The industry faces a unique set of challenges while tapping a developing market like India - challenges deriving fundamentally from the current level of access to healthcare that these emergent countries are able to provide to its citizens.
The foregoing discussion on key issues leads us to the main imperatives—or “The Commandments,” as called hereafter – that the industry needs to focus on in order to sustain the current momentum and open up newer vistas of growth. These commandments represent direct and immediate opportunities for building strategy and an agenda for action around the pressing concerns affecting the majority of stakeholders.
In this paper, the commandments purport to be broad yet actionable guidelines to drive strategy. In terms of overall thrust, they aim to address the twin objectives of how to sustain the current level of growth, and how to turbocharge growth by optimally deploying the levers available in the 4Ps of access framework (Preparedness, Procurability, Purchasability and Presence)
The Ten Commandments:
1. Focus relentlessly on understanding and servicing local needs
2. Grow the overall market and market share will follow
3. Create customized and relevant product/treatment choices
4. Take a broader view of affordability
5. Augment and build your supply chain for tomorrow
6. Deepen distributor relationships
7. Localize the business, not just your products
8. Judiciously utilize ICT to solve business problems
9. Enable the ecosystem for broad-based growth
10. Innovate on your business model
In this white paper, we highlight the most critical issues plaguing the med-tech market and formulate a specific action agenda encapsulated in the form of Ten Commandments. Five of these are about getting the functional focus right and the other five urge med-tech companies to adopt a macro perspective of the business.