NeoRad has ventured into the Indian Market in 2012. Tell us how important is the Indian radiology market for your overall global business?
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| B Rajavel Subramanian |
We consider Indian radiology market for three reasons: Healthcare infrastructure is developing rapidly across India. The new inventions in the field of radiology are contributing a lot in the way of better diagnostics and imaging. Indian radiology market is adopting the latest technology at a very high pace. Every year modern equipment with high quality, high-end features and tools for faster diagnosis are getting introduced in this market. Therefore, this is certainly a market with a lot of opportunity for a technology-driven company like ours. We also find growth in the tier II and tier III segments of the market and we have the right products to cater to these segments.
Official statistics shows that cancer killed 5,56,400 people across the country in 2010. The 30-69 age group accounted for 71 per cent (3,95,400) of the deaths. In 2010, cancer alone accounted for eight per cent of the 2.5 million total male deaths and 12 per cent of the 1.6 million total female deaths in this age group (30 to 69 years). Equipment like SimpliCT can detect cancer at an early stage and save millions of lives. Our main focus is to tie-up with the government regional cancer centres for detecting cancer at the early stages.
As India has good, talented professionals, we plan it to be our hub for training other Asian and South East Asian doctors. We have plans to set up manufacturing facilities here in future.
What are the specialised products that NeoRad will be offering its customers in India? Which segments of radiology does your company focus on?
We focus our activities in the field on interventional radiology and interventional oncology, fighting and diagnosing cancer by means of minimal invasive procedures.
What is the uniqueness of the technology used for these products?
A very easy to use 3D navigation system using a laser to pinpoint the target. Usability is key in a hectic daily environment, where time is of essence.
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What market opportunities and trends do you witness in Indian radiology market? How do you plan to tap it?
India currently has over 11,500 corporate hospitals and more than 14, 000 diagnostic centres. Diagnostics is poised to become a $900 million industry by 2013 with significant improvements occurring in the area of early detection. The basic market requirement is to come up with more technology products at affordable prices, bearing in mind that usability is also an issue: the diagnostic equipment should be easy to use. I am sure SimpliCT is easy to use and affordable.
What are the obstacles that plague the Indian radiology market? How do you plan to overcome them?
According to me, there are no particular obstacles, for e.g. I can mention two areas on which I am focussing: to have PPPs with state governments to give quality treatments to rural public, and adequate training for doctors on using advance technologies.
I am planning to have Indian counterparts to work together on clinical studies, a joint R&D project for co-developing products and creating a joint learning experience. This would pave the way for the Innovation Centre which is to be established in India.
In how many countries is Neorad present and what is the company’s plan to set up its distribution channel in India?
We are present in all Scandinavian countries, across Europe and actively marking our presence in US and other emerging nations. We have direct presence in India with our own sales and service teams covering all its states. We are also working in building a network of over 15 channel partners across India, serving thousands of customers. With the passage of time, we are increasing our footprints.
How has NeoRad grown over the years in the radiology segment worldwide?
Initially, our focus was the Scandinavian market. Now, we have a global operation and believe that our products may make a difference in the field of interventional oncology.
What are your strategies to get a quick foothold into the Indian market?
Developing key referral training centres and key opinion leaders as ambassadors will gives us a strong foothold.
What new product can we see from Neorad in the near future?
We’re constantly evolving our products to increase our competiveness. Among our focus areas within research is respiratory monitoring. The fact that the patients’ breathing makes both diagnosis and operations challenging makes us want to to develop a solution for it.
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