StartupTalky presents Recap'22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
Rapid diagnostic tests are medical tests that can quickly and accurately diagnose a disease or condition in a patient. These tests are designed to provide results within a short period of time, usually within minutes to a few hours, and are often used in point-of-care settings such as clinics, hospitals, and emergency departments. Rapid diagnostic tests can be used to detect a wide range of conditions, including infectious diseases, cancer, and other medical conditions.
According to a report by MarketsandMarkets, the global rapid diagnostic test market is projected to have a CAGR of 8.5% during the forecast period of 2020 to 2025. Factors driving the growth of this market include the increasing prevalence of infectious diseases, the growing focus on point-of-care testing, and advancements in technology.
However, it's important to note that the COVID-19 pandemic has also had a significant impact on the market for rapid diagnostic tests, as the demand for these tests has increased significantly in recent months. This has led to a higher growth rate for the market.
For this Interview, we invited Piyush Sahni, Co-founder of Green Grapes Diagnostics, and we talked about the growth, challenges, insights, and future opportunities in the Healthcare and Pharmaceutical industry.
StartupTalky: Piyush, what was the motivation/vision with which you started? What products does your company sell?
Piyush: The harrowing time of the pandemic in 2020 presented us with several challenges. When everything that my wife and I had built in our previous immersive digital display solutions business called, ‘Green Grapes Devices’ came to a halt, due to the pandemic, we were looking for industries to switch and maneuver. Taking feedback and other suggestions, we quickly developed ‘UV Sterilization boxes’ to oscillate to the healthcare industry as the propeller of the need of the hour.
The intention of developing this product was to sanitize smaller articles of metal, iron, and other material (which could carry the virus) in under just 3 minutes. The forthcoming response got us media attention which eventually nudged us into dealing and serving the industry with distinguished surgical and diagnostic products such as IV sets, CPAP Machines, and Hematology Analyzer Machines. As an extension to our earlier business, we named this startup Green Grapes Diagnostics.
Our progressive and forward-looking approach aided us to accelerate and rapidly transform into a leading comprehensive solutions provider of not just surgical and diagnostic products but also look at catering to the pharmaceutical and nutraceutical demands within a few months of operations. This resulted in expanding and establishing synergies with exceptional manufacturers and hospitals in India and across the globe. Within a shorter time, we dilated from serving customers in India to customers in the USA, Africa, Singapore, Thailand, Indonesia, Philippines, UAE, and other Middle Eastern Countries.
We have over 1500 products across categories; however, we are ecstatic to announce the launch of our indigenous Rapid Diagnostic Tests or RDTs which are easy-to-use test kits that provide quicker and faster results; usually under 5-mins for most tests. Manufactured and marketed under our brand name, we have developed testing kits to detect 18+ conditions/diseases such as HIV, Malaria, Dengue, Typhoid, and Pregnancy. Our medical kits have become a popular choice amongst the existing brands in the industry and we are already exporting them to countries such as Africa, UAE, the Philippines, and Indonesia.
We are also working towards our new mobile application-based Vitamin D Home Test Kits which will hit the markets in 2023. It has been just under 30 months since we started our operations, and we have been profitable since day one. This has allowed us to leave an indelible mark in India and expand our footprint globally.
StartupTalky: What other products/features have been added in the past year? What is/are the USP/s of your products?
Piyush: This year, the latest addition to our product portfolio has been our indigenous Rapid Diagnostic Test Kits which are manufactured and marketed under our brand name.
Rapid Diagnostic Kits are a game-changing solution developed for the screening of several conditions and diseases. The results produced are rapid and accurate. Our test kits are manufactured as per industry standards and per all the necessary compliance outlined by the Government of India.
Even for next year, we are prepared to incrementally increase our testing kit catalog. Rapid Diagnostic Testing Kits to perform Kidney Function Tests AKA KFT along with our mobile application-based Vitamin D Home Test Kits are some of the newer inventions that will be launched in 2023.
With more than 18+ categories of conditions to examine, our test kits have been developed using state-of-the-art technology which allows us to provide exceptional standards of quality and assurance to our clients. Our unbelievable price range, customized approach, and distinguished product catalog let organizations choose at their own comfort/preference.
StartupTalky: How has the healthcare and pharmaceutical industry changed in recent years, and how has your company adapted to these changes?
Piyush: The healthcare industry has always been at the center stage, especially in the last two years. The disruption that the pandemic has caused is astonishing and noteworthy at the same time. Technology-enabled solutions and advancements to the existing infrastructure have aided in generating jobs and in the past 1.5 years alone, the industry has witnessed a growth from $220 billion to $280 billion.
As one of the strongest pillars of growth in our country, the healthcare and pharmaceutical industry has observed tremendous changes which continue to foster development and increased opportunities. The dynamism of the sector has allowed us to mold our products and make use of technological advancements at
StartupTalky: How do you stay up-to-date on the latest trends and developments in the healthcare and pharmaceutical industry?
Piyush: At Green Grapes Diagnostics, we keep ourselves abreast with the changes and trends by continuously following updates from central agencies, regulatory bodies, etc., and using those to our benefit to develop the highest quality medical test kits. Our feedback loop with our partners, clients, and other stakeholders
assists us to keep modifying and updating our products from time to time. Additionally, we keep applying technological advancements to our benefit at every given step to automate and ease the process of production.
StartupTalky: What key metrics do you track to check the company's growth and performance?
Piyush: We make use of software which have been developed by startups in India to track our growth not just in terms of the number of clients but also in respect of products added, employee retention rate, etc. This helps us to view our growth holistically. Additionally, we track the number of new clients that we add every single month and the business that we have been able to generate from them. We also follow M-o-M & Y-o-Y percentage growth to learn of opportunity costs, gaps, strategy, etc.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Piyush: Back when we had set up operations in India and stepped into the healthcare industry, we were presented with challenges that every company faces. Winning businesses and clients’ trust have to be my top two challenges in India as well as abroad. Our strategy to secure anyone’s trust in us was achieved with the quality assurance of our products, the use of modern technologies to track shipments, and guaranteed timely delivery.
After a few months into the business, we realized that the technological aspect, especially in the Rapid Diagnostic industry was missing. So, we actioned on the need gap to produce exceptional standards of Rapid Diagnostic Kits.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Piyush: Since the inception of our startup, we regularly change and continuously update our marketing strategies to stay relevant and attract maximum eyeballs for our products. Given the nature of our industry and the type of products we manufacture, we have tie-ups with several online marketplaces. We also undertake
lead-generation campaigns and activities using automated tools to generate high-quality and standard leads.
Additionally, analyzing the market sentiment, positioning our brand, and making use of digital and social media tools have helped us to increase our brand’s voice. In the last few months, we have gauged several digital resources such as content marketing, email marketing, and a combination of other techniques to succeed in our marketing endeavors.
StartupTalky: What important tools and software do you use to run your business smoothly?
Piyush: We have used multiple automated and software tools to efficiently smoothen the process. Initially, we used Zoho for email marketing then opted for HubSpot’s CRM software along with other tools. Currently, we are using a combination of Google’s resources for accounts-related services. We also make use of other startup software that helps us in generating leads for international business.
StartupTalky: What opportunities do you see for future growth in the healthcare and pharmaceutical industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Piyush: Since the onset of the pandemic, the healthcare industry has undergone several noteworthy changes. The pitfalls and gaps presented the industry with several challenges during the peak of the covid, however, despite those challenges, there were opportunities. I, personally feel, that the use of technology and a combination of creativity with it will be a game-changer for the future and it still is. Organizations and several industry leaders from different cities in India have already made amendments to their agendas and have started working on them.
India is already known as the pharmacy of the world; therefore, this is the golden opportunity for startups, businesses, and the government to revolutionize the healthcare and pharma sectors completely.
StartupTalky: What lessons did your team learn in the past year and how will these inform your plans and strategies?
Piyush: In the last 10-11 months, I and our team have realized that it’s important to be resilient and adaptive to changes. When an organization or an individual has these traits, they can withstand any situation they may encounter. In 2023, we are committed to incorporating all possible learning that we have had this year into our plans to grow and lead.
StartupTalky: How do you plan to expand the Customers, SKUS, and team base in the future?
Piyush: There are significant changes and agendas for us in 2023. Firstly, we aim to increase our global footprint by partnering with additional online B2B marketplaces that will open floodgates for us in other countries. Secondly, next year, we will invest substantially in the technological and marketing front to establish our digital footprint which has a direct correlation with expanding our customer base.
We thank Piyush Sahni for spending his valuable time and sharing his learnings with all of us.