Jaideep Tiwari of BramhAnsh Technologies on Pioneering MedTech Innovations and Industry Dynamics

StartupTalky presents Recap'23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

In the world of medical technology, smart solutions are changing how we think about healthcare. The MedTech industry is like a game-changer, transforming the way we handle medical care, figure out problems, and provide treatment.

Projections for the Indian MedTech sector showcase remarkable growth. Estimated revenue in the medical technology market is set to reach $9.19 billion in 2023, with the medical devices segment contributing significantly at $7.33 billion. Experts anticipate an annual growth rate (CAGR) of 8.27% for 2023–2028, projecting a market volume of $13.67 billion by 2028.

In our recent interview for Recap'23, we connected with Jaideep Tiwari, Founder and CEO of BramhAnsh Technologies Pvt Ltd. We discussed how BramhAnsh is making its mark in the MedTech industry, covering its challenges, customer expansion strategies, future plans, and more.

StartupTalky: Jaideep, what service does BramhAnsh Technologies provide? What was the motivation/vision with which BramhAnsh Technologies started?

Jaideep Tiwari: BramhAnsh Technologies Private Limited stands as a trailblazing MedTech company committed to transforming the landscape of healthcare by offering cutting-edge medical devices tailored to address a spectrum of conditions such as headaches, anxiety, insomnia, migraines, and more. Our firm is deeply devoted to a mission that seeks to reshape healthcare through the introduction of innovative, clinical-grade wearable medical technologies, with the ultimate goal of enhancing patient outcomes and raising the quality of life globally.

The spark for our journey ignited in 2015 when I, Jaideep Tiwari, the Founder and CEO of BramhAnsh Technologies, personally confronted an anxiety disorder and recognized the pressing need for effective treatment. Rather than succumbing to this challenge I and my colleague K. Kartik, Co-founder and COO of BramhAnsh Technologies, decided to harness the potential of technology to address mental health issues. Drawing upon a history of collaboration and shared interests dating back to our college days, we embarked on a mission to establish a company that would utilize technology to provide relief for a diverse range of disorders. Hailing from a small town in Chhattisgarh, we, as emerging young entrepreneurs, carried a bold vision.

Our official journey commenced in 2017 when we initiated extensive research into the development of a technology utilizing sound waves as a method of stimulation to calm the nervous system. After countless hours of research, unwavering dedication, and hard work, we successfully created this groundbreaking technology. In 2020, we proudly secured a patent for our innovation, aptly named "MIGRAELIEF."

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StartupTalky: What new features have been added in the past year? What is/are the USP/s of BramhAnsh Technologies?

Jaideep Tiwari: In 2023, the company commenced clinical trials, conducted comprehensive market research, and successfully launched the first flagship product into the market. "Migraelief" from BramhAnsh Technologies is the first wearable migraine treatment product in India that uses a neuromodulation method for treatment. Migraelief is a medical-grade device and is clinically validated to provide relief to individuals who have not found success with other migraine treatments. MIGRAELIEF is a CDSCO-registered and ISO-CE-certified device that utilizes research-backed low-frequency sound waves generated by the developed patented transducer technology. Migraelief is an effective solution to address the needs of a substantial portion of the population who find pharmaceuticals either ineffective or problematic for migraine relief or seek an alternative treatment method.

This groundbreaking innovation in the Medtech industry precisely targets a crucial market requirement, offering an alternative to pharmaceuticals that provides meaningful relief to those affected by migraines.

StartupTalky: How has the MedTech industry changed in recent years, and how has BramhAnsh Technologies adapted to these changes?

Jaideep Tiwari: The Industry has undergone significant transformations over the past few years. Technological advancements and evolving consumer preferences have been pivotal drivers of change. To adapt to these changes, our company has undertaken a comprehensive digital transformation, leveraging cutting-edge technologies to enhance our products and services. We've invested substantially in the shift towards e-commerce and online engagement has been substantial, prompting us to revamp our digital presence and implement robust online sales strategies.

Additionally, recognizing the growing importance of sustainability, we've intensified efforts to integrate eco-friendly practices into our operations, aligning our business model with the increasing environmental consciousness of our stakeholders. Embracing remote work models during the global pandemic has not only ensured business continuity but has also fostered a culture of flexibility and innovation within our workforce. Overall, our adaptive strategies position us to navigate the dynamic landscape of our industry and continue delivering value in an ever-changing market.

StartupTalky: How do you stay up-to-date on the latest trends and developments in the Medtech industry?

Jaideep Tiwari: As the CEO, maintaining a thorough understanding of the latest trends and developments within our industry is integral to our strategic decision-making process. To achieve this, I encourage the team to actively engage in industry conferences, and exhibitions, facilitating direct interaction with thought leaders and the acquisition of valuable insights. Our corporate culture places a premium on continuous learning, motivating our team members to stay informed and share their findings collaboratively. Leveraging advanced data analytics tools, we monitor real-time market dynamics and consumer behaviors.

Furthermore, our company fosters collaborative affiliations with research institutions and strategic partners, ensuring access to cutting-edge insights and innovations. Through the implementation of this comprehensive approach, our organization maintains a dynamic and responsive posture, ready to capitalize on emerging opportunities within our dynamic industry landscape.

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StartupTalky: What key metrics do you track to check BramhAnsh Technologies’ growth and performance? How does the company use these metrics to identify areas for improvement and guide strategic decisions for future growth?

Jaideep Tiwari:  For a Company’s growth and performance monitoring key metrics is fundamental. Several key performance indicators (KPIs) are pivotal in this regard. Financial metrics, including revenue growth, profit margins, and cash flow, provide a comprehensive overview of our financial health. Customer acquisition cost (CAC) and customer lifetime value (CLV) help assess the efficiency and sustainability of our customer acquisition strategies. We closely track customer satisfaction scores and Net Promoter Score (NPS) to gauge the quality of our products and services from the customer's perspective.

Operational metrics, such as production efficiency, inventory turnover, and fulfillment speed, provide insights into the efficacy of our internal processes. Employee satisfaction and retention rates are monitored to ensure a motivated and stable workforce. Additionally, we analyze market share and competitive benchmarks to understand our positioning within the industry. These metrics serve as a compass for identifying areas of improvement. Regular reviews of these indicators allow us to pinpoint operational inefficiencies, customer pain points, or market gaps. Through a data-driven approach, we derive actionable insights that guide strategic decisions.

For instance, if customer feedback indicates a need for product enhancements, we allocate resources to research and development accordingly. Likewise, if financial metrics indicate a particular product line's success, we may consider expanding it or exploring similar market opportunities.

In essence, these metrics act as a diagnostic tool, enabling us to diagnose challenges, capitalize on strengths, and make informed decisions that steer the company toward sustained growth. It's a dynamic process that ensures we stay agile and responsive in a competitive business landscape.

StartupTalky: What were the most significant challenges BramhAnsh Technologies faced in the past year and how did you overcome them?

Jaideep Tiwari: Developing products like Migraelief presented significant challenges for a startup company like ours. One major obstacle was establishing a reliable network of fabrication vendors and suppliers. Many vendors demanded large quantity orders, making it financially daunting for a research-focused company like ours to invest heavily in sample pieces.

Additionally, extensive education and awareness efforts were required to overcome the established reliance on pharmaceuticals for migraine treatment. Building a comprehensive understanding of the effectiveness of Neuromodulation devices among potential users became a crucial task.

To overcome these challenges, the company worked diligently to identify vendors willing to accommodate smaller production quantities while remaining cost-effective. Through innovative, pragmatic, and frugal approaches, we successfully navigated these hurdles, leading to the successful development and introduction of innovative products like Migraelief. This product is clinically proven, doctor-recommended, and adheres to all safety parameters.

StartupTalky: Trust among all the stakeholders is very important for a marketplace. How does BramhAnsh Technologies ensure it?

Jaideep Tiwari:  In our marketplace, fostering and maintaining trust among all stakeholders is a paramount commitment. Transparency is at the forefront of our strategy, as we believe in openly communicating our policies, practices, and performance. This commitment extends to our customers, partners, and employees. Our customer-centric approach ensures that we consistently deliver high-quality products and services, aiming not only to meet but exceed expectations. A responsive and proactive customer service system is in place to address inquiries and concerns promptly, demonstrating our dedication to putting our customers first.

Moreover, data security is a top priority, and we employ robust cybersecurity measures to safeguard the privacy of our stakeholders. Ethical business practices, fair pricing, and responsible operations are the cornerstones of our approach, building credibility and trust among our diverse stakeholders. Regular engagement through surveys and feedback mechanisms further allows us to adapt and improve, ensuring that trust remains the bedrock of our relationships in the marketplace.

StartupTalky: What are the different strategies BramhAnsh Technologies uses for marketing? Tell us about any growth hack that you pulled off.

Jaideep Tiwari: Our marketing efforts involve a combination of informative blog posts and engaging social media updates. We regularly share educational content about migraine relief, non-pharmacological treatment methods, and the benefits of our product, Migraelief. Additionally, we utilize eye-catching creative artworks and videos to effectively convey our message to our audience. We have recently started working on SEO activities as well to generate organic traffic. We are also participating in various healthcare events and conclaves.

StartupTalky: Keeping up with supply and demand is important. How does BramhAnsh Technologies keep both in order while ensuring a seamless experience for users?

Jaideep Tiwari: Maintaining a delicate balance between supply and demand is crucial for a seamless user experience, and at our company, it's a meticulous process. We employ advanced forecasting and inventory management systems that leverage data analytics to anticipate demand trends accurately. This proactive approach allows us to optimize our supply chain, ensuring that we have the right level of inventory to meet demand without overstocking.

Additionally, we maintain strong relationships with our suppliers, fostering open communication to adapt quickly to any changes in demand. Our commitment to transparency extends to our users, as we provide real-time updates on product availability, delivery times, and any potential delays. Continuous monitoring of market trends, coupled with a flexible production and distribution system, allows us to respond swiftly to fluctuations in demand. By prioritizing data-driven decision-making, fostering strong supplier relationships, and ensuring transparent communication with our users, we strive to deliver a seamless experience while efficiently managing the delicate equilibrium between supply and demand.

StartupTalky: What opportunities do you see for future growth in the medtech industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

Jaideep Tiwari: The Medtech industry in both India and the world is poised for significant growth, driven by technological advancements, increasing healthcare awareness, and a growing aging population. In India, opportunities abound as the government focuses on expanding healthcare infrastructure and digital initiatives. The adoption of telemedicine, wearable devices, and AI-driven diagnostics presents substantial potential for growth. Additionally, India's cost-effective manufacturing capabilities make it an attractive hub for global Medtech companies.

Globally, the Medtech industry is witnessing a shift towards personalized and precision medicine, with innovations such as gene editing and regenerative therapies gaining prominence. The convergence of technology and healthcare is creating opportunities for smart medical devices, remote patient monitoring, and data analytics. The global market is also seeing a surge in investments in digital health startups.

Market behavior differences between India and the world are notable. While developed nations have established regulatory frameworks and higher healthcare spending, India faces challenges of accessibility and affordability. The Indian market often demands solutions tailored to cost-sensitive demographics. Understanding these nuances is crucial for businesses aiming to navigate and succeed in both markets, where adaptability and a nuanced approach can unlock tremendous growth potential.

StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

Jaideep Tiwari: Over the past year, our team has navigated challenges that brought forth invaluable lessons and insights. The dynamic business landscape underscored the importance of adaptability and resilience. Rapid shifts in market demands emphasized the need for agility in our operations, prompting us to reevaluate and enhance our supply chain strategies. Moreover, customer behavior underwent significant changes, urging us to prioritize an even more customer-centric approach. These lessons have become integral to shaping our future plans and strategies.

Moving forward, we aim to fortify our operational flexibility, invest in digital transformation, and further personalize our offerings to meet evolving customer expectations. The lessons learned have instilled a proactive mindset within our team, empowering us to anticipate and respond effectively to emerging trends and challenges, ensuring our continued growth and success in the ever-evolving business landscape.

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StartupTalky: How do you plan to expand customers, service offerings, and the team base in the future?

Jaideep Tiwari: Our strategic roadmap for future expansion encompasses a comprehensive approach to growing our customer base, refining service offerings, and strengthening our team. To broaden our customer reach, we are implementing targeted marketing campaigns, leveraging data analytics to identify and engage with new segments. Innovation is a core focus for our service offerings, involving rigorous market research, responsiveness to industry trends, and a commitment to customer feedback for the introduction of new, impactful products and services. Strategic partnerships and collaborations are being explored to augment our service portfolio.

In terms of team development, we prioritize fostering a culture of learning and development as paramount, training initiatives, and the creation of an inclusive work environment to foster collaboration and creativity. This integrated strategy aims to not only expand our market presence and service capabilities but also cultivate a highly skilled and motivated team, propelling our company toward sustained success.

StartupTalky extends its gratitude to Mr. Jaideep Tiwari for dedicating his valuable time and generously sharing his insights with all of us.

Explore more Recap'23 Interviews here.