Under the terms of the joint venture, Lords Mark Industries will offer innovative healthcare tools such as remote patient monitoring (RPM) systems and health kiosks that will be marketed under the ‘Lords Sehat’ brand.

As of April 1, 2020, all medical devices have been notified as “drugs” under the Medical Devices (Amendment) Rules 2020. Medical devices are also classified as Class A, Class B, Class C and Class D depending on their risk classes. With this, companies like Lords decided it was time to invest in manufacturing the latest medical devices to ensure the exponential growth of healthcare infrastructure.

In an exclusive interview with Financial Express Online, Sachidanand Upadhyay, founder of Lord’s Mark Industries Pvt Ltd He says that by investing in medical devices that support artificial intelligence (AI) and machine learning (ML), we aim to provide better clinical outcomes and improve healthcare delivery models. Lord’s Mark Industries has recently entered into a JV agreement with Braithwaite & Co to supply healthcare equipment, medtech devices and diagnostic products to railway hospitals and other general hospitals across India.

Can you shed light on Lord’s Mark Industries entering into a JV agreement with Braithwaite & Co?

Braithwaite & Co is a well-known Public Sector Unit (PSU) wholly owned by the Government of India. With a rich legacy of engineering excellence and focus on adherence to the highest standards of quality, Braithwaite & Co has a broad client base in the country’s public sector. By collaborating with a like-minded partner, Lord’s Mark Industries aims to utilize the vast network of railway and other general hospitals across India for the distribution of the latest healthcare equipment, medtech devices and diagnostic products. We view this partnership as a major collaborative effort to provide affordable, high-quality healthcare to all segments of the population through access to advanced Medtech tools and solutions.

Under the terms of the joint venture, what healthcare products will be distributed by Lords Mark Industries?

Under the terms of the joint venture, Lords Mark Industries will provide advanced and innovative medical devices and tools such as remote patient monitoring systems and health kiosks to be marketed under the ‘Lords Seehat’ brand. Our distribution portfolio will also include IVD products ranging from dengue fever, malaria, HIV and antigens as well as basic hygiene products and pharmaceuticals.

The terms of the joint venture state that healthcare equipment will be distributed across railway hospitals in the initial phase. Do you plan to expand the scope of the agreement to include private hospitals in the future?

In the first phase of the agreement, we will distribute healthcare equipment across railway hospitals on a pan-India basis. Should the need arise in the future, we will extend the scope of the agreement to include private hospitals as part of our quest to create a robust healthcare infrastructure in India.

Do you also have plans to enter into collaborative joint ventures with other partners in the future to distribute advanced healthcare products? What will be your criteria for choosing a partner?

Currently, we are clearly focused on working closely with Braithwaite & Co to expand distribution reach across rail hospitals to supply essential medical equipment and advanced healthcare products. We remain deeply committed to our mission of transforming India’s public healthcare infrastructure by making it affordable and accessible to all segments of the population.

How do you expect these joint ventures to affect the functional dynamics of the healthcare sector in India?

Leveraging technological synergies and the hands-on experience of diverse stakeholders is fundamental to creating a robust and agile healthcare value chain with a focus on improving patient outcomes and delivering high-quality healthcare. Lord’s Mark Industries has entered into multiple partnerships to distribute innovative healthcare equipment. We believe that the combination of innovation and right execution has the potential to make India a dominant player in healthcare.

What is the market scenario in a global sense?

India is among the top 20 market for medical devices on a global scale. The market is expected to grow from $10.36 billion in 2020 to $50 billion in 2025, registering a compound annual growth rate of 37%. The global medical devices market has been pegged at US$456.9 billion which has grown at a compound annual growth rate of 4.4% since 2015. It is expected to reach a value of US$603.5 billion in 2023.

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