A report by FICCI claims that India imports 85% of its medical devices - a market worth $4.6 billion. The FICCI list identifies only one Indian medical device startup in the top 30 companies in the Medical Devices and Equipment Industry.
Sumedh Kaulgud is an alumnus of BITS Pilani. He was the co-founder of Sattva MedTech, a Medical Diagnostics Equipment Startup which focuses on Child and Maternal Healthcare. He later merged his Sattva MedTech with Coeo Labs and InnAccel to form India’s leading MedTech startup.
InnAccel venture and its offerings
Sumedh Kaulgud says, “InnAccel stands for innovation accelerated. We are an institutional-backed health tech firm that is bringing technologies to bridge global healthcare gaps in maternal-child care and critical care. Our devices have the potential to save 3 million lives annually and we have a total market of global 10 million dollars.
Coming to our technologies, we have VAPCARE which is intelligent care for oral hygiene for ventilated patients.
We have Fetal Lite which is an AI-powered Fetal device that is used for pregnancy management and labour monitoring.
Lastly, our latest offering is SAANS a full-tech supportive breathing device for both neonates and paediatrics.
InnAccel Core technologies have been granted 7 patents across India, China, US, and Brazil. We are certified with US- FDA certification. We have completed 5 clinical trials. More than 800 devices have been deployed to 120 hospitals across India treating more than 25000 patients. InnAccel products have been exported to 7 other countries for local evaluation.”
USP of InnAccel
Sumedh Kaulgud states, “Historically, India imports more than 80 % of its medical devices. These devices are built-in western countries and suited for their infrastructure. There you have a constant power supply, compressed gas lines, and highly skilled technicians along with optimum clinician ratios. This resource-intensive infrastructure does not exist in India. This limits the utilization of these technologies.
Traditionally, Indian medical counterparts are focussed on making low-cost versions or affordable versions of medical devices
InnAccel started with a thesis to build innovative technology that can use low resource service as in India but is also technologically equivalent to its western counterparts. We believe cost-effective medical innovations can happen in NextGen India. Our thesis was further validated when we got global certification and were also supported by global organizations. Our technology has been showcased globally as well. Two of our technologies, the fetal lite and SAANS, were included in WHO Innovative List of Compendium 2022.”
Patient's network of InnAccel
Sumedh Kaulgud informs, “ InnAccel products deliver novel clinical concepts and enable known clinical procedures in novel settings. We have 800 devices across 120 centers in 8 countries. We have touched more than 25000 lives. These devices are installed in a wide variety of institutional settings ranging from AIMS Delhi, Raheja Fortis in Mumbai to even rural and tribal areas.”
Funding of InnAccel
Sumedh Kaulgud tells, “These funds are primarily used for Research and Development. We have also focussed on FDA certification as well as the commercial launch of the portfolio. We plan to further invest in rapid commercialization scale up to drive our product globally.”
Future scale-up and expansion plans of InnAccel
Sumedh Kaulgud states,” In the coming years our objective is to drive aggressive market entry across the globe. In India, we have to drive traction through an in-house dedicated specialty sales team. This sales team will be supported by the public support team to drive high-value public deployments. We plan to enter into distribution and commercialization with national or regional distributors for product registration, launch, and promotions. This will help us drive product trial usage in reputed hospitals in many countries."
Message from Expert at InnAccel
Sumedh Kaulgud says, “Indian Market has a lot of opportunities coming up. After the covid epidemic, there has been a significant rise in private and public health. The importance of healthcare is one major realization. This is the right opportunity to develop innovative and novel solutions for India, designed in India and Made in India. It is a tough business. You need perseverance and patience. It takes time for the efforts to show but when you actually see results and when you see the lives you have impacted or saved, there is no better feeling.”
Edited By: Dr.Rati Parwani
Contributed By: Sumedh Kaulgud, Co-founder of Sattva MedTech, InnAccel