Launching into India’s healthcare sector
Molecular products began in East London as a supplier of calcium chloride to a local pharmacy in 1924 and now offers a range of air purification devices, oxygen generators, critical gas filters, selling to over 80 countries. Eden Joseph speaks to Molecular Products' CEO, Ian McKernan on how the UK India Business Council's market entry platform, Launchpad, is helping them access the Indian market.
Molecular Products recognise the need to have a low risk and cost-controlled entry strategy for India. With many successful market entries under his belt, Ian is very much looking forward to what Molecular Products can achieve in India.
The Indian healthcare sector alone is expected to reach $280 billion by 2020. The defence, security and military sector has been growing at a rate of 8 percent annually and accounts for 2.4 percent of India’s GDP.
It is no surprise that Ian is hugely enthusiastic about his company’s prospects, “India offers amazing opportunities – and we have an increased level of interest in India and are very excited about this journey. Our decision to enter was mainly market-driven as there are a large number of healthcare agencies and an expanding military and security developments.”
Indeed, the launch of Prime Minister Narendra Modi’s ‘Make in India’ campaign coincides neatly with Molecular Product’s venture into India. Mr Modi’s campaign aims to drive both domestic and foreign investment into India, transforming the country into a major global manufacturing and export hub.
Ian’s approach is to deploy Molecular Products’ strengths to help India achieve ‘Make in India’s’ goals, as well as a drive to provide universal and affordable healthcare in India, and using the Launchpad service is key to this strategy.
“Launchpad is exactly what we need. We had a good experience in China and it is just the type of cost-effective way to get all the information that we need. All the Launching into India’s healthcare sector people I’ve worked with so far have been very supportive, understood all the requirements and helped us recruit a suitable consultant.”
Alongside de-risking a company’s market entry, the personal consultants that are provided by the UK India Business Council offer a gateway into India. Ian is adamant that the Launchpad service is worth every penny and is crucial to their success. “It provides us with cost-effective market knowledge that otherwise would not be possible.”
Entering the Indian market can be complex and, for some, daunting. Ian offers very succinct and useful advice to others looking at India, “Take a trial run to the market, test out your strategies and see if it works. Also, if you have a clear idea of what you want the business to achieve, then I would recommend Launchpad.”
Not only being able to use the service, but also being a member of the UK India Business Council helps businesses build credibility and reputation in India.
“I think it is a good thing that we have connected with the UK India Business Council.” “I think the simplicity of Launchpad is what I found most appealing. It is a one stop shop because of all the advice we receive and the office space, it is essentially a whole package in one. It is a very good service, I am an advocate of it and all the people I’ve met have been very helpful.”
Contact Tushar Chaudhary UK India Business Council’s Head of Launchpad and Client Relations by emailing Tushar.Chaudhary@ukibc.com or calling Tushar direct on +91 124 4537808
NOTE: Launchpad™ is a trademark of UKIBC India Private Limited which owns all right, title and interest therein in India.