How has the pandemic affected the medical devices sector?
In an interaction with Shweta Papriwal, Editor, indiainfoline.com, Dr. GSK Velu, CMD said "In the upcoming years, we plan to go public to create value for investors as well as for our employees. Hopefully, we should be a listed company soon. But for now, we only have a mission and vision to make healthcare cost-effective and available for all."
Medical device manufacturers are not left untouched by the pandemic’s impact. Just like pharmaceutical companies, the medical device manufacturers also profoundly depended on healthcare facilities to get approval for clinical trial and data collection facilities. Every medical device product need to undergo clinical trials both pre-and post-market to obtain certificates or other documents for market approval.
There was also a time when medical device companies were facing difficulties to make versed decisions about their products, supply chains, and regulatory obligations amid uncertainty. Medical device professionals had the unenviable task of asking for a pause amid the panic. No matter how bad it is or how bad it might get, here’s the truth: heedless action will make it worse.
During the pandemic the demands for a few products were high and this is the moment when quality matters more than anything else.
Impact of COVID-19 on the healthcare industry?
COVID-19 Pandemic has stretched the healthcare infrastructure even of most developed countries and is expected to cause an economic recession unparalleled in recent history. The swiftly progressing demand for health facilities and health care workers approaches devise some health systems overstretched and inefficient to operate efficiently. But on the positive side, this pandemic has made people aware of hygiene practices. Now policymakers have started to invest in the healthcare sector, realizing the importance of lives over everything else. Indigenous health manufacturing shall see more considerations from governments all around the world.
How the company is strategizing for future businesses?
Talking of the future, we want to make Trivitron a truly global enterprise offering the best healthcare services at affordable prices as per the needs of every continent. We desire to make cutting-edge health technology available to all by utilizing our wide network of channel companions and by increasing our manufacturing capacities.
To secure business continuity, we keep a record of expenses against revenue situation more comprehensively to have a clear understanding of the financial status of the company and hence plan ahead future aims and business strategies. Furthermore, investigating deeper into the present supply chains to know the vulnerabilities of the present supply model and available supplier options that can be collaborated, once the principal supplier drops. And most importantly, we are now producing more efficient communication channels to keep united with the teams, customers, and all other business associates.
In future healthcare businesses, we will analyze disaster restoration plans and double-check the soundness of current business continuity programs, and initiate massive retooling methods to incorporate technologies that assist remote task.
How the company is contributing to the economy. What are the products and services you provide?
As a health technology company, Trivitron has developed precise exigency methods to slow the progression of pandemic and limit its impact on employees, associates, customers, and communities. We are investigating our lapses and building up new SOPs, Work Instructions, and Guidelines that would encourage business continuity in case of a pandemic or a related condition. Keeping in mind the still-evolving healthcare system of our nation, Trivitron Healthcare has scaled-up production to yield more COVID-19 centric products.
Trivitron has been a flag bearer of Make in India and has been working to manufacture COVID-19 related products in its manufacturing facilities in Chennai, Mumbai & Visakhapatnam. Trivitron Healthcare has in collaboration with its overseas partners, made available a range of Covid-19 RT PCR Test Kits, RNA Extraction Kits, Specimen collection Kits, COVID-19 antibody test kits, PCR systems, Self-testing kits, and other laboratory products, for COVID-19 diagnosis & confirmation.
Apart from this, we have several products for IVD, Radiation protections, Imaging, Critical care, and Newborn screening. Recently we have launched HPLC-based HbA1c analyzers that are used for monitoring diabetes, thalassemia & hemoglobin variants, and SpaceD for radiation protection using NASA technology for our medical professionals.
What are the future plans?
In the upcoming years, we plan to go public to create value for investors as well as for our employees. Hopefully, we should be a listed company soon. But for now, we only have a mission and vision to make healthcare cost-effective and available for all.