The $18-billion GE Healthcare has a simple philosophy: Downturns will come and go.
It therefore looks at investments 10 years into the future — a future where emerging markets will be a target area. Since taking over as President and CEO of the company’s Healthcare Systems division in 2011, Tom Gentile is on a mission. It involves devising strategies for emerging markets like India, wherein the company is looking at both manufacturing and researching of medical devices. In an interview with BusinessLine , he talks about ‘made for India’, with export potential as a way of the future. Excerpts:
It is something we have been grappling with over the past few years — to some extent, even in developed markets.
When we talk to hospitals, there is a demand to reduce costs but maintain the quality. We came up with some alternative ways of reducing costs without compromises on quality.
For example, as power is a major issue in rural places, we have come up with portable, battery-operated ECG systems, and baby warmers which do not require voltage stabilisers and consume 50 per cent less electricity. We have a new range of products used in the care of newborn babies.
For example, the Lullaby series, which helps keep newborn babies warm, was tested on the ground in Indian conditions.
Now, this product can be exported to other South Asian, Latin American and even African markets in the future.
Infant mortality rates in India continue to be high and one of the reasons is cost of technology. Your comments…
Our job is to bring the cost of technology down and reduce mortality rates, both for infants and mothers.
In line with that, we have plans to make technologies available in all the districts of India.
Our LOGIQ forward series of ultrasound systems are designed and developed in India, for the world.
It has a 30 per cent improvement in performance while incorporating established high-performance capabilities from our flagship ultrasound systems.
All this comes at an affordable cost.
Apart from infant mortality, cardiovascular disease is another problem area.
We are designing technologies as well as partnerships with other companies in the marketplace and healthcare providers such that anyone who has a chest pain can survive and reach the right interventional or right therapeutic procedure.
What are the other healthcare-related issues you see in India?
Oncology is a big burden, and growing.
An estimated 3.5 million people in India are suffering from cancer and that may, in fact, still be understated.
Unfortunately most of the patients who are diagnosed are diagnosed in the late stage.
What is the kind of growth you see in India?
We are the largest domestic healthcare company in India with $570 million in revenue.
Our conservative estimate is to grow at 15-20 per cent in a year and we can achieve this with existing products and a slew of products in the pipeline.
The vast majority of people in rural India are illiterate. How do you plan to create healthcare awareness?
For starters, we have specially-designed vehicles fitted with high-end, affordable healthcare technologies.
This vehicle will go to hospitals, nursing homes and clinics in 50 towns of Tamil Nadu to create awareness on the usage of technology in the early detection of diseases and to disseminate information.
Through this we hope to cover 5,000 clinicians and 100,000 people in the two-month tour of Tamil Nadu before embarking on similar tours in the rest of India.
venkatesh.ganesh@thehindu.co.in