Six brilliant minds came together in 2015 to form Veiva Scientific, a pioneering MedTech company, that has been revolutionizing the Indian healthcare landscape with its innovative cardio, neuro, and peripheral vascular medical devices. Their cumulative experience of more than 150 years in the medical device industry, is propelling sustained success of the young enterprise with a current business volume of over INR 300 crores. Excerpt of the candid conversation about the industry and the company’s road ahead by Co-Founders Mr. Rajini Lokanathan, Mr. Vinod Nair, Mr. Pramod Mohan, Mr. Hari Bhaskar, Mr. M.K. Sreeram and Mr. Manoj G Nair.
Healthcare in India is a booming industry. How much of it do you envision will be dedicated to cutting-edge MedTech devices and your company’s position in the industry?
The three pillars of healthcare are Medical Services, Pharmaceuticals, and the MedTech industries. The MedTech device industry, the less-known cousin in the healthcare trio, a domain in which we operate is growing phenomenally in India with the market size which had reached approximately $11 billion in 2022-23, up from $10 billion the previous year. In the past few years, the sector has been growing at a Compounded Annual Growth Rate (CAGR) of 15-16% which is projected to reach a whopping $50 billion by 2030. Several factors drive this growth, including a large and aging population, increasing healthcare expenditure, and a rising focus on quality healthcare.
Additionally, in the last five years, the government’s focus has been on implementing proactive policies—such as the Production-Linked Incentive (PLI) scheme and the establishment of dedicated medical device parks and space at industrial ports, aimed at reducing dependency on imports, cutting cost burden and promote domestic manufacturing. These measures are fostering innovation, infrastructure development, and investment in the MedTech sector to replicate the success story of the pharmaceutical sector.
Aligning with the industry’s promising trajectory, Veiva Scientific is strategically positioned to capitalize on these growth trends and be at the forefront by introducing cutting-edge technologies through imports and indigenous manufacturing, to qualitatively improve patient care.
As experts in manufacturing cardio, neuro, and peripheral vascular devices, could you share what makes your products unique?
We are committed to addressing unmet medical needs and contributing to the evolution of healthcare in India through emphasis on innovation, clinical relevance, and precision-engineered solutions for high-end medical devices. Our product portfolio includes a blend of high end and niche medical devices, introduced in India through imports, as well as products that are manufactured at our world-class ISO-certified manufacturing facility. Some of the key products of Veiva Scientific’s portfolio are Impella
(Heart Pump for severe heart failure), IVUS-NIRS (Dual Modality Vascular Imaging), FlowTriever (Mechanical Thrombectomy device for Pulmonary Embolism), 3Mensio/CAAS (Medical Softwares for structural and Vascular Interventions), Excimer Laser (Laser assisted angioplasty) and several other high quality access and treatment products for pacemaker lead extraction, Neurovascular, Peripheral vascular, and high-risk Angioplasty. These highly differentiated products and therapies have improved the standard of care, thereby enabling better patient outcomes.
MedTech is an industry with high entry barriers where expertise and knowledge plays an important role both in manufacturing as well as market access. Over the past decade, we have built a competent team of over 150 professionals with a deep domain expertise spread across regulatory, compliance, manufacturing, market and clinical knowledge in the MedTech sector.
A combination of products that add immense value to patients and a proficient team to develop and support the application of these therapies has given us a sustainable competitive edge and helped us position ourselves as one of the leading players in the MedTech industry.
We ensure clinical-centric innovation by integrating advanced technology with a focus on precision and reliability while ensuring accessibility and affordability. By exceeding regulatory benchmarks, stringent adherence to sustainability and compliance in manufacturing processes, and upholding exceptional environmental and safety standards, we have ensured the trust and reliability of our products and Veiva Scientific’s unmatched leadership position in the market.
How are you exploiting AI technology for product improvement and the recent investments made to acquire it?
Our skillsets are more machine, precision, and people-oriented, but we are trying to integrate AI into our product development, research, and operational processes, which are in their nascent stage. In our industry, AI plays big role in product development and in driving logistics efficiency. We intend to use AI for design and innovation, predictive analytics, and sharpening operational efficiency. This contributes to better scalability, faster production cycles, and cost-efficiency while maintaining the highest quality standards.
To stay ahead of the curve, we are in talks with companies who can help us integrate machine learning into our manufacturing and supply chain management. These collaborations are focused on automation for developing next-gen products allowing us to customise our devices to the specific needs of individual patients.
What are your expansion plans for entering new geographies and global markets?
While the immediate, short-term objective will be to address the need of the burgeoning Indian medical device market and build a strong footprint of our products and therapies, we are also simultaneously focusing on expanding our presence in high-growth regions, such as Southeast Asia, Africa, and Latin America, where healthcare infrastructure is rapidly improving, and there is a rising demand for innovative medical solutions.
We are exploring strategic partnerships with local distributors and healthcare providers in these regions to facilitate smoother market entry and to adapt our products to meet regional healthcare needs.
Expansion into new markets also involves navigating regulatory landscapes. Veiva Scientific is prioritizing obtaining key international certifications such as CE mark, FDA approval, and local approvals in emerging markets. We’re also preparing for compliance with regional regulations to ensure our products meet the highest standards of quality and safety.
To support our global reach and also to strengthen our footprint in India, we are looking at expanding our manufacturing capabilities, to provide innovative and high quality medical devices.
For an investment-intensive business that you are in, are you looking for partners and collaborators, and what is the ground covered by you so far?
Our industry is capital and research-intensive, and to achieve sustainable growth we’ve aligned ourselves with leading players in the healthcare and technology sectors by forging strategic partnerships and collaborations in imports, manufacturing, research & development and supply chain efficiency. In line with the growing demand for investment in MedTech, Veiva Scientific is open to exploring suitable external investment and funding partnership opportunities as and when the need arises.
We are also working closely with government agencies and regulatory bodies to ensure compliance with international standards and to leverage government initiatives, such as the PLI Scheme and medical device parks, which provide financial incentives for local manufacturing and innovation. As of now, we have successfully secured multiple international collaborations, established a robust manufacturing unit, and built a strong distribution channel across the Indian market. Moving forward our focus is to deepen existing partnerships, forge new ones, and leverage these collaborations to expand globally.
What is your objective to be in this business and the target set to be achieved in the next five years?
We are driven by the mission to transform healthcare by developing and delivering cutting-edge medical devices and innovative solutions in cardio and vascular interventions, enabling healthcare professionals to perform procedures with greater precision, safety, and efficiency.
We also aim to bridge the gap in access to innovative technologies, particularly in India, and other emerging markets where there is a growing demand for high-quality yet affordable medical devices. By focusing on patient-centric designs and collaborations with healthcare providers, we are committed to making a real difference in the treatment and patient care worldwide.
In the next five years, we envision market expansion not only in India, but also establish a strong global footprint in new geographies, particularly, Southeast Asia, Africa, and Latin America. With a combination of new product introductions by forging alliances with global manufacturers and by product development through our in-house manufacturing, we aim to consistently launch at least 5-7 new products every year in the next five years. By incorporating advanced technologies such as smart devices and AI-based diagnostic tools, we will ensure that our products are at the forefront of medical innovation. In terms of revenue growth, we are targeting a CAGR of 25% over the next five years and establish ourselves as one of the leading medical device companies in India with a revenue of over INR 1000 crores. Strengthening and broadening our network of strategic global partnerships and collaborations will be a key priority, besides securing alliances with top-tier manufacturing companies, academic institutions, research organizations, and industry leaders to drive innovation and expand our product portfolio. While catering to the growing demand for medical devices, we are committed to minimizing our environmental impact and improving supply chain efficiencies with a focus on sustainability and cost optimization for operational excellence.
By staying true to our mission and goals, Veiva Scientific, is set to play a pivotal role in shaping the future of medical device manufacturing and distribution, contributing significantly to Indian and global healthcare advancements for saving more lives.
In terms of revenue growth, we are targeting a CAGR of 25% over the next five years and establish ourselves as one of the leading medical device companies in India with a revenue of over INR 1000 crores.