INNVOLUTION HEALTHCARE PVT. LTD.
A TRANSFORMATIVE ESTABLISHMENT IN CARDIAC CARE SEGMENT
Our quest to bring the most thought ventures under the spotlight made us explore the profile of Innvolution Healthcare that plays a vital role in promoting affordability in cardiac care. By localizing services and reducing reliance on imports, the company aims to make high-quality cardiac care financially feasible for a broader demographic.
This promise to affordability aligns with the company’s mission to democratize healthcare, changing lives at the ground level. For getting a better view of the company’s operations, we sat down with the MD of the establishment, Gaurav Agarwal.
In this freewheeling conversation, we explored various aspects of the company while getting a better understand – ing of the industry norms. Please dive into this exclusively created narrative based on the excerpts of conversations held with Gaurav Agarwal:
The company profile
The groundwork for Innvolution Healthcare was laid in 2010 by a team of experienced pro – fessionals. With over 100 years of collective industry knowledge, the establishment is a lead – ing provider of comprehensive cardiovascular solutions in India.
Specializing in products like Cath Lab, Drug-eluting Stents, Balloon Catheters, and guidewires, the organization is commit – ted to delivering integrated cardiac care solutions. Its mission goes beyond mere provision, aiming to democratize cardiac care and make it accessible to more people.
Through focused expertise and innovation, Innvolution Healthcare seeks to improve cardiovascular health and well-being across India. The genesis of Innvolution Healthcare marked a commitment to fill critical gaps in cardiac care accessibility and affordability, with a strategic focus on under-served urban centers.
The tale of inception
Innvolution Healthcare sprouted from a profound realization: the dire need for quality cardiac care in India’s tier 2 and tier 3 cities. With a keen eye, the founders discerned an excelling gap in access to life-saving procedures like Angiography and angioplasty, particularly in smaller urban centers. The stark truth of individuals trekking hundreds of kilometers for essential treatments fueled their vision to bridge this geographical chasm.
Recognizing that timely access to cardiac care is a matter of life and death, Innvolution Healthcare embarked on a bold mission to plant cath labs in these overlooked regions. Their aim was simple yet monumental: to ensure that residents could receive swift and top-notch medical interventions without enduring exhausting journeys.
Furthermore, they uncovered the challenge of overreliance on costly imports in the burgeoning medical imaging sector. This reliance imposed a hefty financial burden on patients, impeding their access to critical care. Sensing an opportunity to revolutionize the landscape, Innvolution Healthcare set out to localize and elevate India’s cardiac care infrastructure, making it more cost-effective and accessible.
Man at the helm
Leading the company at the forefront, Gaurav Agarwal’s multifaceted expertise, range from corporate stewardship to innovation and mentorship that solidifies his status as a distinguished professional contributing significantly to the growth and advancement of the MedTech industry in India.
Over the years, Gaurav emerged as a seasoned management professional, boasting a stellar career spanning over 25 years within the MedTech sector, particularly focusing on cardiovascular domains. His leadership has propelled the group to a remarkable turnover of 250 crores in the fiscal year 2022-23, positioning it among the top 15 MedTech manufacturers nationwide, a notable achievement in an industry comprising approximately 1000 manufacturers.
With a wealth of experience nurturing and scaling up start-ups in India for over two decades, Mr. Agarwal has successfully helmed or mentored over half a dozen start-ups throughout his illustrious career. Beyond corporate leadership, his prowess extends to public speaking engagements at esteemed academic institutions across India.
Gaurav’s influence extends to various advisory panels on policy making, including the AtmaNirbhar Bharat initiative from ICMR, FICCI medical device committee, AiMed medical electronics committee, and the AMTZ panel on medical electronics and cardiovascular devices. Additionally, he occupies a position in the executive advisory team at IBSC (International Biomedical Skill Consortium).
In addition to his corporate accomplishments, Mr. Agarwal actively mentors several bio incubators across the country, including MUTBI (Manipal University), Sagar University Bio Incubator, and Shri Chitra Bio Incubator, among others.
His collaborative ventures with various IITs, including Delhi, Mumbai, Kanpur, and Chennai, underscore his commitment to advancing cutting-edge projects in the field, spanning from bioresorbable scaffold development to AI-driven algorithms in x-ray signal processing.
Evolving as per needs
Throughout the years, Innvolution Healthcare’s trajectory has been significantly shaped by the dynamic shifts in the healthcare landscape. Responding to transformative changes, the venture is driven by advancements in cardiovascular technology, heightened public consciousness about health, and an increasing emphasis on preventive healthcare measures.
What boosted their growth was the favorable government policies, the process of globalization, and evolving patient expectations. All of the above mentions presented fertile ground for growth and expansion. By embracing and adapting to these evolving paradigms, Innvolution Healthcare has solidified its position as a frontrunner in delivering holistic cardiac care solutions.
Its ability to pivot and innovate in response to industry dynamics underscores its commitment to meeting the evolving needs of the healthcare sector while striving to enhance accessibility and affordability of healthcare services across India.
However, Innvolution Healthcare is not immune to a myriad of challenges within the cardiovascular healthcare domain. Many hurdles grappled with their growth, ranging from bridging geographical disparities in healthcare access in tier 2 and tier 3 cities to remaining at the cutting edge of technological advancements.
Ensuring the affordability and accessibility of cardiac care services, while navigating complex regulatory frameworks, demands strategic acumen and adaptability from the leadership team. Moreover, effective human resource management, particularly in specialized areas like cath lab procedures, presents its own set of intricacies.
Addressing these challenges also requires a concerted effort to raise public health awareness and achieve financial sustainability. To tackle these issues head-on, Innvolution Healthcare relies on proactive decision-making, strategic foresight, and a delicate balance between innovation and financial pragmatism.
The organization places a premium on fostering workforce competence and engaging stakeholders collaboratively to uphold its commitment to delivering comprehensive cardiovascular solutions. No doubt, they continue to drive advancements in cardiac care accessibility and excellence, thereby making significant contributions to the healthcare landscape in India.
Operational model
Needless to mention, in its successful journey thus far, the operational model has played a crucial role. The organization operates under a patient-centric and integrated operational framework, aiming to enhance accessibility to essential cardiovascular procedures by establishing cath labs in tier 2 and tier 3 cities.
This decentralized approach is geared towards addressing geographical healthcare disparities, minimizing the necessity for patients to undertake lengthy journeys for crucial interventions such as Angiography and angioplasty.
Moreover, the company’s business model underscores a steadfast commitment to technological excellence, ensuring that it remains at the forefront of medical device advancements and procedural innovations. This dedication enables Innvolution Healthcare to provide cutting-edge cardiovascular solutions that align with the ever-evolving landscape of healthcare technology.
The leadership philosophy
Innvolution Healthcare is recognized in the healthcare sector for its patient-centric ethos, strategic foresight, and technological prowess. Through the establishment of cath labs in tier 2 and tier 3 cities, the company addresses disparities in healthcare access, particularly for underserved communities, by prioritizing the availability of critical cardiac procedures. The leadership demonstrates agility by effectively balancing innovation with financial sustainability, while also nurturing employee skills and engaging stakeholders.
The company’s commitment to affordability and accessibility is evident through its strategy of localizing services and reducing dependence on imports. This proactive approach makes high-quality cardiac care more economically viable for a wider demographic.
Beyond immediate service delivery, Innvolution Healthcare contributes to community welfare by advancing the overall cardiac care infrastructure in India. This holistic approach underscores the organization’s leadership in innovation, patient well-being, and the elevation of healthcare standards.
The UVPs
Innvolution Healthcare distinguishes itself in the healthcare sector by offering state-of-the-art cardiovascular solutions that push the boundaries of innovation. With a robust portfolio featuring groundbreaking products like the thinnest Drug-eluting Stents (DES) and the revolutionary “Pinnacle” Cath Lab, the company demonstrates an unwavering commitment to excellence and advancement.
At the core of its unique value proposition is the versatility of solutions for cardiovascular care, underpinned by advanced medical imaging technologies and strategic partnerships. This distinctive approach not only solidifies Innvolution Healthcare’s position as an industry leader but also fosters a loyal customer base drawn to its cutting-edge offerings.
The company’s steady focus on delivering advanced, high-quality solutions resonates strongly with customers seeking top-tier cardiac care. By prioritizing continuous improvement and innovation, Innvolution Healthcare consistently exceeds customer expectations. Its unique value proposition, characterized by cutting-edge technology, versatile solutions, and a pledge to excellence, remains instrumental in both attracting and retaining satisfied customers in the competitive healthcare landscape.
R&D significance
Innvolution Healthcare’s growth is deeply rooted in its robust Research and Development (R&D) endeavors, epitomized by the creation of Premier Elite. The company’s most advanced Cath lab and flagship product is Premier Elite’s groundbreaking advancements in movement and radiation attributes mark it as the pinnacle in its segment.
It is a testament to the substantial contributions of the company’s dedicated R&D efforts. The relentless focus on innovation and continuous improvement within the R&D department not only resulted in Premier Elite’s development but also elevated the standard of patient care to unprecedented levels.
Over the past seven years, the Cath lab section has witnessed remarkable progress underpinned by the company’s R&D capabilities, yielding a total of five world-class Cath labs. These state-of-the-art facilities not only symbolize Innvolution Healthcare’s pledge to push the boundaries of technological innovation in cardiovascular care but also serve as beacons of the company’s technical prowess and dedication to industry leadership.
The consistent development of cutting-edge Cath labs is a testament to how the company’s R&D efforts play a pivotal role in driving the growth and success of Innvolution Healthcare, ensuring that it remains at the forefront of the healthcare industry.
Tech reliance
Innvolution Healthcare’s trajectory into the future is intricately intertwined with the transformative potential of innovative technologies within the healthcare domain. Gaurav’s vision underscores the pivotal role that technological advancements will play in shaping the trajectory of the organization as they navigate the evolving landscape of healthcare.
At the forefront of this technological evolution are specific projects like the vascular robotics project, tele echocardiography, Virtual-FFR, 3D rendering of the entire coronary tree, and Drug Eluting Balloons. These initiatives represent our proactive engagement with cutting-edge technologies, showcasing our readiness to embrace advancements in vascular robotics, telemedicine, virtual reality-based interventions, and drug delivery technologies.
By incorporating these technologies into the operations, Innvolution Healthcare is positioned to thrive in an era of rapid technological evolution within the healthcare sector. Aligned with their roadmap, the development of advanced features such as Real-Time Stent Enhancement and the Dynamic Coronary Roadmap serves as a testament to the unwavering commitment to leveraging technology for the betterment of patient care.
Furthermore, the collaborative endeavors with academic institutions to explore augmented reality, virtual reality, robotics, and artificial intelligence underscore our dedication to remaining at the forefront of technological advancements. Initiatives focused on AI and ML in imaging demonstrate our commitment to enhancing the safety and precision of therapies, while digital medicine initiatives, including remote disease diagnosis and therapy, underscore our forward-looking approach to healthcare delivery.
Accomplishments to boast off
Innvolution Healthcare embarked on its remarkable journey in 2010, marking a decade of exceptional achievements and pioneering advancements. The early stages of this journey were characterized by significant milestones, including the acquisition of distribution rights for Sapphire in 2010 and the launch of the proprietary brand in 2011.
The establishment of IITPL in 2016 marked a pivotal moment, bringing together unparalleled expertise in interventional cardiology consumables, X-ray imaging, and Cath Lab manufacturing. The pinnacle of Innvolution Healthcare’s innovative trajectory was reached in 2018 with the introduction of the revolutionary “Pinnacle” Cath Lab, a milestone recognized with the prestigious Red Dot Award.
Subsequent milestones included the unveiling of the secondgen Pinnacle Agile in 2019, coinciding with the achievement of USD 12 million in net sales and acknowledgment as a top medical device company by the Indian government. In 2022, the trajectory of success continued with the launch of the cutting-edge CE marked Premier Series Cath lab and the securing of series A funding from OrbiMed for further innovation.
Pride soared with the Frost and Sullivan Award for Best Practices, designating Innvolution Healthcare as the Indian Interventional Company of the Year. Additionally, being honored as the “World’s Best Emerging Brand 2023” by WCRC INT at the prestigious House of Lords, The Palace of Westminster, added another layer of distinction to the journey.
Lately, they have commemorated the 300th Cath lab shipment. Innvolution Healthcare reaffirms its steady commitment to innovation, as evidenced by the successful securing of series A funding from Orbimed.
The prestigious CE mark for the Pinnacle Agile and Premier Elite Cath Lab underscores their compliance with international standards, while the Best Brand 2023 Awards from the esteemed Economic Times further highlight the remarkable journey in healthcare innovation.
The futuristic outlook
The leadership’s vision is truly inspirational aiming to emerge as the premier Cardiac Care solutions company not just in India but across Asia. Ultimately, they have established themselves as leaders in the healthcare solutions sector.
Over the next five years, their objective is to develop a comprehensive range of solutions, reducing reliance on imports while maintaining the highest standards of healthcare quality. Their dedication extends to strengthening India’s self-sufficiency in X-ray equipment, with plans to establish a Cath lab in each of India’s 800 districts by 2030, a significant move towards reducing the country’s import expenditure.
Their strategic roadmap includes groundbreaking innovations such as Real-Time Stent Enhancement, Dynamic Coronary Roadmap, Live QCA, tele-echocardiography, drug-eluting balloon, Virtual-FFR, and 3D rendering of the entire coronary tree. These innovations are aimed at enhancing precision and efficiency in complex medical procedures.
Furthermore, their vision transcends borders, envisioning a global presence across 20 countries in ASEAN, Latin America, Eastern Europe, and MENA. Supported by subsidiaries in Singapore, Dubai, Indonesia, and Brazil, along with stateof-the-art manufacturing facilities in Asia and Europe, they remain steadfast in their commitment to international growth and continuous innovation. Together, they pave the way for a future where healthcare knows no boundaries.
