AiMeD partners Wadhwani Foundation to support growth of MSMEs in MedTech sector

New Delhi: Association of Indian Medical Device Industry (AiMeD) has entered into a strategic partnership with the Wadhwani Foundation, a global non-profit organization to help the MSMEs address the various challenges faced by them at this critical time of Covid-19 pandemic to create an Aatma Nirbhar Bharat.

Through this partnership, Wadhwani Foundation in coordination with AiMeD will provide soft assistance to AiMeD’s Progressive MSME Members to enable them to survive and grow amidst the current crisis through the Sahayata Program. The Sahayata Program aims to provide a growth path for small businesses by addressing their strategic, operational and talent needs.

MSMEs form the backbone of the Indian economy employing >120 Mn individuals. In the current times when businesses, big or small, across industries have taken a hit, the blow of Covid-19 has been felt particularly harder by the MSMEs in India. The problems faced by the MSMEs are multifold- from shrinking demand and supply chain disruptions to cash flow challenges- the list goes on.

A key concern of MSMEs is the availability of resources and expertise to help them tide over the various challenges faced by them. One of the key focus sectors of the Wadhwani Advantage Program is the MedTech sector, which has shown great resilience during the crisis and the Foundation is inclined to support MSMEs in this sector and act as a catalyst for exponential growth, in return gaining the equity in terms of job creation.

AiMeD and Wadhwani Foundation will jointly select  around 200 of its Progressive MSME partners to engage with through the Sahayata program, over the next few months. Under this outcome-oriented program, the MSMEs will receive personalized, actionable content in the form of videos, readings, articles, playbooks and infographics curated by the Wadhwani Foundation, one-on-one mentorship from experts and access to consultants and advisors for further guidance on finding solutions to MSME’s key business challenges. MSMEs will have bespoke engagement models based on their business requirements.

The main objectives of the Sahayata Program are:

1. To ignite growth of Progressive MSMEs in the MedTech sector and generate employment

2. To inculcate the habit of operational, strategic and technological excellence among MSMEs in MedTechso that they can expand their competitive advantage

3. To provide and train MSMEs on best practices in supply chain, manufacturing, Go-To-Market, etc.

4. Help build a sustainable eco system as an identified growth driver under the AtmaNirbhar Program launched by Govt of India

5. Help build both soft and hard infrastructure to accelerate  and sustain growth

This is the first of its kind initiative in the Indian MedTech MSME ecosystem and aims to provide the targeted expertise to the MSMEs across varied areas. The Sahayata Program coupled with the various stimulus measures announced by the government will help the MedTech sector to grow during the current difficult times.

Mr. Rajiv Nath, Forum Coordinator, AiMeD said,“We are thankful to be approached by Wadhawani Foundation in their sincere attempt to give Sahatya to AiMeD’s Progressive MSME Members to help them address the unprecedented challenges under current COVID times to create an Aatma Nirbhar Bharat. While many Medical Devices did see a spike in demand and boost to business there are other products that have seen a slump in demand as Patients stayed away from Hospitals ever since the State Govts. stopped distinguishing between COVID & Non-COVID Hospital. The Mentoring & Training offered by Wadhawani Foundation will be a great help.”

Mr Samir Sathe, Executive Vice President, Wadhwani Advantage also added, “We are excited to partner with AiMeD and support their members to get on to a growth path. Medical devices industry is in transition. For the last few years, it has been witnessing a strong emergence of the ‘value’ segment by Indian players, and changing the competitive landscape, in certain categories. This will encourage Indian players to think of reconfiguring their business models, to achieve scale and profitability. Under our Sahayata initiative, we intend to act as catalysts for growth in the medical devices sector”.

The partnership which came in at a time when the MSMEs are facing a slowdown due to the pandemic caused by the Covid19 virus is likely to have a huge positive impact in further strengthening the Indian MSME sector & boosting the ‘Make in India’ program while giving a big shot to the manufacturing of medical devices within the country.