Brijesh Suneja, MD, Phantom Healthcare talks about the evolving rules and regulations impacting the refurbished market andPhantom Healthcare’s growth strategy for the year 2020
With new rules and regulations coming in so frequently, what is your outlook towards the refurbished market?
Right now, if we were to talk about the drug law, then the drug law does not prohibit us to sell. What it prohibits is the importing of very old equipment, and our range of equipment range from technology that is current to at the maximum, 10 years old. Hence, we are not impacted that much. In fact, we are happy that the older products will be taken down from the market, paving the way for newer technology. The customer who doesn’t know which equipment is being used for his scan will not be taken for a ride and will receive better diagnosis. Actually, the major beneficiary from this regulation is the patient.
What changes in the rules and regulations in 2020 would you like to see?
It would be great to see the market become more organised.
What are the challenges that you have faced so far in the refurbished market?
The main challenge is the uncertainity in the Indian market. Right now, the regulations are changing frequently and in every six months something new will come up. Although the government is encuraging manufacture in India, but the present infrstructure might make it difficult as these machines are really big.
What market are you targeting as of now?
We are targeting mainly Tier II and Tier III cities in India. We have a lot of installation is the metro cities such as Delhi, Mumbai, Chennai, Bangalore and more. The major difference in the Tier II and Tier III and the metros is that the equipment sold in the metros are new and as you move to the Tier II and III cities the age of the equipment increases. So you see, we have penetration in all cities but the approach and strategy differ as every market has a different segmentation.
What is your market share in the refurbished equipment sector?
Our market share is around 50-60 per cent. We have a strong foothold in the MRI segment.
What is your goal for 2020?
The market in India is growing at 30 per cent, but we want to grow at 50 per cent.GE has also entered into the refurbished market space. What is your opinion on the same?Well, GE and Phantom work on a collaborative model and so there is no trouble what so ever. We feel that it is a very healthy competition and this make the business scenario extremely good. It also becomes beneficial to the customers, as the healthy competition only drives better products.
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