The Medical Imaging market in India is approximately USD 1.5 billion which is 5% of the global Medical Imaging market and is growing at 9-10% every year: An interview with Mr. Satyaki Banerjee CEO, Medical Imaging, Trivitron Healthcare.
What was your journey like to get where you are?
I am a science graduate, certified software engineer with post graduate education in International Business Management. I have been working in the healthcare sector for 25 years and have held various roles in my career that started in 1996 as a freelance software developer creating websites and database systems while pursuing the final semester of my management programme. While I was developing a website for Panacea Biotec, I had the fortune of having the audience of the managing director of the company which gave me the opportunity to explain the potential of internet.
The Internet was a very nascent thing in India at that point of time and I had to explain the concept of the internet and make people understand the difference the internet could bring to an organization in terms of information exchange, marketing, product positioning & corporate brand building. This interaction led to my first corporate role at Panacea Biotec as a management trainee having the fortune of reporting directly to the managing director. I began with understanding the Information Systems needs at Panacea Biotec and for the next two to three years my primary responsibility was to develop and implement an ERP system.
Post implementation of the ERP System, I was involved in conceptualizing and executing the development of a healthcare portal named BestOnHealth.com providing validated scientific information to the medical community. At the core of the healthcare portal was an AI enabled healthcare programme called Personalized Disease Management System that could record and track the medical condition of patients and provide the necessary information and alerts to the doctor, which assisted them make precise differential diagnosis.
Having developed a strong understanding of IT and its role in a Business Environment, I decided to switch into managing the mainstream pharmaceutical business. Over the next one and a half years, I worked in various departments that included production, quality control, quality assurance, regulatory affairs, and R&D. With a holistic exposure at the dynamics of running every facet of a company, I took the charge of running the International Business of Panacea Biotec and established the company’s business in Europe, USA, LATAM & ROW. That’s when my career gained momentum while I served as the Vice President of International Business.
I was instrumental in negotiating several out-licencing deals while at Panacea Biotec, and was able to pursue R&D collaboration with some of the biggest pharmaceutical MNCs in the world.
In early 2015, after spending 18 years in the Pharmaceutical Industry; I decided to switch over and pursue a career in Medical Equipment. This marked the beginning of my journey with the Trivitron Group. I shared the vision of the chairman Dr. GSK Velu of ‘Making Quality Healthcare Affordable and Accessible across the world’.
With the aspiration of becoming the world’s largest player in Radiation Protection and India’s largest player in Imaging Equipment we have navigated an innovation driven journey in the past 6 years launching indigenously developed surgical C-Arm, Digital X-Ray Systems, Digital Mammography, Flat Panel Digital C-Arm, Ventilators etc.
With a firm foundation established in Imaging Equipment, Trivitron’s journey over the next few years would focus on establishing absolute leadership in India, Europe and America’s and developing a diverse portfolio that would include CT, Cathlab, Ultrasound and MRI in the times to come.
During this entire journey from a management trainee to the recent recognition as the CEO of the Year; my family stood by and supported me as the wind beneath the wings..
What do you consider the most important contribution of your academic experiences have made to Kiran Medical Systems? What was your role?
I have a management and science background, but I have done several post-graduation programmes in Regulatory Affairs, Intellectual Property & Patenting.
The planning of a complete transformation of an organization from being a manufacturer of radiation protection products and radiology accessories to complex medical equipment manufacturer requires a grassroots understanding of the science that goes into the making of such equipment.
It also warrants an in-depth understanding of the regulatory pathway to get approval and an understanding of the nuances of navigating through existing intellectual property and developing something on which we can generate our own intellectual property. The basic education which I had in these areas came in very handy which helped me to take the relevant decisions to develop this product portfolio and enabled me to guide the team to navigate through the development process and proper project management.
Share your personal views on Medical Imaging market in India Vis-a -Vis the global market.
The Medical Imaging market in India is approximately USD 1.5 billion which is 5% of the global Medical Imaging market and is growing at 9-10% every year. As announced in the recent budget; there is increasing expenditure by the government on the development of healthcare facilities across the country which is going to add an impetus to the growth rate. Furthermore the expansion of corporate hospital chains; diagnostic and imaging centres across the country will further drive the growth.
What are Your 3 Biggest Accomplishments in your career?
I would put the development and launch of a highly differentiated surgical C-Arm as the first major achievement of my career. Within 3 years of the launch of the product we consolidated our position as the second largest manufacturer of C-Arm in the country in terms of market share. This further paved the way to the development and launch of the first digital C-Arm system of Indian origin.
The second major accomplishment, which I can think of, was the time when we received approval for marketing a digital mammography system, making Trivitron Healthcare, one of the first Indian companies to have developed a fully indigenous digital mammography system, putting India on the global map as a serious manufacturer of high-end medical equipment.
The third accomplishment is quite recent. When the Covid-19 pandemic hit us in February and March, we decided to take up the challenge and support the government of India by manufacturing a ventilator at an affordable cost. Over the past few months, I have been leading a team that has been working day and night in developing a ventilator. Today, as we speak, we have successfully developed, conducted several clinical trials and secured multiple regulatory approvals and are installing ventilators at various government hospitals across the country. We are happy to have contributed in a meaningful manner in our Country’s fight against Covid.
What major transformations do you foresee in the Medical Imaging sector post-pandemic?
At the beginning of the Covid-19 pandemic, the top priority for the healthcare sector was Personal Protective Equipment, In-Vitro diagnostic test kits for Covid and Ventilators. Once the core necessities were addressed, there was a shift of focus towards development of Covid-19 vaccines followed by mass scale vaccination at a global scale. While the Covid centric necessities were being addressed; the Medical Imaging sector was gearing up the manufacturing of CT and Mobile Radiography configured for diagnosis of Covid.
Covid has affected every facet of human life in an unprecedented manner. It has also changed the way healthcare is delivered across the world with increasing importance of online medical consultations, access to diagnostic reports and imaging data online through the cloud, AI enabled algorithms helping clinicians make diagnosis while accessing patient information remotely; that’s where the Medical Imaging sector is headed. Cloud based storage and transmission of Medical Imaging data and equipment and software with built in AI algorithms is the pivotal aspect that will drive the Medical Imaging sector post pandemic.