Case Study: Helping a Canadian Enterprise to set-up a Diagnostic Centre in Gurgaon

The name of the client is withheld on their request. 

The client is a mid-sized healthcare venture in Canada and is run by a group of expats. They are planning to start an advanced diagnostic centre in India which will have both pathology and image diagnostic services. The centre will be a state-of-the-art venture with modern equipment and advanced technologies. The client also wants to introduce some innovative AI-based solutions that can render value-added services to patients in India. So, they are in need of Market research for healthcare business.

Key Challenges

The client is facing following challenges:

•    While the clients are optimistic to start the business in India, their understanding of the Indian market is very limited. 

•    They want actionable & value driven yet precise insights on Indian healthcare industry with key focus on diagnostic segment

•    They aren’t sure where to start their first centre, as they are contemplating 3 potential locations- Gurgaon, Mumbai, and Lonavala. 

•    Once the location is identified, they would also like to learn about the exact neighbourhood wherein they should start the centre. 

•    They want to know how viable is introducing an AI based diagnostic services in India and if yes, what is the size of the addressable market, which can be done through Market research in Gurgaon.

•    They want to learn about few potential IT companies in India, with whom they can work to develop their tech platforms. 

•    It is essential that thesel IT enterprises have the required bandwidth and expertise to create the desired product. 

•    Since the clients are NRI, they want the clarity on the FDI policies

•    They wish to know about the cost of equipment in India. 

•    They require a detailed financial model to learn more about costing, revenue, ROIs, etc. 

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How The India Watch Helped? 

After a detailed discussion with the client, we prepared a Market research for healthcare business and entry report for them. The report included but was not limited to following: 

•    Overview of healthcare sector in India, market size, growth drivers, policies, sectoral snapshot, emergent trends, etc. 

•    Overview of the diagnostic industry, trends, category wise market share, category wise growth rates, key players, branded and non-branded composition, etc. 

•    Insights on major branded chain outlets such as Thyrocare, SRL, Dr. Lal, Apollo, Redcliff, Vijaya Diagnostics, etc. 

•    Comparative analysis of diagnostic industry in Gurgaon, Mumbai, and Lonavla. 

•    Study the FDI policy framework for the diagnostic industry in India. 

•    Examine the key customer segments for the pathology & diagnostic industry: in patients, out patients, corporate, medical tourists, gen Z, millennials, etc. 

•    Price lists of various equipment in India, both import as well as refurbished devices. 

•    Detailed business and financial models as per Market research in Gurgaon.

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Research Methodology Adopted 

The following methodology was adopted to prepare the report 

•    Consulted published research reports by industry bodies, government sources, media reports, etc. 

•    Conducted interviews with major stakeholders of the healthcare industry including doctors, lab attendants, radiologists, etc. 

•    Conducted interviews with potential target consumers to learn more about their needs, wants, and expectations. 

•    Prepared in-depth financial analysis including required investment, cost, and income projection. 

•    Make recommendations based on the Feasibility study of diagnostic center in India. 

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Results 

Based on the overall Feasibility study of diagnostic center in India as conducted the client was suggested to start the diagnostic centre in Gurgaon. In the city of Gurgaon numerous potential neighbourhoods were studied and one ideal location was suggested (name withheld on client’s request.)

The study also suggested that Gurgaon is a conducive market for adoption of latest technologies such as AI and big data. Such technologies can help in multiple ways such as managing patient data & past history, offer more accurate diagnosis, predict future likelihood of diseases, and help medical professionals get real-time alert.

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