According to market research, the IVD sector will be one of the most quickly changing markets, with the worldwide IVD market expected to grow at a CAGR of 5.06 percent from 2020 to 2030. Factors such as the increased usage of fast testing, minimally invasive and non-invasive diagnostic equipment and procedures are driving the market. An increase in the worldwide elderly population, a large number of patients with infectious and chronic diseases, an increase in global healthcare spending, an increase in the need for point-of-care diagnostics, and an emphasis on home health.
The COVID-19 issue has thrown the medical sector, as well as the rest of the world, into disarray. The short-term consequences of this global problem may be seen all around. “But when we see it in another way, we have noticed an improvement in the home health care segment as well as a drastic awareness of disease diagnostics. QUALITY HEALTH CARE PRODUCT AT AFFORDABLE PRICE is the demand of the global market post pandemic,” says Pavan Chandra Nagoor.
Mr.Pavan, Sensa Core’s Commercial Director, holds a Master’s degree in Business Administration and Honours in Hardware Engineering and Networking, as well as extensive expertise in strategic planning, business administration, and human resource management systems.
Mr.Pavan is operating and executing some of the most difficult jobs to raise the company’s standards, thanks to his leadership abilities. His expertise and exposure to a variety of job profiles, together with a good attitude and a desire to succeed, has allowed him to establish and enjoy himself as a pathfinder in all of the organisations with which he has been connected.
Sensa Core is the industry leader in Ion-Selective Electrode based Analyzers, Arterial Blood Gas/Electrolyte/Metabolite Analyzers, and POCT devices (Glucose metres, Lactate metres, and Hemoglobin metres) and mass production of strips, all of which are designed, developed, and manufactured in-house at a state-of-the-art 150,000-square-foot manufacturing facility set on a 5-acre landscaped. Electrolyte Analyzers from Sensa Core are considered a Monopoly Cult in India, with a 55percent market dominance. Sensa Core continues to expand its global reach, with over 24,000 installations in 32 countries across the world.
Sensa Core also has an Arterial Blood Gas Electrolyte Analyzer (a must-have for the ICU) that measures a variety of vital blood parameters. In just over three years, SensaCore ABGEanalyzers have been deployed in over 3000 hospitals, making it one of the fastest-growing segments, with an annual growth rate of 80-100 percent. With its most inexpensive ABGE Analyzer, SensaCore has brought the ABGE analyzer within reach of every hospital (large and small).
The Journey from Dependency to Self Efficiency
Mr.Pavan is a firm believer that there is no success without adversity and that only through adversity does a company become stronger. Small and medium businesses dominate the Indian IVD ecosystem, with a limited R&D budget and a primary focus on low-cost, high-volume goods (mostly reagents/consumables), even if the raw ingredients for these are
imported. He points out that the device/instrumentation segment of IVD is heavily reliant on imports and relies on white label. In India, it was imported completely built, and labelled. Manufacturing in cost-conscious countries like India gives the team an opportunity to master the Bill of Material related to all its products and moves the company towards a new journey with the goal of quality products at an affordable price.
SensaCore is self-motivated thanks to its inventions. The company introduced a previously unheard-of product that can be produced locally at a reasonable cost. Sensa Core may boast that every $1 million in sales it generates saves the firm $3 million in foreign imports. That implies that by the time Sensa Core reaches the 500-crore club in 2024, it will have cut foreign imports by 1500 crores, preserving foreign currency reserves. Sensa Core’s contribution to the Indian economy and its significant socio-economic effect in achieving self-sufficiency motivates us.
Accomplishments that make the Sensa Core Stand Out
Commercialization of indigenous in-vitro diagnostic (IVD) analyzers and successful introduction of MADE IN INDIA products to 45 countries across four continents are among SensaCore ‘s significant achievements. Sensa Core was named one of the top 10 leading Indian Medical Device and Diagnostic manufacturers in a survey performed by Biospectrum and named one of India’s most creative MSME by Economic Times Rise. Sensa Core has received the Fedaration of Telangana Chamber of Commerce’s “Excellence in Innovative Products in Healthcare with Highest Social Impact” award.
Mr.Pavan has been named one of CEO Insights’ Top 10 Best Chief Commercial Officers for 2021, as well as Medgate Today’s’ TOP 40 UNDER 40 – NEXT WAVE IN HEALTHCARE. ‘
In Mr.Pavan’s career, there is one milestone that may be marked with golden letters, according to him. When he first started exporting items, he realised that the firm needed to ship an In-Vitro Diagnostic medical gadget to China because everything in India is eclipsed by Chinese products. Consequently, the company started working on manufacturing a quality product that could be exported to any corner of the globe, and it achieved it as the first batch of its blood gas analyzers made their way to China. He recalls, “That was the bestowed moment, personally as well as professionally.”
Working as a Team
“We as a company firmly believe that our team is our primary asset and all share the common vision and pursue common goals,” says Mr.Pavan. He’s observed that regular contact with the staff boosts their confidence and makes them feel more invested in the company. For this, the team has devised a simple communication system via which any team member may meet and speak with the appropriate process owner at any time. Even after nearly 15 years in business, the team is pleased to maintain a start-up work culture, which has had a tremendous influence on the team members’ creativity and productivity. The firm was successful in creating an environment in which every team member enters the facility with a positive attitude and leaves in complete comfort.
Sensa Core, according to Mr.Pavan, is a location where the team can anticipate not just feedback, encouragement, and incentives, but also a handful of opportunities for exceptional career advancement.
More Innovative Offerings in the Future
Sensa Core Medical Instrumentation aspires to be a world-class manufacturer of medical diagnostic instruments. According to Mr.Pavan, Sensa Core expects to grow at a rate of 40% per year for the next 4-5 years because it is the only local manufacturer of a few niche products such as the Electrolyte Analyzer, Arterial Blood Gas Electrolyte Metabolite Analyzer (ABGEM), Glucose Meters/Strips, Lactate Meters/Strips, and Hemoglobin Meters/Strips.Each of these sectors is growing at a rate of 40-50 percent per year, and more Benchtop Anayzers and Point of Care devices are expected to enter the market in the coming years, potentially contributing significantly to the growth potential. He says, “We firmly believe that Sensa Core has the products and a strong product pipeline which can cater to the home health care segment, laboratory segment, and POCT segment and can be a ONE STOP INVITRO DIAGNOSTIC MANUFACTURER for all diagnostic needs.”
A Message for Aspiring Entrepreneurs
Mr.Pavan advises budding entrepreneurs to evaluate carefully since there is a significant gap and a major potential in manufacturing specialised items in India and reducing the reliance on importing these products, according to Mr.Pavan. All prospective entrepreneurs and start-ups should focus on local manufacturing, which may bring value to the MAKE IN INDIA Initiative and have a socio-economic effect on achieving self-sufficiency and contributing to ATMA NIRBHAR BHARAT.
Headquarter In: Hyderabad
Founded in Year: 2006
Employees Headcount: 265+
Your Tagline/Quote: Stop Wishing & Start Doing
