Samsung sees medical devices as next big business
Identifying this segment as the new growth area for the group, S I Cho, the global head of Samsung’s health and medical equipment business, told TOI that a complex healthcare system can be served effectively by the group by joining together its IT, image processing and communication technologies into medical devices.
The Korean conglomerate ventured into medical devices globally in January this year, and followed it up by setting up a separate vertical on the health and medical equipment (HME) business under its subsidiary, Samsung India.
“We believe that today’s complex healthcare systems can be served effectively by us, through our expertise in the area of technology as well as our global partnership with leading healthcare companies,” said Cho, adding Samsung’s approach is patient driven, with the focus on health management, rather than disease management. “We plan to continue offering integrated healthcare solutions to our consumers that support fast, easy and accurate diagnosis,” he adds.
The company has kicked off its distribution network and set up over 45 distributors across key metros and cities catering to all consumer requirements across India. It plans to further increase its penetration to Tier-II and -III cities over the next year.
The HME division was established in January 2013 globally and has since merged and absorbed core competencies from healthcare companies such as NeuroLogica, Medison, Prosonic, Nexus and Ray Dental CT, which were all acquired by Samsung. The company has a presence in 110 countries globally.
It recently introduced three major product lines – ultrasound, in-vitro diagnostics and digital radiography – under the “GEO” brand in India, and will launch other categories over the next few years. Globally, the company has a portfolio that ranges from digital radiography, ultrasound, CT, dental X-ray and in-vitro diagnostics.
Responding to a query on how it plans to differentiate itself from the other established players in the Indian market, Cho said the company is leveraging its strengths in technology and R&D to offer products that are easier to use, quick and accurate in diagnosis, yet have a slim and stylish design. Giving examples, he said, “In ultrasound, we have volume NT-IT technology which reduces the average scan time by 50% and in the in-vitro diagnostics segment we not only offer quick results but also easy and accurate diagnosis through these equipments.”
India is a priority market for Samsung with its expected exponential growth in overall healthcare and medical equipment industry, he said. Over the next few years, it is easy to estimate that the demand for international quality medical services will increase, he added.
“We are seeking to provide a seamless and unique healthcare experience specialized in m-Health by leveraging top mobile technology. Products within our existing three categories have digital capabilities that enable the results to be immediately transmitted to a specified location anywhere in India. This is extremely important in the Indian context as it allows those living in remote areas to visit a mobile telemedicine clinic, and have their medical images examined by specialists anywhere in India.”
