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Vision Diagnostic (I)Pvt.Ltd. is one of the fastest growing Diagnostic and Biotechnology Company with its head office in New Delhi, having research facilities Labs & Business operation in India. The company is focused on sales and marketing of diagnostic products, chemicals and research products. Although a small sized company it has more than 13 years track record in the sales and marketing of high quality of diagnostic and research immunological kits, reagents, antibodies etc.
The company sells its products to Research institutes pharmaceuticals companies, biotech industries, diagnostics laboratories and hospital lab services. Their personnel enthusiasms are their greatest assets. These assets allow for a creative and stimulating work environment. Today Vision Diagnostic (I) Pvt. Ltd. employs more than 100 people around the nation and has a chain of distribution network throughout the nation covering all major and common research institutes, Govt. Hospitals and private laboratories.
The company's business
Major competitors threats,opportunities
Hysel is a professionally managed Biotech Company in India serving its valued customers across the country for more than two decades. Hysel offers a wide range of innovative products covering reagents and kits, bio-chemicals, laboratory instruments and equipment, laboratory plastic consumables and custom services for Molecular Biology, Immunology, Tissue Culture, Protein Chemistry, Cell Biology etc. from various manufactures abroad who are world leaders in their respective fields. We serve a wide spectrum of customers from Academic Research, Diagnostic, Industrial, Biotech Companies etc.
Tulip Group of Companies is the leading Indian group of diagnostic companies, which is involved in the manufacture and marketing of in vitro Diagnostic reagents and kits, nationally and internationally.The individual group companies Tulip Diagnostics (P) Ltd, Microxpress, Orchid Biomedical Systems, Coral Clinical Systems, Qualpro Diagnostics, Tulip Marketing (P) Ltd, Zephyr Biomedicals and Lilac Medicare (P) Ltd specialize in research, development and design of specific systems and platforms within the assigned technological areas. Currently the diagnostic segments that are covered are Immunohaematology, Immunology (Fertility, Rheumatology, Infectious Diseases), Immunoturbidimetry, Haemostasis, Haematology, Clinical Microbiology, Parasitology, Virology, Cardiac and Cancer Markers, Clinical Biochemistry and Instrumentation. "Better testing systems for better diagnostics" and setting trends by innovating continuously.
Threat and opportunites
Emergence of the country as a preferred global R&D hub, expansion of the clinical trials market, opening up of the health insurance industry for privatisation, consolidation amongst organised players, increased health awareness and quality consciousness in urban India resulting in an increased test prescription rate and Public-Private Partnerships (PPP) as the major reasons for the boom. The pathology market is currently 2.5 per cent of the overall healthcare delivery market. There are 40,000 independent path labs in the country and the industry is highly competitive and price-driven with kickbacks and business referral payments in the absence of a regulatory body. Around 70 per cent of treatment decisions in the country are based on lab results.
India offers a diverse population and therefore a varied gene pool. Also patient recruitment and retention is easier, better and faster than in the Western countries. International drug companies save 50 per cent in clinical trials cost in India and so prefer outsourcing clinical trials to the country. A major evidence is that the number of Contract Research Organisations (CROs) based in India have increased four-fold between 2001 and 2003. By 2010, two million patients are expected for clinical trials in India; translating into 20 million tests
In January 2005, Ministry of Health and Family Welfare passed the Drugs and Cosmetics Amendment Rules, permitting foreign and domestic companies to conduct clinical trials for pharmaceuticals in India and other countries simultaneously. Thus phase II and III clinical trials can now occur in India and abroad simultaneously. Experts feel that the Product Patent Protection will encourage MNCs to import technology into India to develop new products thereby boosting the clinical trials market and are optimistic that the medical device trials will soon follow suit.
The scene is similar to what the IT industry was when it started 15 years back. I'm sure in another five years we would be looking at a similar success story. A chain of diagnostic centres, feels that entry of foreign health insurance companies in India will be an important driver of the domestic diagnostic industry as coverage of pathology services will be inevitable in the policy.
Today there are 800 private labs in the US of which the top 10 laboratories carry out 85 percent of the pathological workload. Earlier like in India, the US too had standalone labs but the scenario changed when health insurance entered the US healthcare market. Insurance companies tied up with labs that had quality control, uniform systems of billing and services. This consolidation came about and the functioning changed. Since in India, the public healthcare system is falling apart and there is around 20 per cent inflation in private sector each year. International health insurance companies when enter India, will tie up with chain of labs thereby changing the face of the diagnostic industry.
During the three months, I realized that it takes many steps (even in a smaller company) to achieve a vision. This was ascertained by a number of observations:
I did observe that teamwork played quite a huge role in attaining most of the goal. It was equally important as the ability to work independent. But the goal must be to find a way to combine it in the right way.
Most of the employees come to work early, leave late in the evening and work during the weekends in order for them to meet their deadlines.
Interns are given the much needed supervisory support that goes beyond work related issues.
Even with the above mentioned positive observations, frankly I think that an employee does need frequent common group activity/activities that would bring them together once in a while. This will ultimately result in a stronger bond amongst them. I did observe that the lack of these activities affects stronger teamwork play.
Conclusion and recommandations
The Indian pharmaceutical industry has shown tremendous progress during the last three decades. And this progress has been multifaceted, and has made its presence felt in all the fields of pharmaceuticals industry like process technology, discovery or synthesis of new drugs, novel drug delivery systems, etc.
Any organization cannot successfully compete in the International markets, unless it widens its horizons and goes on with an international mindset and a competitive spirit. The absence of this would be reflected in decline in international business activity and falling profits for the company. Global businesses like pharmaceuticals require visionary leaders; that vision must necessarily percolate to the bottom of the organization. It is this competitiveness which fosters dissenting views within the business, and which must be accommodated; to create winners.
Vision Diagnostics needs to develop a focus for building and maintaining a portfolio of privileged assets including intellectual property, brands and other knowledge assets that would allow a competitive edge in the emerging information era.
Vision Diagnostic needs to emphasize the importance of science and innovation, by investing a significant amount in R&D. This is necessary to create knowledge assets that would allow a pharmaceutical company to compete successfully in the international arena.
My Career Plan
To better equip myself for my current and future responsibilities, I did an internship in the marketing division of one of the fastest growing industry. In the short run, it will enhance my skills to look beyond standard solutions in developing new insights, mobilize organizations, drive tangible results, and make companies internationally more capable, so that at the end of the day I can provide strategic solution to my family business. With geographical boundaries diminishing, it is imperative to have a global outlook on business. With the current trend of unbundling the manufacturing processes, the focus is on outsourcing the individual elements of the mix with service being the differentiating factor, and thus, one needs to be prepared for the paradigm shifts and changes in business processes and models. My internship interacting imparted me with the necessary skills to initiate and successfully manage these changes.
After finishing my master's study at Skema, I plan to return to Dubai and work in the strategic part of my family business. I believe that by that time, Dubai will be one of the biggest and most important financial and real estate centers in the Middle East. With the use of my international exposure at Skema, it will be a key for success in the international environment to gain market share. I hope to focus my work with mid-sized companies which contributed a lot to Dubai's economic growth.
This is, obviously, an opportunity. As more and more multinationals are investing in the real estate in Middle East, there will be an ever-increasing demand for construction companies to grow. My objective is to capitalize on this opportunity.