Read the Conversation
Meeting highlights:
- Strengthening Last-Mile Connectivity and Access: BPL Technology ensures access to quality and affordable medical devices by partnering with 150 distributors and maintaining a presence across 25 districts, reinforcing its commitment to last-mile delivery through robust sales and service networks.
- Expanding Global Footprint with New Manufacturing Capacity: With the recent inauguration of its second manufacturing plant in Bangalore, BPL is sharpening its export focus and aims to scale foreign sales to contribute up to 40% of total revenue by 2032, marking a significant step in global expansion.
- Innovation Through AI and Data-Driven Technology: Artificial intelligence and data solutions form the core of BPL's innovation strategy. The company is developing proprietary algorithms to enhance clinical outcomes and operational efficiency, particularly in X-ray systems and connected digital ICU devices.
- Empowering Healthcare Professionals Through Collaboration: BPL fosters close collaboration with healthcare professionals by offering hands-on training, dedicated service lines, and a well-defined delivery path
- India's Growth and Entrepreneurial Momentum: Fueled by India's economic expansion and dynamic entrepreneurial ecosystem, BPL is poised to reach its billion-dollar milestone and elevate the company to the next level while remaining steadfast in its global promise of delivering cost-effective, high-quality medical technology.
EF: How has India's transformation into a manufacturing powerhouse influenced BPL's development, and what are your priorities for the company from a chairman's perspective?
SK: I have been the founding CEO and Managing Director of BPL Technologies. In 2013, Goldman Sachs invested in the company, marking the beginning of our journey. What excites me is that we've grown our revenue tenfold over the last 10 to 12 years—a significant achievement. I brought my experience from GE HealthCare, my previous company, and built a strong, capable team here. You can't achieve much alone; it all comes down to the quality of people you hire and how you work with them. My team has been outstanding, and we've accomplished what many would consider unimaginable in India.
EF: How is BPL Medical Technologies improving access to MedTech and enhancing health autonomy in India?
SK: Our vision is to achieve last-mile connectivity. We have about 200 direct salespeople and a large service team, but that's not enough, given India's size. We've mapped the country's 825 districts and partnered with 150 distributors. We've divided the country by pin codes and assigned them to our network. There are two layers: distributors and our internal team, enabling us to reach remote parts of the country.
Affordability is equally important. We've always aimed to offer quality products at the right price. Our vision statement reflects this: delivering affordable solutions while reaching remote areas. This approach has worked phenomenally well.
EF: As you aim to become India's first billion-dollar MedTech company, what global opportunities are you targeting?
SK: We began manufacturing many products locally about five to six years ago and recently launched a new factory. On October 29th 2024, our 2nd plant was officially inaugurated by the Hon'ble Prime Minister of India, Shri Narendra Modi, as part of the Production Linked Incentive (PLI) Scheme, an initiative by the Government of India to boost the domestic manufacturing of medical devices under the ‘Make in India’ program. With this plant, we aim to help meet the growing demand for medical equipment and foster self-reliance in India’s healthcare sector.
However, no company can succeed by focusing solely on India, which remains a relatively small market. We must look at international markets; all our R&D is developed within that mindset.
Last year, 5–7% of our revenue came from overseas, but by 2032, I expect at least 40% will come from exports. We're also considering overseas acquisitions.
We are focused on international expansion, from production to distribution to securing regulatory approvals. We're actively pursuing CE certification to access global markets, focusing on the Middle East, Latin America, Eastern Europe, and other high-growth regions.
EF: How are you integrating AI and digital tools into your medical devices? How is BPL innovating in this space, and what future opportunities do you see?
SK: At its core, AI is a set of algorithms that processes large volumes of data to produce outcomes. Step by step, we're integrating AI techniques and algorithms across our systems, from ECG to our X-ray machines. Our team works on hardware, software, and digital integration. During COVID-19, we were the only company in India to provide remote digital ICUs using a spoke-and-hub model, connecting 100 spoke centers to a central hub where experts guided care remotely. We built the algorithms and connected the devices to make that happen, even where only paramedical staff were available. Since then, we've remained focused and active in this space.
Those who don't adopt AI will struggle. There's a real need — for instance, the shortage of radiologists. An AI tool that reads chest X-rays with nearly 99% accuracy helps clinicians act faster and improves accuracy. AI is going to play a vital role in the years ahead. We're just at the beginning, and many great things are coming.
EF: What makes BPL Medical Technologies a trusted partner in India?
SK: Most MedTech products have a set lifecycle — basic machines last about 5–7 years, while advanced equipment like ultrasound machines lasts 7–8 years. But selling a product is just the start. Our strong service network across India sets us apart, with franchisees and delivery partners ensuring quick support. Positive word of mouth is a major reason for our tenfold growth over the past decade. Our users value the high uptime of our machines. Failures happen — what's important is how quickly you respond. That's where we consistently stand out.
We also have a large team of application specialists who train doctors online and in person to maximize equipment use. Even the best machine won't deliver value unless fully utilized. We invest heavily here, regularly bringing biomedical engineers to our factory for hands-on training. If small issues can be fixed in-house, it is even better.
Long-term success in MedTech depends on a real commitment to service. Selling is only the beginning; it's about keeping machines running and delivering value over their lifetime. After four decades in this industry, I can say customers truly notice when you're there for them — not just at the point of sale but every step after.
EF: Why is investing in preventive care so important, especially in India?
SK: Preventive care often takes a backseat when basic needs come first. However, with a growing middle class and more family members earning earlier, disposable incomes are rising.
Today, you'll find long queues at hospitals over the weekend, with people coming in for preventive check-ups. The mindset is shifting — everyone wants to stay young, live longer, and live healthier. Digital platforms are helping to connect and educate people about the importance of preventive care.
In India, the government launched Ayushman Bharat — the world's largest medical insurance program — offering nearly $6,000 in coverage per family for those below a certain income level, reaching about 500 million people. Corporate and government employees already had coverage, but now, even underprivileged families are getting access, which makes a real difference.
Early detection reduces treatment costs significantly. Awareness is growing through media, government efforts, and digital communication. While we still have areas where education and access are limited, the pace of change is encouraging. The shift toward preventive care is real and gaining momentum.
EF: How can India move beyond being the pharmacy of the world to a MedTech innovation hub?
SK: India has long been the pharmacy of the world, delivering healthcare at the right price point — an innovation in itself. India has long been the pharmacy of the world, delivering affordable healthcare — an innovation in itself. The entrepreneurial spirit here is strong, and now, post-COVID, I see the same drive emerging in medical devices. COVID was a wake-up call that exposed our under-preparedness. Since then, the government has been pushing for a more self-reliant approach. Today, engineering and medical institutions collaborate closely with companies like ours to build new technologies. Professors and students play a big role in helping us improve what we offer.
We're applying the same thinking: offering affordable, high-quality solutions. For instance, we can now produce a basic X-ray machine for $2,500. Just like generics transformed pharmaceuticals, India will create affordable, reliable medical devices. The opportunity is huge.
Right now, India's medical devices market is just $12 to $15 billion, compared to the $600 billion global market. China alone is over $100 billion. We have the potential to catch up quickly. In about 15 years, India should represent 16–17% of the global market, in line with our share of the world's population. Today, we're at just 2.5–3%, but poised to grow, and India will become a hub for developing markets.
There's also a big opportunity in white-label manufacturing — making products others can brand — and becoming ODMs (Original Design Manufacturers). Many of us in the industry are moving in that direction. Just like we became the world's pharmacy, India is on its way to leading in medical devices, too.
EF: What legacy would you like to leave behind?
SK: We built this company from scratch, with nothing to start with, and created a strong foundation. But more important than anything else are the people. From day one, I've been very selective about who we bring in. We started with 150 people; today, we're around 800. I've focused on instilling passion — a real hunger to do well. If everyone simply does their job with commitment, that's already a big achievement.
I want to be remembered for mentoring people — nudging, trusting, and encouraging them to believe in themselves. Too often, we hold ourselves back with mental barriers. That's not my style. My message has always been: go live your dream and return with the results. The worst outcome is failure, but in my experience, most people outperform when given trust and freedom.
We've built an open culture. As we grow, it's about going deeper. If we want to double our market share from under 10% to 20%, we need to win greater mindshare and deepen our product capabilities. That's why vertical integration is so critical now. Our new factory is fully modern and built to be self-reliant. The goal is to do everything in-house. Real change happens when you combine the right drive, passion, and love for what you do.
EF: How did you build a high-quality team that's driving such strong growth?
SK: Attracting talent is always a challenge. In our second year, I decided we would actively visit institutes and engage young graduates — whether in biomedical, electronics, software, or computer science. We bring them in early and coach them, giving them an environment where they work alongside senior R&D members and start contributing to products right away. Today, a large part of our team has come directly from campus. Unlike industries like automotive, India doesn't have a mature medical device sector yet, so you can't just hire experienced talent. We've built our team by taking fresh talent and training them ourselves.
If I hire 100 students, some naturally fit better in sales, others in production, and some are drawn to R&D. After six months of rotating across departments, we assess their strengths and place them where they thrive. It's been a very successful model.
Our homegrown talent often outperforms market hires with five years of experience. They're efficient, cost-effective, and deeply committed to the organization. That's the biggest impact I've had as a leader.
EF: What final message would you like to deliver to the sector and our audience?
SK: We are fully committed to our cause: delivering the best quality products at truly affordable prices without compromising on performance. We want people — in India and internationally — to trust what we build and be positively surprised by the quality coming out of our country.
A nation can only progress if its people are healthy. We're committed to helping that cause, not just through traditional healthcare but also by connecting people to their health data. People can track their vitals and share data with clinicians through our healthcare-connected devices and apps. The idea is simple: healthier people create a healthier nation. And when people thrive, the country thrives too.
