The medical technology sector in India is projected to reach US$ 50 billion by 2025. But a FICCI report claims that 85% of all medical devices worth $4.6 billion are imported. To amend this the government initiated ‘Production Linked Incentives (PLI) Scheme for Medical Devices 2020
Manhar Gopal is the founder of Aurus MedTech. He has completed his Bachelor of Technology from Delhi Technological University. He has previously worked with Luxor Writing Instruments and AN Polymers. His startup Aurus MedTech focuses on improving the quality of Medical Devices Manufactured in India.
Aurus MedTech Venture and its offerings.
Manhar Gopal says, “ We are primarily in medical devices and disposables and consumables manufacturing. Our focus is is currently on products imported from China. The import duties and the cost make those devices and similar products inaccessible for the large strata of the Indian community. We offer devices for-
- Cardiovascular device
- Renal Devices like catheter and dialysis
- Critical care products
- Infusion therapy products such as IV cannulas and sets.
We are still a net import sector and industry. In the last decade, the medical device sector has seen a remarkable change. People are investing effort and money to develop products within India rather than importing it. Thanks to market leaders and the Make in India campaign, which has helped give a substantial push. The Government institutions have supported this policy by financing small scale industries."
USPs of Aurus MedTech apart from its USP of Made in India
Manhar Gopal states, “The first USP apart from Made in India are -
- Strong mindset
- Best and high-quality products
- Inexpensive-(Cut accessible - Accessible and inexpensive)
- Good quality control and checks
- Employee satisfaction
- Agile in developing new products
- Development of critical products like central line, hemodialysis catheters and introducer sheath
- Developed indigenously in India in the shortest period of time
- International standards
- Product quality is well-maintained in production and pricing is reasonable”
Patient's network for Aurus MedTech
Manhar Gopal informs,” We are still in a nascent stage and the medical device sector is a competitive market and industry. We have touched base with all the hospitals in India, especially in Delhi with both corporate and government. Our focus is on the government sector because of the currently available product range and the price point. At the same time, we are also targeting the bigger private sector hospital too. We want to make sure that good quality products reach people who don't have the means. Aurus Medtech has a large patient base at the moment serving a million people.”
Funding for Aurus MedTech
Manhar Gopal says, ”We haven't looked for funding yet. We have had a few conversations where people have given us ballpark numbers. At the same time diluting someone’s interest in the organisation, is not something I am looking forward to right now. We want to grow more business and generate revenue and show that our sales figures are sustainable. Maybe then, but right now, we are not looking for any sort of funding."
Revenues in FY22 and close at the end of FY23 for Aurus MedTech
Manhar Gopal says, ”In the financial year closed in March 2022, we ran a business for 5 months and entered the market in August 2021. We touched around 1 crore during our span of 5 months in the market. Our focus is 15 - 20 crores this year.”
Future scale-up and expansion plans for Aurus MedTech
Manhar Gopal states, ”We will move in wherever there is demand for services and where the services are being given a higher price value. As far as manufacturing facilities are concerned, it comes later. Our first primary focus is to make this setup sustainable and show our capability to do what we are capable of doing and the sky is the limit. We have a strong command of quality control. Even if we have multiple manufacturing setups, we will be able to sustain the quality. We are always open to exploring new and uncharted territories.”
Message from the expert
Manhar Gopal informs, “Anybody who is passionate and has a drive for things will make something out of himself. Be passionate about what you do and rest everything will fall into place. Learning curves happen. Just because you don’t know it doesn’t mean you can’t learn it. You might learn it better than anybody else because you are passionate about it.”
Edited By: Dr.Rati Parwani
Contributed By: Manhar Gopal, Founder, Aurus MedTech