According to Invest India, India is the 4th largest market for medical devices in Asia. The current market size of the medical devices industry is estimated to be USD 11 billion and it is expected to reach USD 50 billion by 2025. In addition to that, the Government with its “Make In India’ initiative has taken several steps to ensure the growth of a vibrant ecosystem of medical devices manufacturing. Considering these statistics and the Government’s initiatives, there are enough opportunities and potential for both large and small & medium enterprises to grow at a significant pace in the coming years.
“We position our offerings based on advanced technological capabilities, features, and design which helps the brand in creating value for money and provide great customer service. We are the sole manufacturers in our product line in Bangalore as most of our competitors are dealers procuring and selling from other manufacturers located in other cities ”, states Srinivas Vasudevan, Managing Director, Orvee Medical Solutions.
Perfection in Quality and Quantity
The products manufactured by Orvee Medical Solutions are certified by AERB (Atomic Energy Regulatory Body) and BIS (Bureau of Indian Standards), the regulatory bodies. In addition to that, Orvee is also an AERB authorized service agency, providing Quality Assurance services to customers ensuring radiation safety to both the end user and the patient.
On a yearly basis, the company gets its products certified by the authorities maintaining high quality standards. They also ensure that their testing devices are periodically calibrated assuring high accuracy in the readings. Orvee is also undergoing ISO and NABL certifications currently. At every given point of manufacturing process, the firm has strict testing procedures in place which are conducted by trained personnel.
“We ensure availability of stocks in our factory at any given point in time. Since our operations are running throughout the year, we always have ready inventory which allows us to balance the demand supply ratio. In addition to that, the availability of our service and sales engineers across different locations allows for continuous interaction with the clients which in turn helps to build personal connection and trust”, says. R. Vasudevan, Director, Orvee Medical Solutions.
Projections of the Futur
The MD is of the opinion that the Indian Healthcare industry is on a high growth trajectory having evolved significantly in the last decade. However, the industry keeps getting impacted by aspects of availability, affordability and quality of the services in large parts of the country. Although it has been instrumental in improving access and affordability of healthcare services, a number of ecosystem constraints have led to a high dependence on imports for addressing domestic demand. The current demand and supply side dynamics provide a significant opportunity and rationale for manufacturing medical devices in India.
Speaking about the roadmap ahead, Srinivas Vasudevan, MD concludes, “The future roadmap for our company is to focus more on R&D and continuously work on innovation in the product line to cater to the changing demands. With the changing times, we would also like to explore complementary segment to cater to the market like X-ray films and other accessories. In line with our vision, we would work towards delivering quality medical products and solutions that are both cost competitive and effective to increase penetration and use. And above all this will be our ongoing focus on providing timely services to our existing clients and keep nurturing our relationship with them.”