Shahid Akhter, editor, ETHealthworld spoke to Dr. S. Jhaveri , Founder & CEO of Biomall . in , Mumbai, to know more about the challenges in the procurement of products in life sciences industry and how platforms can be created to ease the supply chain. Trends and Challenges In […]
Shahid Akhter, editor, ETHealthworld spoke to Dr. S. Jhaveri, Founder & CEO of Biomall.in, Mumbai, to know more about the challenges in the procurement of products in life sciences industry and how platforms can be created to ease the supply chain.
Trends and Challenges
In the Life Sciences industry, we have research and development of drugs, pharmaceutical products. The testing of these products, clinical trials and after approval, manufacturing and production are directly fed into the healthcare industry. So, life science forms the basic backbone of the healthcare industry, now we are mainly focused on the R&D part where there are a lot of different products. There are chemical, microbiology, molecular biology, cell culture and chromatography products.
Typically a scientist or researcher would require all these products in a timely manner to do any fruitful scientific research and produce results. Typically, all these high-end products are imported from countries like US, Germany, UK and other countries. Then they are imported into India and supplied over here. Long time back these companies used to appoint distributors in India and these distributors would then promote the products, get orders, place an order to the company in US or UK and would get it supplied.
As the industry grew these companies started to set up their shops and teams here, however the way the Indian purchase systems exists, they still need to appoint the distributors. In these cases, the salesperson would go to a scientist or researcher, enquire about the kind of product they require, then the scientist after getting an enquiry would send the quotation to the buyer who would then typically get it from two or three vendors. After negotiations, the order is confirmed, intended is created, a purchase order is generated and after which the dealer or supplier would then take these products from the principal company supplier and get paid after 4 to 8 weeks if they are lucky.
This entire sale purchase cycle is anywhere between 7 to 10 weeks right from the salesperson entering the lab until he gets paid. It’s a very lengthy process and what is happening currently is by the time Indian scientist or researcher gets the products into his lab somebody from countries like the US would have already complete their research. This is a major issue and very critical so unless we solve it, we will continue to lack behind in the research and development.
Lab Products and Market Opportunities
It is a 100-billion-dollar market, there is a huge opportunity for aggregators as all of this information is on one platform from where the buyer can select from different types of brand, different types of product on a real-time basis and what kind of offers are available.
Additionally, most of the products, as I said, are imported from all these countries and if you look deeply, a lot of these multinational companies are actually sourcing these products from India and China. They are labelling, branding and marketing it so well that typically people end up buying these products at much a higher price.
So there is an opportunity showcased for these manufacturers on to the platform, where they can give these products at a much cheaper price without investing much in marketing.
Biomall.in Journey and Growth
Biomall initially started as a distributor of life sciences products and big brands like Thermo Fisher scientific, MP Biomedical and Eurofins scientific. After being in business for around three years, we realized that the supply chain was very broken. When I was studying in USA and having completed my PhD in chemistry and chemical Biology in the USA, I used to order all these products online and I would get my supplies in three days.
When I saw that the supplies were taking so much time, we thought that there is an opportunity for us to have an online platform where we can aggregate all these products and supply chain can be greatly reduced. With that vision in mind, we started as the competitor portal as the e-commerce market grew, we converted our platform into e-commerce market place where buyers and seller can buy and sell the products on a real-time basis.
Biomall currently has 1000+ products, 150+ brands across 100+ categories, we have delivered the products to 400+ cities in India and exported the products to 40+ countries, which is a great achievement.
We have been able to showcase the number of Indian manufacturers who have never sold abroad. We have now exported their number of products in different countries and given them great global exposure. In future, we plan to expand these categories and bring in lot more sellers on to our platform and promote this and market it aggressively across different markets worldwide.
More and more people can be benefited by the quality manufacturing done in India at very affordable prices and at the same time help the Indian buyer gets the product in a timely manner. This will enable their research productivity efficiently without any time lags, be at par with the global scientists worldwide and help the Indian seller reach the worldwide market. That is the aim in future. We also aim to raise the funds so that we can grow exponentially and benefit millions of buyer and seller across the world.
Click here to view full article