The Indian medical device market is relatively smaller than other overseas markets but holds significant growth potential. But to fully capitalize on this potential, it is crucial to assess the country’s compliance with global standards and explore avenues for improvement. Image Source: Pixabay The Indian medical device market is relatively smaller than other overseas markets but holds significant growth potential. Currently estimated at US$ 11 billion, it is expected to reach US$ 50 billion by 2030, under the New Medical Devices Policy. India’s medical device industry has experienced significant growth and the country is poised to become a key player in the global market. However, to fully capitalize on this potential, it is crucial to assess the country’s compliance in line with global standards and explore avenues for improvement. We need to ensure the adoption of international standards as national standards by BIS wherever available. This facilitates access to foreign markets, toys being the recent example. Similarly, in the medical device industry, referencing international standards should be prioritized over national standards such as the Bureau of Indian Standards (BIS), until BIS adopts all international standards available. Compliance to regulations is not solely about standards but also about effectively demonstrating adherence in internationally acceptable ways. The example of gold purity illustrates that the product standard remains the same globally, but with the demonstration of compliance not being internationally acceptable, India’s hallmarking scheme is unacceptable overseas. To ensure the acceptance of regulated Indian medical devices worldwide, it is imperative to harmonize not only the standards but also the manner in which compliance is demonstrated. This calls for a comprehensive approach that encompasses both the standards themselves and the processes for assessing compliance. Fortunately, Medical Devices Rules, 2017 do rely on accreditation for notified bodies as well as laboratories which needs to be further leveraged. Mutual Recognition Arrangements Establishing mutual recognition arrangements (MRAs) with other countries is a viable option for facilitating exports, even when national standards are not at par with international standards. However, before pursuing MRAs, India needs to establish a robust system for certifying medical devices to global standards, if domestic standards are not global. Examples of successful initiatives like APEDA’s organic system and the Export Inspection Council’s seafood certification showcase that the effectiveness of such systems in gaining international acceptance. The promotion of a certification program like ICMED 13485 Plus, which certifies compliance with global standards, can further enhance India’s export capabilities by being presented as a viable system to overseas regulators. Addressing Laboratory Infrastructure The availability of accredited laboratories is crucial to ensure proper testing and compliance verification of medical devices. While the requirement for accreditation exists, the shortage of labs poses a significant challenge. In general, the private sector responds when there is demand for testing, for which the N95 masks are a good example. But there would be medical devices, especially complex ones, where there would be limited manufacturing in India and demand for testing would be low. This would not attract the private sector. To overcome this hurdle, the government should identify areas where private sector investment is unlikely and establish labs in collaboration with institutions like IITs and NIPERs without regard for returns like a commercial lab but as a national service. These labs should adhere to international standards, regardless of whether they are government-owned or commercially operated. By ensuring the presence of reliable labs, both for domestic manufacturing and import surveillance, India can bolster its position as a globally competitive player. To sum up, to create a progressive medical device industry in India, a roadmap should focus on the following important areas: Emphasize International Standards, which prioritize compliance with global standards over national standards, positioning Indian medical devices as aligned with international expectations. Incentivize voluntary certification, which helps to recognize and reward manufacturers who voluntarily obtain certifications such as ISO 13485 or BIS certification or ICMED certification as per market need. These certifications, when partially or fully aligned with regulatory requirements, can reduce risk for regulators and help allocate resources more efficiently. This would be in line with global trend of taking cognizance of voluntary efforts of industry. Establish regulatory provisions, which will Integrate provisions into CDSCO regulations that acknowledge voluntary certifications and consider them as evidence of compliance. This approach reduces the burden on regulators, while encouraging industry participation in exceeding regulatory expectations. Strengthen Laboratory Infrastructure, which will help to identify areas with a shortage of labs and limited private sector investment potential. Support institutions like IITs and NIPERs to establish labs in these regions. Funding should be provided, and commercial returns should not be the primary focus to ensure the availability of reliable testing facilities. Whiile India’s medical device industry has immense growth potential, realizing this potential requires prioritizing international standards, strengthening laboratory infrastructure, implementing clear action plans, and incentivizing voluntary certifications. By aligning with global norms and adopting best practices, India can position itself as a reliable and innovative hub for medical devices, fueling economic growth and improving healthcare outcomes both domestically and internationally. The author is Anil Jauhri, Ex-CEO, NABCB, and co-chair, AMTZ Steering Committee for Voluntary Certifications. Views expressed are personal
Marketing 4.0: Is your business ready for the martech revolution?
India’s digital economy is strengthening, leading to significant growth in martech. The global pandemic has accelerated this growth, as consumer behaviour shifts and digital channels become crucial for acquisition, engagement, conversion, and retention. In this evolving landscape, it’s crucial for businesses to assess their readiness and embrace the potential of Martech to stay competitive and drive growth. Are you prepared to leverage the power of Martech for your business’s success? Image Source: Pexels Martech, or the confluence of marketing technology, essentially implies the use of technology tools by marketers to achieve their objectives. Some of these tools are already being utilised by your business – email marketing, social media promotion, CRM software, etc. There are four broad categories under Martech: Management: This includes content management, vendor optimisation, product management, budgeting and talent management. Social optimisation: This will involve areas like social media management, influencer management, user generated content, customer relationship management, etc. Campaign reach: The utilisation of branding campaigns to reach customers via remarketing. Insight generation: Technology helps you analyse reams of data to generate meaningful insights, identify target customers, As India’s digital economy strengthens and technology tools get more and more sophisticated, martech is expected to witness significant growth as well. This growth has been further accelerated by the shift in consumer behaviour caused by the global pandemic. Digital channels have become vital, not only for customer acquisition and engagement, but also for conversion and retention. The global marketing technology (martech) market was valued at US$ 325.7 billion in 2022 and is projected to grow at a CAGR of 19.8% from 2023 to 2030. The MarTech space in India has experienced significant advancements. According to NASSCOM, Indian organizations’ share in the global martech industry is estimated to reach US$ 45-55 billion by 2025. According to eMarketer, online sales experienced a remarkable increase of over 30% in 2022, surpassing the projected upward trend by two years. The social media tools segment emerged as the market leader, capturing a 23% share of global revenue. Dominating the market, the digital marketing segment accounted for over 62.6% of the global revenue in 2022. The retail and e-commerce sector showcased significant adoption of marketing technology, contributing to the highest compound annual growth rate (CAGR) of 21.9% during the forecast period from 2023-30. Marketing Technology Trends Market growth is accelerated by several key factors including initiatives to align with customer behaviour, increasing focus on data privacy laws and expectations, and growing M&A (Merger and Acquisition) activity in the martech industry. As marketers prepare for the upcoming year, there are several noteworthy MarTech trends that businesses need to be cognisant of. Companies are now combining various functions into unified systems to enhance efficiencies, improve data management capabilities, reduce costs and maximise customer satisfaction. Marketing has now entered a hyperpersonalised era, wherein each customer wants products and solutions uniquely customised for him/her. Brands are expected to understand customer interests and deliver tailored experiences. Failing to meet these expectations can lead to customer frustration, making hyper-personalization vital for building customer loyalty. Also, given that customers are engaging with various channels and have multiple devices, marketers have to ensure that they provide a seamless experiences across all touchpoints. Artificial Intelligence (AI) is revolutionizing the marketing landscape, offering both opportunities and challenges for marketers. As AI continues to reshape the industry, marketers must adapt and embrace its transformative power. Marketers need to adapt to AI in the following ways: Redefining Skill Sets: With AI automating repetitive tasks and data analysis, marketers should adapt their skills. They can focus on strategic thinking, creativity, and relationship building, while AI handles mundane activities. Marketers should learn about AI tools, algorithms, and data analytics to effectively enhance their abilities and foster innovation. Data-Driven Decision Making: In the AI era, marketers have access to vast amounts of data, but understanding and interpreting it is crucial. Marketers should learn to interpret AI insights, make data-driven decisions, and utilize those insights to create effective marketing strategies. AI helps optimize campaigns, personalize experiences, and identify emerging trends, enabling better returns, customer satisfaction, and a competitive edge. Understanding Customer Behavior and Hyper-Personalization: AI assists marketers in gaining deeper insights into customer preferences and behavior, leading to highly personalized experiences. By utilizing AI analytics, marketers can effectively adopt a customer-focused approach, segment audiences, create personalized content, and deliver tailored experiences. Fusion of Creativity and AI: AI complements creativity and fuels innovation for marketers. It streamlines creative processes, generates captivating content, and optimizes design. Marketers can now conveniently experiment with new ideas, improve campaigns, and deliver engaging experiences. Embracing the AI-Powered Future: To remain relevant, marketers must continually learn about AI advancements, industry trends and new technologies. Attending training programs, conferences, and collaborating with AI experts are essential. By embracing AI, marketers become innovative leaders capable of leveraging AI to propel their organizations forward. In an interaction with India Business & Trade on the future of martech, Sam Balsara, Chairman, Madison World stated: “In the world of digital marketing, AI will streamline and aid in the optimization of marketing investments. Digital assistants will interact with users, which now supports personalized learning. AI will help marketers choose the best methodologies to achieve better results while reducing the possibility of error.” In his view, brands need to have a well-defined and complete understanding of their target customers in the years to come. AI will continue to be a key part of future marketing, whether in the use of chatbots, predicting consumer behavior, or creating intelligent algorithms. As algorithms improve, their predictive power will increase, and systems will be equipped to automatically take the right decisions. Higher personalization ads will improve advertising ROI, and privacy will be compromised. While he cautions that ad avoidance from consumers will increase, he is also confident that AI will be able to constantly innovate to overcome ad avoidance by conjuring newer formats. Challenges of MarTech While martech greatly enhances the effectiveness of your marketing efforts, it is important to keep the following challenges in mind: Evaluation and
Gurugram metro expansion to accelerate demand in real estate
The Union Cabinet approved the expansion of metro connectivity in Gurugram. The metro line project is from HUDA City Centre to Cyber City, with an additional 1.5-km spur line connecting to the Dwarka Expressway. The total distance will be 28.50 kilometers, incorporating a total of 27 stations along the route. The project, with an estimated cost of Rs 5,452 crore, aims to enhance transportation infrastructure for efficient public transportation in the city. The Haryana Mass Rapid Transport Corporation Limited (HMRTC), functions as a 50:50 Special Purpose Vehicle (SPV), which is a joint venture between the Centre and Haryana government. The project is expected to be completed within four years from the date of sanction. The initial phase of this project will connect Old Gurugram, including the Gurugram Railways Station. Image Credit: Pexels The much-awaited project of expanding metro connectivity from HUDA City Centre to Cyber City in Gurugram has been approved. Enhancing the transportation infrastructure in the city, the new metro line will cover a distance of 28.50 kilometers. In addition to this, there will be a 1.5-kilometer spur line connecting to the Dwarka Expressway. Existing metro network in Gurugram Gurugram is presently linked to the national capital through the 49.019-km Yellow Line of the Delhi Metro. But, only a 7.05-km stretch falls within Guurgram, comprising five stations such as Guru Dronacharya, Sikandarpur, MG Road, and IFFCO Chowk. The HUDA City Center Metro Station is currently the last station on this route. Additionally, Gurugram also boasts an internal rapid metro system, which is interconnected with the Delhi Metro. Metro Connectivity from HUDA City Centre to Cyber City The proposed metro connectivity project, including a spur to Dwarka Expressway, is estimated to have a total completion cost of Rs. 5,452 crore. The metro line will be constructed as a standard gauge line with a width of 1435 mm (5 ft 8.5 inches) and will be entirely elevated. To ensure connectivity to the depot, a spur from Basai village has been included in the project design. The implementation of the project will be overseen by the Harayana Mass Rapid Transport Corporation Limited (HMRTC). This corporation will be established as a 50:50 Special Purpose Vehicle (SPV) jointly owned by the Government of India and the Government of Haryana, following the issuance of the sanction order. The project is scheduled to be completed within four years from the date of project sanction. The HMRTC will be managing and executing the construction and operational aspects of the metro line. Name of corridor Length (in KM) No. of Station Elevated/ Under Ground Huda City Centre to Cyber City – Main corridor 26.65 26 Elevated Basai Village to Dwarka Expressway – Spur 1.85 1 Elevated Total 28.5 27 Name of the stations in the HUDA City Centre-Cyber City Metro Line HUDA City Centre, Sector 45, Cyber Park, Sector 47, Subhash Chowk, Sector 48, Sector 72A, Hero Honda Chowk, Udyog Vihar Phase 6, Sector 10, Sector 37, Basai Village, Sector 9, Sector 7, Sector 4, Sector 5, Ashok Vihar, Sector 3, Bajghera Road, Palam Vihar Extension, Palam Vihar, Sector 23A, Sector 22, Udyog Vihar Phase 4, Udyog Vihar Phase 5, Cyber City. Spur to Dwarka Expressway (Sector 101) Display of Metro Expansive-Connectivity Image Credit: Ministry of Housing & Urban Affairs Proposed Gurugram Metro Corridor: Expected to Boost Real Estate The unveiling of the Gurugram metro has generated hopes among real estate developers, who anticipate a strong surge in both residential and commercial property demand. Increase in property prices: The metro project is anticipated to lead to an increase in property prices, particularly in areas close to the proposed metro stations. This is due to the enhanced connectivity and improved accessibility that the metro system will provide. Real estate appreciation: Existing real estate projects that are already under construction or in the planning phase in the areas near the proposed metro stations are likely to benefit from increased demand and experience appreciation in their value. This presents an opportunity for property owners and investors who have already invested in Gurugram. Economic development & business prospects: The Gurugram metro project is expected to contribute significantly to the economic development of the state. It aims to enhance connectivity, generate new business prospects, and create investment opportunities for various stakeholders. Improved connectivity and commercial activity: The improved connectivity offered by the metro system is likely to stimulate commercial activity in Gurugram. This can lead to a rise in property prices in areas situated close to the metro stations. Developers anticipate increased sales and demand for residential and corporate complexes in these areas. Overcoming traffic flow issues: Gurugram has faced challenges related to heavy traffic flow, which discouraged daily commuters and potential property buyers. The introduction of the metro system is expected to address this issue by providing efficient and environment-friendly transportation options. Attraction for buyers: Convenient transportation options in close proximity to residential and corporate complexes have been a significant driver of sales for real estate developers. The availability of the metro network is expected to attract potential buyers and investors who seek improved connectivity and ease of commuting. Impact on nearby areas: The metro extension would not only benefit Gurugram but also facilitate buyers who have invested in areas near Dwarka Expressway. The metro system is expected to make commuting more feasible and enhance connectivity for residents in these areas as well. The introduction of this metro project is expected to have a positive impact on property prices, economic development, and connectivity in the Gurugram region. It is going to improve the daily commute for residents, boost the real estate market, and drive economic development in the region. The project signifies a strong commitment towards enhancing public infrastructure and creating a more livable and connected city for the people of Gurugram.
Harnessing the Power of Social Media for Business Growth
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The Art of Negotiation: Tips for Successful Business Deals
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Mastering Time Management: Key to Business Success
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The Importance of Building a Strong Brand Identity
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Maximizing Productivity: Tips for a Successful Workday
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The Power of Effective Communication in Business
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An e-commerce ecosystem for pets and poultry
India is the largest exports of cattle milk in the world, with a contribution of 24% global production. However, India’s animal husbandry remains a disintegrated market. E-commerce platforms can be a stepping stone for the unorganised units to come together for both business networking and knowledge sharing and ultimately creating a robust Pet Economy in India. IBT spoke with Ms. Karishma Dagar, co-founder and Chief Marketing Officer of Animpet, on the integration of animal needs (pet/poultry) on a digital platform, which can benefit over 14 crore families in India who are engaged in animal husbandry and farming. The one-of-a-kind e-commerce has 25,000 vendors and 150,000 products catering to both cattle feed and pet needs. Photo Credit: Animpet IBT: Where does India stand in terms of the animal or pet economy and how do you view this entire domestic industry? Karishma Dagar: India is in a very high position in terms of the animal economy. If you look at the production numbers in terms of dairy, we are no. 1, close to 24% global production. We are no. 2 in inland fisheries, no. 3 in Marine fisheries, no. 3 in egg production, no. 4 in buffalo meat export, no. 5 in fish exports and no. 8 in meat production. If you look at these numbers, India plays a very important role at the global level. But, around 90% of the industry is unorganized industry and controlled by middlemen. except dairy which is somewhat organized, not to a great extent though. That is why we thought this industry needed a platform like Animpet. In May of this year, we introduced a platform dedicated to organizing the entire animal economy, encompassing more than 15 segments. Our platform covers a wide range of areas including poultry, feed, animal healthcare, employment, and fairs. We offer various paid shows, seminars, and other events. Recognizing the lack of emphasis on animal health and the limited awareness in India, particularly regarding the large cattle population, we aim to use our platform for hosting seminars and webinars to increase awareness among a wider audience. IBT: How do you perceive this problem of poor maintenance of animal health in India? Karishma Dagar: There is a lack of awareness on the maintenance of animal health. It’s the same way as it is for humans, the way we remember the vaccinations for us. So, regular supplements and good feed for a cow are very important. It’s very important to do vaccination at the proper time for animal health. Our veterinary services section and farmers will have a very important role in this. Through our business, we will be engaging with all the industries, relevant stakeholders, animal farmers, and breeders and helping them learn more about animal health. The government is also doing its best through awareness camps and vaccination camps. We also plan to add services in this regard. IBT: What inspired you to launch Animpet? Karishma Dagar: My co-partners, Bhaskar Pathak and Ashish Gupta, have previously collaborated on an e-commerce platform under the guidance of a UK-based media mogul. Bhaskar brings valuable expertise in farm life due to his extensive experience living on a farm. On the other hand, I come from a family background of dairy farmers, providing me with firsthand knowledge and understanding of the dairy industry. We realized that there was a big gap that needed to be filled. We started doing our own research and working on the idea. Of course, there are segmented players. We have players for milk delivery and other players for cattle trade only, which makes this segment completely integrated. For example, if you have livestock, you may be selling milk too. Then you may be buying feed. Apart from that, you can sell cow dung. So essentially, an animal is a wealth creator. You can sell anything and everything of animals, all body parts, leather, bones and medicines. You can use everything. It’s such an impactful reason. You can do so many things with the animals. The lack of awareness among animal owners regarding the potential benefits of their breeding animals is a significant concern. It is precisely this reason that inspired us to create a comprehensive 360-degree platform that encompasses the entire animal economy. Our platform aims to bridge the knowledge gap and introduce animal owners to the various opportunities and possibilities available. Although we are newcomers in the industry, we have received positive feedback and support from stakeholders, which encourages us to continue our efforts in bringing value to the animal economy. IBT: Cattle care is relatively poor in India. So how do you answer the quality of the food product or the meat product that you receive? Karishma Dagar: We will adopt the e-commerce platform model to tackle concerns regarding cattle feed and meat quality. Our role is primarily that of a facilitator, placing the ultimate responsibility on the seller. Simultaneously, we will implement checkpoints for customer reviews and feedback, aiming to remove or blacklist sellers who fail to meet expectations. We are committed to taking necessary actions to uphold the standards and reliability of the products offered on our platform. Additionally, we are in discussion with APEDA to establish B2B connections for export purposes. Furthermore, in the case of cattle, government programs provide comprehensive data on productivity. As a result, we will create a verified list where interested buyers can access verified cattle for purchase, with a nominal fee associated with this service. IBT: There are certain e-commerce sites available in foreign markets. Animpet is just the beginning. What are your key learnings on starting an e-commerce platform for animals? Karishma Dagar: The good thing is, now people are more aware of e-commerce. When we are visiting local fairs, we see that most of the animal farmers have smartphones. They are quite tech-savvy and we have millions of people connected through Facebook groups. So rather than going with the assumption that this thing is new or E-Commerce is new for lots of people, we were glad to
