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Vikas Narang is a serial entrepreneur with over 25 years of expertise in business management, international marketing & product marketing. At 29, he founded GPC Medical, at a young age of 29, with a vision to offer "Affordable healthcare to all". In less than 20 years, GPC now has a global footprint and is offering products to more than 110 countries across the globe.
His success mantra is "To focus & expand”.
What do you think is currently driving the healthcare industry forward, in both the Latin American and the US market?
There has been a major drift in the healthcare industry since the last couple of years. Striking a correct balance between the pricing and the quality has become the need of the hour. People in the US and Latin American (LATAM) markets have realised that they can get superior quality products but at a much better pricing from India and China. 'Digitalization' has made this process easier. The world has become a smaller place. It is easy to buy products on the internet even from countries that are far off.
What current trends do you see specifically in both the Latin American and the US healthcare industry and what do you see as the growth areas going forward?
It is not just the Latin America & the US markets, I believe the trend has changed completely across various geographies. People are realising that maintaining a balance between quality and the pricing is essential. There has been a gradual shift and people are going ‘East’ now. Distributors from all over the world are opting for Indian and Chinese products. According to a recent report, the US and Europe medical device markets are growing at 7-8% per year, whereas Indian and Chinese markets are growing at 25% annually.
What, according to you, are the main ideas/strategies that will transform the healthcare industry of the future
Bringing new innovative products in the market and at affordable costs can transform the healthcare industry in the near future. We are constantly innovating with our designs, materials and packaging to bring down the prices. We aim to bring "affordable healthcare to all".
How important is innovation in healthcare? What are the technological, medical and strategic innovations that your company brings to the healthcare and / or medical laboratory arena?
Innovation is the base of our organization. We are constantly innovating with the design of our implants and the instrumentation. We have a network of surgeons who keep giving us feedback on our existing designs. Recently we made some innovative changes in our instrumentation for various trauma surgeries. These innovations make the surgery, simple & save 3-5 minutes’ surgery time.
What is your plan for FIME 2018? What products, solutions or technology will you be showcasing?
This year at FIME, we are focusing on our new Nailing Instrumentation- the intraHEAL Nailing System. This has been developed with the contributions from experienced surgeons who have been associated with us for a very long time. It is already in the market since a few months and we have received a very good feedback from them. We thought FIME would be an ideal platform to highlight/introduce these products to our LATAM clientele.
What is unique or new about your product or service?
I take pride in saying that our USP is "prompt service" or "customer satisfaction". We believe in having a long-term association which is only possible if our customers are happy.
Another unique quality about our products is, that we continue to make them better with the inputs from our valuable database across the globe.
As a company closely associated with FIME for the past several years, how would you evaluate the impact of the event on the healthcare industry in the Latin American and the US market?
FIME has been one of the most important exhibition events that we participate in regularly. Latin American and the US markets are extremely important for us. We already have a presence in these markets either through our own offices (in the US and Colombia) or through our distributor network. But the scope of exhibiting here is huge. What I like most about FIME is the quality of visitors. The other shows held in this region have local or country specific presence, but at FIME, we get clients not only from the US, but the LATAM region as well. This makes FIME the most effective show for us.
How has FIME aided your company’s yearly strategy in developing business opportunities in Latin American and the US markets?
Every year at FIME, we target to add 2 new countries to our client base and FIME helps us reach our goal. It is not only the new buyers that we are excited about, we have our existing clients visiting us from LATAM region, which makes FIME even more special.
What, according to you, are the real benefits and opportunities available to healthcare and trade professionals in attending FIME?
Meeting all the stakeholders of healthcare at one spot, I believe is real benefit of attending FIME. We can meet distributors, buyers from various hospitals and even end users i.e. the surgeons, all at one place.