GPC Medical: Offering Sustainable Solutions
Vikas Narang, Founder & Director, GPC Medical Ltd, started the company at the age of 29 and in the 20 years since the firm has expanded its global footprint by offering products to more than 110 countries across the globe. Today, Narang feels that with the growing population, increased prevalence of chronic diseases, and digitalization, the complete global healthcare sector is likely to grow in terms of demand, as well as expenditure. The key segments to look out for, he believes, would be Artificial Intelligence (AI), digital technology and medical implants.
He shared: “Recently, I read a report on the Global Healthcare Outlook, where it was very nicely put: “What goes up, must come down, but this isn’t likely to apply to the global healthcare sector”. And I agree with the statement.” Excerpts from the interview.
- Give us a brief about yourself. How did you come to work in healthcare?
I firmly believe in ‘Quality Healthcare for All’ and the fact that every person in the world, irrespective of their caste, race, color, geography and economic status, has the right to good health. With this vision, I formed GPC Medical Ltd. 20 years back.
My grandfather, who was one of the founding members of the Surgical Manufacturers & Traders’ Association of India, inspired me. He started exporting medical equipment from India, 80 years back in an era when there were no computers or Internet. I think I knew when I was a child that “this” is what I would aspire to do. So, I guess it was in my genes!
- What do you think is currently driving the healthcare industry forward, both in the Americas as well as globally?
There have been some major changes 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 Americas have realized that they can get superior quality products, but at much better pricing from India and China. ‘Digitalization’ has made this process much easier. The world has become a smaller place and it is easy to buy products on the Internet from the opposite corners of the world, with just a click.
- What are the technological, medical and strategic innovations that your company brings to the healthcare arena? What new products will you be showcasing at FIME 2019?
An absence of innovation in any field is stagnation, and more so in the healthcare sector. In this light, we are constantly innovating with the designs of our implants and instruments. We are always looking for new ideas, concepts, technology and research. Our network of surgeons constantly provides us with the feedback on our existing designs and guide us on the changes, if required. We have also joined hands with one of the most reputed technology institutes in the world, for the fabrication of 3D orthopedic implants. Right now, we are working on a 3D Spine Implant.
At FIME this year, we are launching our new targeting device for one of our Intramedullary Nails. It has a unique design, which no company has made so far. What makes it distinctive is its ease of use. We have eliminated the use of bulky attachments and have simplified it. This targeting device could actually save up to 8 minutes of surgery time.
- How would you evaluate the impact of FIME on the healthcare industry in the Americas?
The impact of FIME on the healthcare industry in the Americas is huge. It’s a strategically chosen location, and therefore works wonders for the show and of course for exhibitors and visitors alike. This single show attracts stakeholders from North, Central & South America. For any company, whose target market is any of these geographies, it is a must to exhibit at FIME.
- What, according to you, are the opportunities available to healthcare and trade professionals who attend FIME?
I believe meeting all the stakeholders of healthcare at one spot is the real benefit of attending FIME. We can meet distributors, buyers from various hospitals and even end users such as surgeons, all in one place. For us, FIME gives us easy access to the U.S., Latin America and South American markets.
- What would you say are some of the most challenging aspects of your role?
GPC is growing exponentially, and we are present in over 110 countries. With success comes various challenges. With the latest technological advancements coming, it is extremely difficult to maintain a balance between the pricing and these advancements. But we thrive to come up with sustainable solutions and to lower our margins so that there is a maximum reach of quality products to all. For us, growth means more than money. It means wider access to our products, which in turn means more lives being saved. This is what drives us forward each morning.
- Could you shed light on your future? Are there any new products/services in the pipeline?
Future seems to be very promising for all of us at GPC. Change is the only constant. Our company’s foundation is laid on “innovation”. There are a couple of new and exciting projects, which are in the pipeline and hopefully at FIME next year I will be able to comment better on them when they would be out in the market. I can just say one thing that one our upcoming projects is a community endeavor and I feel I have been extremely fortunate to be associated with a cause like this.