28 March 2023 | Views
Pharma logistics market has evolved significantly after the outbreak of the COVID-19 pandemic, with vaccine distributions getting streamlined. According to Arizton's latest research report, the pharmaceutical logistics market is set to reach $146.7 billion by 2027. In addition, digital transformation is expected to offer a huge opportunity for pharmaceutical logistics companies to gain a competitive advantage along with numerous job opportunities. Based in Hosingen, Luxembourg, B Medical Systems is one such global player that is leveraging this opportunity, particularly for the Indian market. In conversation with BioSpectrum India, Jesal Doshi, Deputy CEO, B Medical Systems talks in detail about the company's hiring plans in India.
What are the major plans for the Indian market in 2023 regarding new launches, investments and partnerships?
We aim to ensure India has access to the world’s best medical cold chain products. In line with this vision, we have made rapid strides in the last few years in terms of investments, building a solid distributor network and production of the most efficient cold chain solutions for the storage and transportation of vaccines, blood and its components and other biologicals.
We had also said that we would be looking at several multiple phases over 18-24 months, which will entail additional investments. In 2023, we will continue expanding with new product launches and partnerships.
In our growth journey, partnerships with various government and private enterprises have resulted in broader acceptance and demand for our innovative and highly efficient medical cold chain solutions. At the same time, we have also been focused on introducing the most advanced cold chain equipment to the Indian market. Soon, we will launch a new version of RVTV (Refrigerated Vaccine Transport Vehicle) for the Indian market. Further, we are also looking at launching minus 80 degrees mobile freezers that can work even in cars.
How much growth are you expecting in FY 22-23 across different business verticals in India? Which vertical is doing better than the other?
We are very new in the Indian market. Prime Minister Narendra Modi invited us in November 2020 to start manufacturing in India, and in January 2021, we set up a legal entity. In a short time, we have gained a significant foothold in the country through our innovative and 24/7 reliable solutions for storing and transporting vaccines and blood components. We have set up offices in Delhi, Mumbai and Ahmedabad. At the same time, our first plant in Mundra (Gujarat) is fully operational, with a capacity to produce over 1,00,000 medical cold chain equipment annually. Our various medical refrigeration devices for vaccines and blood management have attracted more significant interest in the market. While expanding, we expect better-than-estimated growth in FY 2022-23.
What are your plans for hiring new talents in India? What expertise are you looking for?
Our plant in Mundra, Gujarat, employs skilled and highly professional workers. We regularly seek new talents who want to make a career in India's promising medical cold chain industry. We understand India has a diverse technical talent pool, and B Medical Systems is eager to harness its potential. Currently, there are several job opportunities in our offices across Mumbai, Delhi and Ahmedabad while we are looking to hire more qualified production personnel for our Mundra plant. Some of the expertise we seek in candidates include experience in product development, industrial design, 3D designs software and cooling technologies.
Do we have a skilled workforce for the cold chain logistics sector, especially with digitisation setting in?
As mentioned, India has a fantastic talent pool of young and energetic skilled workers who are competent and keen to take economic propulsion forward. The country’s digital talent pool is especially commendable as they are the ones who are now powering many multinational companies operating in the country and abroad. Moreover, the impact of the Covid-19 pandemic has fast-tracked digital transformation across industries, and Indian workers have been quick to take up reskilling in a big way to meet the current demands of the job market.
How can technology adoption help build an efficient pharma cold chain sector?
Millions of lives can be saved through reliable and innovative technology. Therefore, technology adoption at scale is critical for building an efficient medical cold chain sector in the country. As medical cold chains deal with highly temperature-sensitive materials like vaccines, blood and its components, and other biological ingredients, poor temperature control can damage the molecular dynamics of many compounds and endanger lives. Thankfully, new technologies like Artificial Intelligence, Machine Learning, the Internet of Things and Data Analytics enable the healthcare and medical devices sectors to serve the common people unimaginably.
Tech-enabled medical cold chain solutions can help reduce the wastage of critical life-saving resources like vaccines and blood products. With solutions such as ultra-low freezers, solar direct drives, plasma freezers, vaccine freezers and solar vaccine refrigerators, the state of blood and vaccine management in the country can be taken several notches higher. Cell and gene therapies also require extremely intensive cold chains besides vaccines and blood management. Therefore, our work with the entire medical and pharma services sector is critical for reliable and quality health services in India.