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Interview : Anand Gupta from MyOxyThursday December 13, 2018 at 12:29 pm
Would you like to brief us about the My Oxy and how it is different from other products?
MyOxy is the first ever FDA approved canned Oxygen exclusively for the India market. It is a drug containing Oxygen IP 99%, is manufactured under valid drug manufacturing license and is duly approved by the state FDA. At >99% pure oxygen, MyOxy helps supplement low oxygen levels in the body caused due to air pollution, high altitude and breathlessness due to various reasons such as stale air, intense workout, alcohol consumption, jet lag, stress etc. It is suitable for all age groups and is fit for use by children, expecting and lactating mothers and elderly people. MyOxy is packaged in a seamless aluminum disposable can, which is extremely safe for use, with an inbuilt mask allowing upto 100-150 inhalations per can.
What do you see the company’s competitive edge?
MyOxy is the first and only OXYGEN I.P. in portable cans in India manufactured in accordance with the provisions of Drug and Cosmetics Act, 1940 and rules made thereunder. Before MyOxy is released for sale, it passes all critical parameters mentioned in the official standard book i.e. Indian Pharmacoepia.
Myoxy is packaged in a seamless aluminum disposable can, which is extremely safe for us, with an inbuilt mask allowing upto 100-150 inhalations per can. Unlike other portable oxygen products available in the Indian market at any online/offline store, MyOxy is only sold through legitimate and leading pharmacies such Apollo pharmacy and medical stores across Delhi/NCR and online pharmacies such as NetMeds at a competitive price of INR 399 per can.
How do you view the current scenario for healthcare product in India from a manufacturing perspective?
There is a big scope for innovations which can further improve the healthcare facilities. India is known for its healthcare services across the globe as we can see numerous patients across globe visit India for their treatment. Demand for healthcare products is already accelerating, we need to build up quality manufacturing facilities and infrastructure to cope up with increasing demand.
Could you identify 3 challenges in this sector that have impacted the growth of healthcare in the last one year?
The biggest challenge in canned oxygen space is the lack of awareness and knowledge about canned oxygen and its uses. We still have a long way to go to establish the need of immediate availability of Oxygen in emergency situations like breathlessness etc. and how it could be of help.
The lack of consumer knowledge about portable oxygen also makes it hard for them to identify what identity, quality, strength and purity of oxygen is fit for human consumption. For instance, it’s hard for a layman to understand the difference between industrial and medicinal oxygen and the correct way of using each. Industrial Oxygen is typically used in welding, cutting etc. as it’s ideal for combustion while Medicinal Oxygen as we all know is largely used in Hospitals for medical purposes.
However, at times lack of consumer knowledge about medicinal products is not only harmful for them but can also be used by some brands to their advantage. That brings us to our next big industry challenge of battling manufacturers and suppliers who illegally use industrial oxygen in the unsafe portable containers and make it available to public at large.
What is your outlook on the Indian medical device industry and the healthcare start-ups coming out with novel technologies to transform patient care?
Healthcare is one of India’s largest sectors – both in terms of revenue and employment. Indian healthcare market is expected to increase three fold to Rs 8.6 trillion (US$ 133.44 billion) by 2022. The Indian medical device market is growing steadily as well. It is worth an estimated $5.5 billion (without inclusion of rural market potential) and is expected to exceed $10 billion by the end of 2020. As India’s economic, healthcare, and social landscapes evolve, its medical device market emerges as a promising opportunity for foreign manufacturers.
It is a very attractive export sector for U.S. firms, which account for one quarter of exports to India. India imports nearly 80 percent of its medical devices, and barriers to entry are low compared to other industries. Imports are growing rapidly as world-class hospital groups such as Max, Hinduja Group, Fortis and Apollo build high-end infrastructure and open India to medical tourism, which now adds $2 billion to the Indian healthcare market.