benefit of the new technology and, therefore, maintain market share; small firms can afford to continue to produce and get the benefit of the large firms devoting resources to continued incremental improvements that are crucial in the industry. (e) Demographics Marked increases in the average age and populations has already influencing the direction of the medical device industry through the changing health needs of senior citizens and shifts in thinking on how and where they will be treated. As pressures mount to contain costs, expensive and/or extended stays in healthcare facilities will be discouraged and healthcare will be increasingly delivered in alternative settings such as nursing homes, hospices, and, especially, the patient’s own home. Home health-care is one of the fastest growing segments of the industry, and is branching out into new areas. What used to be
  • 9. 9 limited to only the lowest technology products is now encompassing a proliferation of high technology medical devices that are intended to be used by unskilled health care workers or patients. (f) Product Convergence As medical device and biotechnology products converge, medical devices will act as delivery systems for pharmaceutical treatments and research resulting from genetic engineering and biotechnology research. Many industry experts view the impending convergence of medical devices with biotechnology and nanotechnology with cautious optimism, but also warn that if the regulatory and reimbursement issues are not addressed problems will ensue as convergence takes place. 2.1.4 Industry Trading Environment (a) Key Export Destinations The EU’s regulatory system for medical devices is generally considered open and transparent, is based on international standards, and accounts for about one quarter of the global medical device market. The EU’s regulatory structure is contained in the Medical Device Directives (MDD), which recently underwent amendments imposing more stringent requirements as to what constitutes "clinical evidence" and mandating stronger enforcement by authorities. These changes will be completed and in place in 2010. In 2009 the EU was considering additional significant revisions to its MDD, but consultations with industry on what was known as the “recast” led the Commission to delay implementation and revisit the numerous issues associated with the planned changes. (b) Key Competitors It is important to note that most of these foreign companies manufacture a significant amount of medical devices. For example, as a result of recent acquisitions Philips currently produces more medical devices in India. High-quality but lower technology medical device firms are being challenged by numerous lower-cost producers from China, Brazil, Korea,
  • 10. 10 Taiwan and U.S, all of which are building up their domestic industries and beginning to complete globally. (c)Export Barriers  International Regulatory Environments  International Reimbursement Payment Environments  Harmonization Efforts  IPR and Counterfeit Medical Devices 2.1.5 Infrastructure The healthcare Infrastructure of India has to keep pace with the economic growth. Some key examples: (1)Manufacturing incentives The medical electronics industry is largely dependent on imports. Nearly three quarters of India’s demand for medical devices is being met by imports12. Most hi –tech Innovative products and technologies originate from a well – developed ecosystem and innovation cycle, which needs to be developed in India. Incentives must be given to achieve an indigenous manufacturing ecosystem which over a period of time will reduce our dependence on imports. (2)Human Resources in Healthcare The number of healthcare workers per 10,000 populations in urban areas is 42 and that in rural areas is roughly 12. Technicians are critical for proper use and operation of medical electronics equipment’s. There is a huge potential for increase in the numbers of skilled healthcare professionals and meeting this requirement will lead to higher reach of medical electronics based solutions in India13. (3)Adoption Major cities drive the demand for medical electronic devices however it is significantly lower for smaller cities/town/rural areas. As identified in the WHO Priority Medical Devices
  • 11. 11 Project, lower adoption is a result of 4A's - Affordability, Accessibility, Appropriateness, and Awareness14. While some improvements have been observed in these areas, there are still major challenges that need to be overcome. (4)Affordability The overall reach of healthcare in India can be increased by offering affordable healthcare solutions to the end customer, keeping in mind the wide range of income levels existing in the country. This challenge can be met by a joint effort from all stakeholders towards innovative development of solutions that fit well into the economic conditions varying from urban to rural India. (5)Accessibility Penetration of public health infrastructure in lower tier cities and rural India can be increased by looking forward towards development of portable and easy to use, condition friendly systems for diagnostics and point of care therapy. Distribution of medical equipment’s and devices in harsh terrains and remote areas becomes challenging and the time to reach increases. 2.1.6 Ecosystem Driving Future Growth (a) Healthcare Provider  Increasing presence in lower tier cities and rural India.  Growing demand for medical equipment for higher operational productivity.  Rising need to serve willing customers with diagnostic services.  Surging initiatives from government to increase service affordability. (b) Manufacturers  Lowering price due to increased domestic R&D and manufacturing.  Growing need for frugal Innovations to enhance product affordability.  Increasing focus towards customization to match domestic market need.  Rising focus on appropriate regulatory amendments.
  • 12. 12 (c) Payers/ Insurance Firms  Growing attractiveness towards urban as well as rural coverage with tiered offerings Increasing OPD and diagnostics coverage.  Rising offering of public insurance scheme increasing affordability for mass (volume = scale economics).  Increasing insurance penetration enabling better accessibility. (d) Patients  Increasing population and ageing mass.  Increasing disposable income.  Changing disease profiles.  Increasing awareness of healthy lifestyle and preventative healthcare.  Growing demand for diagnostic service.  Changing socio economic and cultural profile of population (rising tech savvies and usage, increased literacy, modernization). 2.1.7 Key Technologies (1) Patient-friendly Measurement The patient's health and medical status are indicated by vital signs such as ECG, EEG, body temperature, blood pressure and blood flow volume. Early detection and accurate treatment require precise measurement of biometric data. (a) Pulse oximeter The principle of pulse oximetry was developed by ElimMeditech researcher. Pulse oximetry measures blood oxygen saturation (SpO2) noninvasively with an infrared sensor on the fingertip. (b) CO2 sensor ElimMeditech developed the world's first mainstream CO2 sensor that is specifically designed for non-intubated patients. This sensor attaches to a disposable oral and nasal adaptor and is placed directly at the point of expiration.
  • 13. 13 (c) esCCO ElimMeditech developed a new technology of estimated Continuous Cardiac Output (esCCO) in collaboration with several universities. Cardiac output has traditionally been measured by inserting a catheter into the pulmonary artery. Our new esCCO technology can measure cardiac output continuously and painlessly by calculation from ECG and SpO2. We are now working to commercialize this technology and focus on continued clinical research to further improve it. (d) Defibrillator and AED: ElimMeditech is India’s only developer and manufacturer of biphasic type defibrillators. We have also developed our own proprietary defibrillation technologies. ElimMeditech introduced its first AED in 2009 and continues to promote the spread of AED in order to contribute to increased survival from sudden cardiac arrest. (e) Patient monitor, BSM-3562: Developed for use in ambulances, this patient monitor measures and displays ECG data, respiration, SpO2, body temperature, blood pressure, and CO2. It features an internal recorder, a large, easy-to-see screen, and slim, space-saving form only 17 cm in depth. The BSM- 3562 is more compact, rugged, and energy-saving than previous models. 2.2 COMPANY PROFILE Elim Meditech pvt ltd is India’s leading manufacturer, developer and distributor of medical electronic equipment with subsidiaries in country. Our major product lines for export are patient monitors, electroencephalographs, evoked potential and electromyography systems, electrocardiographs, defibrillators, and haematology analysers. Elim Meditech equipment is well known for its quality and ease of use. Elim Meditech actively contributes to the advance of medical technology. Elim Meditech researchers have published valuable research in some of the world's most prestigious medical, engineering and scientific journals. Elim Meditech has significantly contributed to the advancement of modern medical treatment with many innovative products and technologies.
  • 14. 14 Pulse oximetry, the technology to non-invasive measure oxygen in the blood. In addition to supplying the world with our own high quality medical equipment, Elim Meditech imports outstanding overseas products. Our wide range of imported equipment includes cardiology, urology, respiratory care, anaesthesiology, emergency care, sports medicine and rehabilitation. Our extensive domestic sales network consists direct sales staff. Our mission is to improve the quality of life through advanced medical technology. In fulfilling our management philosophy Our fundamental goal is to establish trust and grow as a company that is recognized by its customers, shareholders, business partners and society for its superior products, services, technologies, financial standing and employees. ME (Medicine and Engineering) ME (Medical Electronics or Medical Engineering) is the union of medicine and engineering. ME is a common abbreviation in recent years but the founders of Elim Meditech began working in medical electronics. The neuromuscular tissue of a small bird was the impetus behind the founding of Elim Meditech. The founder of Elim Meditech, was doing research in electrical Engineering when one day he happened to see an experiment involving stimulation of the neuromuscular tissue of a small bird. He was struck by the wonder of biology and remarked. That “to measure part of a living body requires several hundred times the sensitivity and At least two decimal places more than the equipment developed by the leading electrical Engineering experts.” He wondered if it might be possible to apply a higher level of engineering to the subtleties of biology and study the human body. And furthermore, if this union of medicine and engineering could be used for saving human life. With this powerful inspiration, he Studied medicine and founded Elim Meditech. With the unshakable conviction that “curing disease is something that transcends politics and national borders, and we will never have any regret putting all our energy into this goal”.
  • 15. 15 Elim Meditech produced a number of state of the art medical Electronic instruments. As medicine evolved, Elim Meditech products branched out into many areas. However, the original vision did not change and it still inspires The Company’s engineers. Elim Meditech will continue growing as a company that contributes to the world by striving to use advanced technology based on our experiences to fight disease and improve healthcare. Mid-term Business Plan, Strong Growth 2017 (April 2013 to March 2017) Elim Meditech mid-term business plan, Strong Growth 2017, is the second stage and the coming four-year period is crucial for building a more solid foundation in order to realize its long-term vision. Elim Meditech aims to achieve sustainable growth under the national future vision to reorganize the medical and nursing care systems by 2025 and achieve strong growth in international markets. The Company will also enhance its operating base to ensure its growth. Basic Principles Each and every employee will act autonomously and implement the following principles aimed at realizing the Company’s long-term vision:  User oriented Take all necessary actions for the customer.  Relationships Strengthen relationships with customers and partners both inside and outside the Company.  Global: Enhance global communication skills as well as think and act with a global perspective.  Speed: Strive to do everything with greater speed.
  • 16. 16 Key Strategies 1. Pursue the highest level of quality in the world: Ensure quality in every activity of every division across the entire ElimMeditech Group, from development to production, logistics, sales and services 2. Strengthen technological development capabilities: Strengthen R&D organization to address the needs of clinical practice swiftly and flexibly. Promote industry-government-academia collaboration as well as collaboration with other companies both inside and outside India. 3. Strengthen business expansion by region: Reinforce business expansion in Asia and emerging markets including BRICs. 4. Achieve further growth in core businesses: Achieve further growth in 4 core businesses: Patient Monitors, Diagnostic Equipment, Treatment Equipment, and Consumables and Services in order to expand global market share and establish a stable and consistent revenue base. 5. Develop new businesses: Develop new core businesses by self-development, alliances and M&A. Focus on solutions to (i) help improve medical safety, (ii) address lifestyle-related diseases, dementia and intractable diseases, and (iii) Respond to an integrated community care system. 6. Consolidate corporate fundamentals: Foster a more robust business structure that is globalized, efficient and fast-paced Implement CSR activities Strengthen human resource development initiatives.
  • 17. 17 Corporate Governance (1) Basic Approach to Corporate Governance: ElimMeditech recognizes that corporate governance is one of its most important management tasks and it has established a management control system for improving management soundness and efficiency in order to fulfil its basic management philosophy. (2) Corporate Organizational Structure: ElimMeditech has adopted the audit & supervisory board system. ElimMeditech Board of Directors consists of 10 corporate directors (of which two are outside directors). It meets at least monthly to make decisions on legally stipulated matters and on important matters concerning the management of the ElimMeditech Group. The board of directors also performs audits on whether directors are executing their assigned duties. In order to execute management activities in accordance with the basic policy determined by the board of directors, the Management Council, which consists of each director and each operating officer, meets three times per month to expedite decision making and ensure that operations are executed in an agile manner. The number of corporate directors has been limited to 12 in order to help speed up decision making, while directors’ terms have been set at one year to clarify the management accountability of each director during the fiscal year. To enhance management transparency and soundness, Elim Meditech appointed one outside director with no ties to the company in June 2010 and another in June 2012, for a total of two outside directors. As part of its efforts to strengthen corporate governance, the company has also adopted the Operating Officer System in order to clearly separate management’s decision making and management audits from business execution. Elim Meditech Audit & Supervisory Board consists of four audit & supervisory board members, including two outside audit & supervisory board members.
  • 18. 18 Each audit & supervisory board member attends board of directors meetings, Management Council meetings, and other important company meetings where they comment when appropriate on deliberations of resolutions. In accordance with the audit plan formulated by the audit & supervisory board, auditors also investigate the status of business execution and corporate assets as well as perform audits on directors’ execution of their assigned duties. In order to execute strict and enhanced audit operations, audit & supervisory board members work closely with the company’s accounting auditor and Internal Audit Department to perform audits on Elim Meditech subsidiaries in India including on-site audits. Elim Meditech have two outside directors and two outside audit & supervisory board members report to Stock Exchange as independent directors/auditors that have no conflict of interest with general shareholders. Elim Meditech Corporate Planning Department is charged with providing business communication and assistance to the company’s outside directors and outside audit & supervisory board members. The Corporate Planning Department also provides information to the company’s outside directors and outside audit & supervisory board members on a regular basis by circulating monthly business reports compiled by business divisions and subsidiaries, distributing meeting documents for board of directors’ meetings and Management Council meetings in advance, and offering explanations where necessary. Elim Meditech has also established an internal audit system in order to strengthen internal control. The Internal Audit Department (staff of seven) has four main tasks. It regularly performs internal audits on the appropriateness and efficiency of operations as well as on the status of compliance at Elim Meditech and its subsidiaries. It collaborates with audit & supervisory board members to help strengthen oversight of accounting and business execution. It reports internal audit results to the president as well as audit & supervisory board members as they become available. It reports quarterly on internal audit results and the progress of implementing changes to the company’s directors, audit & supervisory board members and operating officers at Management Council meetings.
  • 19. 19 Key Facts (March 31, 2014)  Name: ElimMeditech Pvt Ltd.  Type of Business: Development, production, and sales of medical electronic equipment.  Paid-in Capital: 7 cores (as of March 31, 2017).  Net Sales: 15 cores (year ended March 31, 2017). Shares of Common Stock  Issued and outstanding: 45,765 thousand (as of March 31, 2017). Stock Listing First Section of Stock Exchange  Stock Code : 6849 Workforce:  Elim Meditech Group: 200 employees (as of March 31, 2017). Philosophy and Policy (a) Management Philosophy We contribute to the world by fighting disease and improving health with advanced technology, and create a fulfilling life for our employees. In order to realize its management philosophy, Elim Meditech tackles the challenges of healthcare through technological development deeply rooted in the front lines of medicine and continually delivers safety and security to customers. This enables the Company to contribute to society, continually grow as a corporate group, and enhance its corporate value. (b) Elim Meditech Charter of Conduct: Elim Meditech Charter of Conduct defines the following guidelines by which the company and its executive officers and employees must abide to ensure that business activities are carried out in line with the Company’s management philosophy.
  • 20. 20  We fight disease and improve health with advanced technology, and contribute to medical care around the world by providing high quality products and services with consideration of the environment and safety, and earn the trust of customers and patients.  We comply with applicable laws, regulations, restrictions and company internal and external rules as well as social norms, and conduct fair and legitimate business activities.  While maintaining a sound relationship with politics and government, we engage in fair, transparent and free competition and appropriate transactions.  We take a firm stand against anti-social forces, such as organized crime groups, that threaten the order and safety of civil society, and have no relationship with them.  In all aspects of our business activities, we respect the human rights of all people and we do not commit unreasonable discrimination or any act which infringes on the personality and dignity of an individual.  We communicate with the public extensively as well as shareholders, and disclose corporate information properly and fairly, and carry out highly transparent management.  We are aware of our responsibility as a corporate citizen in the international community, and respect the culture and customs of each country and region, and actively carry out social contribution activities.  We are mindful of environmental issues as a global citizen, and address those issues voluntarily and proactively to leave for our posterity a healthy global environment.  We ensure a safe and comfortable working environment and create a fulfilling life for our employees.
  • 21. 21 (c) CSR Philosophy As a medical device manufacturer, Elim Meditech dedicates itself to contributing to all forms of life on earth through its business activities and citizenship activities. Relationship with Employees A workplace conducive to drawing out the skills and abilities of each and every employee is essential to continue contributing to the world as a truly global company in today’s turbulent times marked by a declining birth-rate, aging society, diversification of values and globalization. Elim Meditech offers a positive workplace environment and employee development programs, while also promoting diversity and striving to hire a broad range of human resources. Elim Meditech also advocates a work-life balance to encourage employees’ motivation and sense of worth. 2.3 FINANCIAL MANAGEMENT Financial Management means planning, organizing, directing and controlling the financial actions like procurement and deployment of funds of the venture. It means applying general management principles to financial resources of the project. Strong financial management through the allocation of scarce resources amongst competing business opportunities, creates value and managerial ability. Financial Management supports to the execution and monitoring of business strategies and helps to achieve business goals. Managerial finance is an interdisciplinary approach that borrows from both managerial accounting and corporate finance. Financial Management includes- Managerial Finance, Corporate Finance and Financial Management for IT services. Managerial Finance which is a branch of finance that connected with managerial importance of finance techniques. The Corporate Finance deals with financial decisions that the business enterprises make and apparatus and analysis used for making such decisions. Financial Management for IT Services deals with the financial management of IT
  • 22. 22 assets and resources. The important objectives of the financial management are to create wealth for the business, generate money and to make available an enough income on investment. OBJECTIVES OF FINANCIAL MANAGEMENT: The procurement, allocation and control of the financial resources of a business organization are the important areas of concern of financial management. Following are the important objectives of the financial management. 1. To guarantee the expected and enough supply of resources to the business concern. 2. To ensure satisfactory earnings to the shareholders. 3. To make sure the maximum utilization of funds available. 4. To guarantee safety on investment. 5. To maintain balance between debt and equity capital FUNCTIONS OF FINANCIAL MANAGER Finance manager is the person who plays a key role in financial activities and because of him the business concern earns sufficient profits and good will. He performs a set of variety of functions which are as follows. 1. Raising Funds: Raising funds is one of the very important functions played by the finance manager. It is the responsibility of the finance manager to make arrangement of necessary funds from various sources. Funds can be raised by the way of equity and debt. Maintaining excellent balance between debt and equity is the responsibility of finance manager. 2. Allocation of Resources: As the financial decisions influence other management activities, proper allocation of funds is very much significant. After raising funds from various sources the finance manager has to allocate the funds wisely in the best possible manner. While allocating funds he has to consider some important points such as size of the firm and its growth capacity, status of assets whether they are long term or short term, mode by which the funds are raised, etc.
  • 23. 23 3. Dealing in capital market: Finance manager must understand the ins outs of capital market. Risk is always involved at the time of trading securities in the stock markets. Hence the finance manager has to understand and calculate the risk involved in trading of shares and debentures. The decision of a financial manager about the distribution of dividend is also the one of his important functions. 4. Planning of Profit: The main motto and function of business organization is profit earning. Profit earning is essential for the survival. Profit planning means appropriate handling of the profit earned by the business organization. 2.4 PRODUCTION MANAGEMENT Production/operations management is the process, which combines and transforms various resources used in the production/operations subsystem of the organization into value added product/services in a controlled manner as per the policies of the organization. Therefore, it is that part of an organization, which is concerned with the transformation of a range of inputs into the required (products/services) having the requisite quality level. The set of interrelated management activities, which are involved in manufacturing certain products, is called as production management. If the same concept is extended to services management, then the corresponding set of management activities is called as operations management. Production Manager in Operation Management: The production manager forms a very important and defining part of the organization structure of an engineering company. The responsibilities of a production manager can be summarized as follows. 1) Forecasting the requirements of the production in order to achieve the production target. 2) Making most efficient utilization of the available sources for production.
  • 24. 24 3) Minimizing ‘throughput time’ and ‘work in process inventory’. This can be achieved by systematic production planning and also by very efficient execution of the plans. 4) One of the most important responsibility of a production manager deals with reducing material handling cost, which generally is achieved by the use of efficient material handling system and also by using plant layouts which must be developed in a proper or correct way. 5) Reducing the quality cost with the help of analysis of non conformances on periodic basis and also by following suitable actions (both corrective and preventive). 6) Building team spirit among the workmen and also motivating by means of personal involvement. This task of motivation can also be achieved by designing and implementing suitable financial incentive schemes. 7) To device accurate methodology involving method study of manufacturing, along with the other engineering economic principles. 8) Improving the productivity level of the workers on continuous basis by workmen’s training and by bringing into use the standards of the performance derived from work measurement studies etc. 2.5 HUMAN RESOURCE MANAGEMENT It's the people in an organization that carry out many important work activities. Managers and HR professionals have the important job of organizing people so that they can effectively perform these activities. This requires viewing people as human assets, not costs to the organization. Looking at people as assets is part of contemporary human resource management and human capital management.
  • 25. 25 Role of Human Resource Management The human resources management team suggests to the management team how to strategically manage people as business resources. This includes managing recruiting and hiring employees, coordinating employee benefits and suggesting employee training and development strategies. In this way, HR professionals are consultants, not workers in an isolated business function; they advise managers on many issues related to employees and how they help the organization achieve its goals. Collaboration At all levels of the organization, managers and HR professionals work together to develop employees' skills. For example, HR professionals advise managers and supervisors how to assign employees to different roles in the organization, thereby helping the organization adapt successfully to its environment. In a flexible organization, employees are shifted around to different business functions based on business priorities and employee preferences. Commitment Building HR professionals also suggest strategies for increasing employee commitment to the organization. This begins with using the recruiting process or matching employees with the right positions according to their qualifications. Once hired, employees must be committed to their jobs and feel challenged throughout the year by their manager. Building Capacity An HRM team helps a business develop a competitive advantage, which involves building the capacity of the company so it can offer a unique set of goods or services to its customers. To build the an effective human resources, private companies compete with each other in a "war for talent." It's not just about hiring talent; this game is about keeping people and helping them grow and stay committed over the long term.
  • 26. 26 2.6 MARKETING Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities. The role of Marketing Manager The duty may lie with a single member of the team, or it could be a group responsibility. The great thing about a small team is the ability to quickly instill a marketing led ethos which can become the operational soul of your business. Larger companies may require more work! Depending on budget availability and the skills of the team, you may choose to outsource certain elements of the marketing process (such as market research) or decide to do these jobs in-house. Key responsibilities of the marketing manager / director vary according to the business but can include:  Instilling a marketing led ethos throughout the business  Researching and reporting on external opportunities  Understanding current and potential customers  Managing the customer journey (customer relationship management)  Developing the marketing strategy and plan  Management of the marketing mix  Managing agencies  Measuring success
  • 27. 27  Managing budgets  Ensuring timely delivery  Writing copy  Approving images  Developing guidelines  Making customer focused decisions Marketing managers are focused mainly on the practical application and management of an organization's marketing operations. For marketing managers to be efficient and effective in performing their functions, they should have excellent communication and analytical skills. In small organizations, the marketing manager is in charge of the organization's entire marketing activities and therefore handles formulating, directing and coordinating marketing activities so as to influence customers to choose the organization's products over those of competitors. Conducting Market Research Marketing managers carry out market research to gain a clear understanding of what an organization's customers really want. Marketing research enables these managers to identify new market opportunities, helping the organization create a market niche for its products or services. Market research also involves studying the organization's competitors so as to develop superior products and employ efficient marketing techniques. Companies conduct market research using questionnaires, face-to-face interviews or analyzing the buying habits of consumers.
  • 28. 28 Developing the Marketing Strategy Marketing managers are responsible for developing marketing strategies for their organizations. These strategies outline clearly how an organization will promote its products and services to its target market with an aim of increasing its sales volumes and maintaining a competitive edge over its competitors. Customer Relationship Management The marketing manager performs the function of championing customer relationship management in the organization. The marketing manager collects this information from the organization's customer database to help create a customer satisfaction survey. Marketing managers then share this information with other employees to ensure they offer excellent customer service to their clients in order to build lasting relationships. Employee Management Marketing managers are in charge of the marketing department and therefore are responsible for employees within their department. They assign duties and set targets for departmental staff. It is also the function of marketing managers to perform periodic performance evaluations of the staff working for them. Identifying New Business Opportunities Marketing managers analyze market trends with an aim of identifying unexploited or new markets for the organization's products and services. Through studying the purchasing patterns of consumers, they can identify the peak and off-peak demand periods for their products. By employing sales forecasting, they can estimate future performance of the organization's products. Also through market analysis and forecasting, they can develop strategies to ensure the organization remains competitive.
  • 29. 29 2.7 QUALITY CONTROL MANAGEMENT Quality assurance is a function that exists in the manufacturing and engineering sector as well as the service industry sector and can be described as that part of quality management focused on providing confidence that quality requirements will be fulfilled. Quality management, on the other hand, can be described as all those coordinated activities that are required to direct and control an ORGANIZATION with regard to quality. In reality, managing for quality is all about recognising who your customers are and what they need from you both now and in the future. It is about identifying potential customers and markets and how they might be persuaded to use your services or product. And it is about how you deliver your service or product to your customers in accordance with their expectations of quality, delivery and budget. Not forgetting, of course, that you have to make a profit and plan to meet the expectations of tomorrow’s customers. But, perhaps most importantly, managing for quality is about performance improvement. This means improving the quality, delivery schedule and price of your product or service, improving the systems and processes that deliver them and all the resources that support these processes. The Role Quality Manager Quality managers aim to ensure that the product or service an ORGANIZATION provides is fit for purpose, is consistent and meets both external and internal requirements. This includes legal compliance and customer expectations. A quality manager, sometimes called a quality assurance manager, coordinates the activities required to meet these quality standards. Quality managers monitor and advise on the performance of the quality management system, produce data and report on performance, measuring against set standards.
  • 30. 30 They liaise with other managers and staff throughout the ORGANIZATION to ensure that the quality management system is functioning properly. Where appropriate, they advise on changes and how to implement them and provide training, tools and techniques to enable others to achieve quality standards. Responsibilities Quality managers use a variety of measures and management systems, such as total quality management. Their work is specialized and the exact tasks carried out vary depending on the nature of the employing organization. They may be involved in some or all of the following:  devising and establishing a company's quality procedures, standards and specifications;  reviewing customer requirements and making sure they are met;  working with purchasing staff to establish quality requirements from external suppliers;  setting standards for quality as well as health and safety;  making sure that manufacturing or production processes meet international and national standards;  looking at ways to reduce waste and increase efficiency;  defining quality procedures in conjunction with operating staff;  setting up and maintaining controls and documentation procedures;  monitoring performance by gathering relevant data and producing statistical reports;  making suggestions for changes and improvements and how to implement them;  using relevant quality tools and making sure managers and other staff understand how to improve the business;  making sure the company is working as effectively as possible to keep up with competitors.
  • 31. 31 Supply chain management  Working closely with purchasing staff to establish supplier quality performance criteria and monitor supplier performance  Assessing suppliers' product specifications and quality plans  Supervising the programme of supplier audits Liaison activities  Liaising with other managers and staff, particularly in areas such as design, production and purchasing  Persuading sometimes experienced and reluctant staff to change their way of working to incorporate quality methods  Acting as key contact with customers' auditors and being responsible for ensuring the execution of corrective actions and ongoing compliance with customers' specifications  The difference between manufacturing and service organizations is much less distinct than it used to be.  However in a service organization, public sector or commercial context, work activities may additionally include the following:  Establishing reasonable standards of service for customers or clients  Preparing clear explanatory documents such as customers' charters  Monitoring performance through gathering relevant data and producing statistical reports  Ensuring compliance with relevant legislation
  • 32. 32 CHAPTER – 3 PROFILE OF THE DEPARTMENT 3.1 FUNCTIONAL DEPARTMENT Functions in ELIM MEDITECH PVT LTD  Financial Functions  Marketing Functions  Human Resource Management  Production Functions  Quality Management The “ELIM MEDITECH PVT LTD” is a developing company so it contains only limited functional departments at present. FINANCIAL FUNCTIONS Financial activity carried out in the organization is 1. Estimating the Amount of Capital Required This is the foremost function of the financial manager. Business firms require capital for: a. purchase of fixed assets, b. meeting working capital requirements, and c. Modernization and expansion of business. The financial manager makes estimates of funds required for both short-term and long- term.
  • 33. 33 2. Determining Capital Structure: Once the requirement of capital funds has been determined, a decision regarding the kind and proportion of various sources of funds has to be taken. For this, financial manager has to determine the proper mix of equity and debt and short-term and long-term debt ratio. This is done to achieve minimum cost of capital and maximise shareholders wealth. 3. Choice of Sources of Funds: Before the actual procurement of funds, the finance manager has to decide the sources from which the funds are to be raised. The management can raise finance from various sources like equity shareholders, preference shareholders, debenture- holders, banks and other financial institutions, public deposits, etc. 4. Procurement of Funds: The financial manager takes steps to procure the funds required for the business. It might require negotiation with creditors and financial institutions, issue of prospectus, etc. The procurement of funds is dependent not only upon cost of raising funds but also on other factors like general market conditions, choice of investors, government policy, etc. 5. Utilization of Funds: The funds procured by the financial manager are to be prudently invested in various assets so as to maximize the return on investment: While taking investment decisions, management should be guided by three important principles, viz., safety, profitability, and liquidity. 6. Disposal of Profits or Surplus: The financial manager has to decide how much to retain for ploughing back and how much to distribute as dividend to shareholders out of the profits of the company. The factors which influence these decisions include the trend of earnings of the company, the trend of the market price of its shares, the requirements of funds for self- financing the future programmes and so on.
  • 34. 34 7. Management of Cash: Management of cash and other current assets is an important task of financial manager. It involves forecasting the cash inflows and outflows to ensure that there is neither shortage nor surplus of cash with the firm. Sufficient funds must be available for purchase of materials, payment of wages and meeting day-to-day expenses. 8. Financial Control: Evaluation of financial performance is also an important function of financial manager. The overall measure of evaluation is Return on Investment (ROI). The other techniques of financial control and evaluation include budgetary control, cost control, internal audit, break- even analysis and ratio analysis. The financial manager must lay emphasis on financial planning as well. FLOW CHART OF FINANCIAL FUNCTIONS
  • 35. 35 3.2 MARKETING DEPARTMENT Marketing is an art of selling goods or services. Success of product is in the hand of market policies adopted in the company. COMMERCIALIZATION Advertisement is only the commercialization activity done in the company. Advertisement is done through bills, website ad, banner, radio and television are for company’s publicity. TRADER’S SALES PROMOTION Trader’s sales promotion activity is done with  Samples  Coupons  Free gifts  Discounts  Offers To attract trader’s for more sales of product. CUSTOMER RELATIONSHIP MANAGEMENT Main focus of this customer relationship management is to satisfy customer’s requirement.  To retain customer  To increase number of customer
  • 36. 36 ACTIVITIES OF CRM Sales person will offer a sheet of paper to get customer feedback and then feedback of customer will be communicated to the production department to recognize the opinion of customer about the product. CHANNEL MANAGEMENT Distribution of products is done in ELIM MEDITECH PVT LTD by grading the product, branding, packing and packaging, pricing, storing or warehousing. MARKETING ZONRALS  Kanyakumari  South India FUNCTIONAL FLOW CHART OF MARKETING MANAGEMENT
  • 37. 37 3.3 PRODUCTION DEPARTMENT MATERIAL PROCUREMENT  Materials are purchased from other states like Gujarat and also imported from Japan.  It will be transported through roadways, railways and airways.  Heavy purchase will be made in case of material procurement. LAYOUT  Layout of plant is located in an area with all infrastructure needed for the production.  Machines are placed in firm as per process layout where material will be transferred from one machine to another for final production. INVENTORYCONTROL TECHNIQUES  Inventory control technique used by the firm is FIFO (FIRST IN FIRST OUT) MAINTENANCE IN ORGANIZATION  Preventive maintenance is done in the firm for continuous productions. FLOW CHART OF PRODUCTION MANAGEMENT
  • 38. 38 3.4 HUMAN RESOURCE DEPARTMENT Human Resource activity in the organization is to take care of the employees in the organization. Human Resource activities are  Recruitment  Training  Compensation & benefits  Welfare facilities  Rest room  Seating  Drinking water RECRUITMENT In case of recruitment the management people will identify the need and company will hire their employees through Human Resource consultancy. TRAINING The company will train its employee to operate and handle the machine through on the job. COMPENSATION Compensation is defined as money which the employees receive for job performance and other benefits given by the management for the work done towards the organization.
  • 39. 39 Compensation will be given as  BONUS  LOAN  BATTA WELFARE FACILITIES The labor welfare is defined as anything done for the intellectual physical, moral and economic betterment of the workers. REST ROOM Rest rooms are provided for the workers to take rest during the interval time. Employees can keep their belonging in the rest room. SAFETY & WELFARE The company is providing mask to prevent the workers from dust and turbans are provided to protect workers hair from machines. These are the activities of Human Resource Management in an Organization. 3.5 QUALITY DEPARTMENT Activities carried out in the Quality Management department are to maintain quality in the entire organization. Activities done in the organization for quality control are  Machinery Packing  Cleaning the surrounding
  • 40. 40  Waste disposal management Cluster sampling test will be done in order to improve quality of product and to remove the waste or damaged good. FLOW CHART OF QUALITY MANAGEMENT IS
  • 41. 41 3.6 ORGANIZATION CHART MANAGING DIRECTOR MANAGER ASSISTANT MANAGER HR PRODUCTION FINANCE MARKETING DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT QUALITY PRODUCTION AUDITOR MAINTENANCE DEPARTMENT MANAGER DEPARTMENT QUALITY SUPERVISOR ANALYSERS EMPLOYEE
  • 42. 42 CHAPTER – 4 SWOT ANALYSIS AND INTERPRETATION Strength, weakness, opportunity and threat are the internal and external factors which affect the company. SWOT helps the organization for its self-analysis to find out their own position in the business field. Through self-analysis we found out the SWOT of “ELIM MEDITECH PVT LTD”. 4.1 STRENGTH  The brand name  Financial strategy of the company  Pricing strategy for the product  Quality of the product  Good infrastructure facility  Continuous market research for new product development  Employees are the strength 4.2 WEAKNESS  Transportation charges are very high  Lack of upgradation in technology 4.3 OPPORTUNITY  Capture more market area  Chance for more new product development  Can be a leader in sale of spices 4.4 THREAT  Tough competitors are the threat  Quality of raw material  Material life span
  • 43. 43 4.5 INTERPRETATION Working as a Summer Intern for ELIM MEDITECH PVT LTD has been a very fruitful and enlightening experience that helped me face the practical working scenarios of the corporate world. I am now clear with the roles and importance of training and consultancy services for higher effectiveness for an individual and organization. Strategic importance of brochures, slide presentations and of course the cold calls done by me had improved my marketing skills. How to use promotion strategies to do effective marketing is what I learnt during the training tenure. Based on my eight week term as an intern, I realized that I was successful to gather a lot of significant learning experiences which would be helpful in my future career. ELIM MEDITECH PVT LTD offered me ample space and opportunities, not only to learn but also to exhibit my skills as the company representative. My contributions were well recognized by the organization. I successfully completed all the assigned duties and handed them over to the senior supervisor at the end of the internship with the best of my knowledge.
  • 44. 44 CHAPTER – 5 SUGGESTIONS AND CONCLUSIONS 5.1 SUGGESTIONS  To extend the marketing area of the product  To concentrate more on services and maintenance of the products  Customer relationship management can be developed  New design of products can be developed  Management can conduct research on customer satisfaction  Can reduce the rates of the products 5.2 CONCLUSION This organizational study was conducted in the “ELIM MEDITECH PVT LTD” the purpose of study is to understand about the functions of organization (ELIM MEDITECH PVT LTD) and also to analyze about the Strength, Weakness, Opportunity and Threat of the organization. It was analyzed carefully and the outcome of study is given in form of Suggestion. This study helped in improving practical knowledge. The organization study was beneficial as it helped to gain confidence and awareness. To conclude that the study was useful to get the knowledge regarding the practical application of theoretical aspects. It also help to know about actual functioning of the organization
  • 45. 45 BIBLIOGRAPHY Website address  www.elimmeditech.com  http://test.plexconcil.co.in/directory/index.php?alpha=M-N  www.scribd.com  www.ebook/factorieact.com  www.wikipedia.org  http://ir.inflibnet.ac.in:8080/jspui/bitstream/10603/65705/10/10_chapter%203.pdf