India's advanced wound care management market is estimated to be valued at US$ 227.2 million in 2020 and is expected to exhibit a CAGR of 5.5% during the forecast period (2020-2027). The increasing technological advancements, product launches and a rising number of research and development activities are expected to drive the growth of the Indian advanced wound care management market.
More about Fibroheal Woundcare
Fibroheal Woundcare is India's first company to have commercialized silk to heal a variety of wounds. The common man acknowledges silk to be a part of the textile industry, but Vivek Mishra has discovered the value of silk to the fullest by bringing it to the medical world and using silk to heal wounds effectively.
Vivek Mishra, the Co-Founder & CEO of Fibroheal Woundcare states “Fibroin, a protein in silk is used to heal different types of wounds. That is why the company has been named Fibroheal Woundcare as healing takes place due to fibroin. We operate in the space of healing wounds like acute, chronic and post-operating. We have products addressing different stages of the wounds. The benefit of wounds is that it helps in faster cell attachment and wound closure. Faster the wound closure, there are then fewer chances of scar formation”
Usp of Fibroheal Woundcare
India is the second largest producer of silk in the world and Fibroheal Woundcare makes the optimum use of silk. Karnataka is the leading producer of silk in India and they make good use of such a facility.
They have a comprehensive product range that addresses 5 different stages of wounds including Tissue management, infection inflammation, moisture management, epithelialization and scar formation. Additionally, silk is known to actively participate in the wound healing process effectively.
Dr. Sushma Sagar conducted a clinical trial at the Department of Trauma Surgery (AIIMS), New Delhi, in 2016 and discovered that the silk protein dressing was less painful to remove and healing was faster, often within seven to nine days. Meanwhile, the study discovered that traditional bandaging with cotton or paraffin gauze took 18 to 21 days to heal. Silk is a natural green biopolymer and a versatile biomaterial with wound healing properties.
Legal types of silk used for healing wounds
There are 4 types of silk that are available Mulberry silk, Eri silk, Tasar silk and Muga silk. Mulberry silk is the common and predominantly used silk. Due to its abundance and colour which is slight whitish in nature.
Pandemic effects on Fibroheal Woundcare journey
Vivek Mishra, the Co-Founder & CEO of Fibroheal Woundcare is grateful for his team and investors due to which he could surpass Covid-19 gracefully. During the pandemic, the company focused more on the post-operative side. Working on areas such as post-operative range, stress, incision dressing, or surgical site dressing was their main motto during that period.
Fibroheal Woundcare is going to set up a state-apart manufacturing plant which would be upcoming in the year 2023 to cater to the wide range of products. The company has treated more than 75,000 patients across the country.
Funding received by Fibroheal Woundcare
Fibroheal Woundcare raised funding before wave 1 and after wave 2. Wave 1 funding was raised from the (C-CAMP) under Birac and Wave 2 funding was raised from KITVEN (Karnataka Information Technology Venture Capital Fund).
Adding more to their bliss, they were the Winners of the National Technology Award under the startup category in 2020. The first few months in the year 2022, have also been proved to be quite good for Fibroheal Woundcare. Fibroheal Woundcare is also a part of Gem (Government e-Marketplace) which caters to all the government hospitals in the country.
Goals and future expansion plans
Fibroheal Woundcare has its presence in 150 hospitals across India and in almost every state They are also a part of Gem (Government e-Marketplace) which caters to all the government hospitals in the country. They are on the verge of launching their exports. They also plan to bring more products into the market within the next 6 to 9 months. They are concentrating on big hospitals and underserved regions as well. They aim to be among the top 3 wound management companies in India.
Message for entrepreneurs
Don't give up and keep hustling. Be focused, keep patience and grow as a team while perspiring for the goal and being patient.
(Edited by Elvis Almeida)