General Manager- UIS and Radiology
What are the ways by which Ultrasound Technology leads to improved diagnosis? Brief us about your products.
Ultrasound has been the basic diagnostic tool in healthcare delivery for a long time, primarily due to its cost effectiveness and affordability. Ultrasound Market is a very dynamic market. The market is moving from ‘value for money’ paradigm to ‘value for many’. The latest technology breakthroughs like 4D, elastogrpahy, contrast, fusion is adding lot of value to this modality in a big way. Clinicians are getting more and more tools on ultrasound, which is conducive for making clear diagnosis. Ergonomics and user comfort also is becoming an important factor on deciding the product.
Our DC-7 Colour Doppler system has advanced features like 4D, multslice imaging and contrast imaging, with easy workflow and is available at affordable cost. DC-8 premium Colour Doppler has been recently launched. It has unique shell function and multi -parameter quantification in elastography. This provides more diagnostic confidence. Stress echo and TEE probes are available now and that opens new areas of clinical diagnosis for us. Ineedle software is really good for deeper biopsy procedure available with us. Mindray has a complete range of products from black and white to premium colour doppler in its offering.
How do you think the market is growing? What is your market share in the industry?
I believe market is growing at 16-18 percent. Thanks to the tremendous support and confidence that our customers have on Mindray, we are growing at approximately 50 percent for last two years in ultrasound business. There is steep increase in mid segment of colour doppler business. Black and white ultrasound market looks as if it is flat. Customers see in Mindray a very good alternative – high end technology, easy to use systems. Feedback from market positions us close to number three in the ultrasound market in India and our target for 2012 is to be the clear number three. Ultrasound systems have seen shift from a diagnostics product to a screening tool.
In such a competitive market, how do you think you plan to strengthen yourself in the near future?
India remains a high focus area for Mindray. We have increased our head count both in terms of quality and quantity in a big way and will continue to do so as our needs modify over periods of time. We will increase our reach in the entire country by strengthening our channel partners too. Offices are scheduled to be opened in different regions to allow us to be more close to customers.
Indian customers are getting involved in our product evaluation so they will have a say in new product development that is how we look at this market. We have strengthened our product range for cardio vascular segment, anaesthesia and premium colour doppler segment by releasing series of new equipments, which gives us lot of opportunity to cater to a larger market segment.
What are the challenges faced by the ultrasound market presently?
High interest rates on loans towards the purchase of Ultrasound equipments, and the appreciation of US Dollar, are the few challenges we face in the Indian market. Also we could see a lower number of financial institutions providing funding for purchase of equipments in rural / tier 2 towns. The number of financial players funding for smaller hospitals/diagnostics centres should go up. Overall Indian market is a growth story; if there are challenges, then there are also the opportunities.