Plastics remain at the forefront of medical innovations. The Indian market is expanding in all directions as a result of better affordability, greater health consciousness and expanding medical service institutions. With a population of 1.15 billion, India will need to at least 2 million beds in the next 10 years in order to attain a modest target of 2 per 1000 of population. With a total healthcare value of USD 400 billion, the potential for medicare equipment is, indeed large.
According to McKinsey & Co. a leading industrial and management consulting organization, the Indian healthcare sector, including pharmaceutical, diagnostics and hospital services, is expected to more than double its revenues to Rs 2000 billion by 2010. Expenditure on healthcare services, including diagnostics, hospital occupancy and outpatient consulting, the largest component of this spend is expected to grow more than 125% to Rs 1560 billion by 2012 from Rs 690 billion now.
The Health Ministry of the Government of India was planning to have a separate wing to license medical devices under the proposed National Drug Authority. The Indian domestic medicare devices industry is expected to grow from Rs 60 billion to Rs 76.5 billion in four years. The overall market is estimated at Rs 150 billion. A major part of the demand is met through imports. Devices, such as catheters and stents represent nearly two-fifth of the entire range of diagnostic devices and most critical as per international classification.
Apart from the electronic instruments and major equipment, substantial progress has been registered in the area of a number of medical accessories and consumables. These include disposables - syringes, blood bags, cannulae, IV fluid sets, gloves. In most of these items, while the demand is increasing fast, India is becoming increasingly self-sufficient. Fairly large quantities are also exported.
The market for non-premium equipments, appliances and disposables is, however, dominated by the domestic manufacturers, while foreign suppliers and Indian companies with foreign alliances dominate the high-end hi-tech medical equipment and appliances. Among the leading providers of advanced products are Siemens, GE, Philips Medical Systems, Toshiba, Hitachi and Boston Scientific.
Major players like Siemens, GE, Larsen & Tourbo, Philips Medical Systems, to name only a few, are today making a substantial contribution in the area. Besides the big names, a large number of producers in India belong to the SME (small and medium enterprise) sector. The contribution of the latter is estimated at about two-fifths of the total demand.
There is a large untapped potential in this sector. The fragmentation of production facilities forestalls any worthwhile effort at R&D. This leads to industry's dependence on imported technology. Nonetheless, it is crystal clear that with the fast commercialization process of the sector and upgradation of medical facilities, the potential is sky high.
How to Prepare Medical Plastic Manufacturing Project Report?
A project report should tell you whether the project is feasible or not. A medical plastic manufacturing project report should cover key aspects of the business. These need to include market analysis, costs of equipment and raw materials, and projected financial implications.
The Scope of a Report should include:
1. An assessment of market potential. Find out how other medical plastic manufacturing businesses have fared so far. How well is the industry likely to perform in the future?
2. Collaborations. Who are the main industry layers? Who will be your suppliers for equipment and raw materials?
3. Investment plan. How much capital do you need for the project? How will you raise the needed funds? What is the profitability of the project? After how long do you expect to start making profits?
4. Corporate diversification. What else can the project do, besides its main product, to maximize profits?
If you follow these guidelines, you will make a good report that provides a blueprint for your medical plastic manufacturing business. You should be able to formulate elaborate manufacturing techniques and project the financial implications of the plant.
How to make Plastic Product Business Plan?
Plastics are a major material for household, industrial, and medical equipment. Plastic products are preferred for their low cost. Drawing a business plan provides you a clear roadmap for setting up and sustaining plastic production.
When you are writing a plastic product business plan, you need to consider the following aspects.
1. Overview of the Plastics Manufacturing Industry
The plastic market is luckily one of the over-growing businesses due to its wide application. There are, similarly, many plastic manufacturing industries. However, you need to evaluate the existing factories’ production capacity against plastic demand in your target market.
2. Marketing Strategy
There are already big players in the plastic product business. You need an excellent strategy to penetrate the market. An example would be producing different plastic products such as plastic bottles, mugs, water storage tanks, packaging materials, PVC pipes, etc. Look for those plastic products that are on-demand, but existing players do not produce them.
3. Pricing
Plastic products are generally cheaper for other materials. Your production cost must be low enough to enable you to offer competitive prices. You may consider a recycling option to maintain a low product price. Given the popularity of plastic products, I do not think you can ever run short of waste plastics for recycling.
Types of Disposable Medical Devices reused in Hospitals
The cost of medical equipment is high. The increase their affordability, many disposable medical products are made from plastics. Although disposable medical equipment is for single-use, they are often recycled or reused to financial constraints. I have listed below types of disposable medical items. These items comprise a list of disposable items used in hospitals that medics often reuse.
1. Cardiovascular devices
These are mainly critical surgical disposable products. They include catheters, guide-wires, angioscopes, and arterial and venous cannulas.
2. Respiratory devices
These include anesthesia-breathing circuits, combi tube intubation tubes, and bronchoscopes.
3. Orthopedic devices
Include components of an orthopedic external fixator.
4. Other devices
Other disposable medical devices reused in hospitals are sphincter tomes, assorted laparoscopy instruments, biopsy forceps, argon plasma coagulation probes, phacoemulsification needles, and hemodialysis membranes.
The surgical disposable products manufacturer may label the items in the medical disposable products list above as single-use. Other disposable medical supplies have the label ‘re-usable’ placed by the manufacturer. The Food and Drugs Association, however, leaves it open for hospitals to decide on whether or not to reuse medical disposables. The individual hospitals are, however, held responsible for the safety and effectiveness of the products.
How to prepare Surgical Equipment Business Plan?
A business plan manufacturing and operations plan lets you know if the investment is worth your money. If you want to make a production plan in a business plan, you might find the outline below worthwhile.
1. Executive Summary
- Here, you simply state your business name and state your business focus.
- You also have to state your product
2. Technology
- Explain the technique you are to use for manufacturing the surgical equipment
- Explain the patent status for this technique
- You also explain the scientific principle underlying this technique
- Finally state the effectiveness of the techniques about the operation of the equipment
3. Market
- You should ask and answer questions such as; what is the target markets? What is the size of my target market? What is the economic status of the target group or users? Can they afford the cost of the product?
4. Product
- Give a detailed description of the product/equipment. What are its components?
- Explain the competitive advantage over similar equipment in the market
5. Competition
- Your product business plan should state your competitors and their notable weaknesses.
6. Marketing strategy
- A manufacturing business plan should have a solid product-marketing plan.
- Explore the distribution network as well as regulatory issues
7. Management team
- Who are the managers?
- What are their qualification and experience?
8. Financial issues
- A detailed account of financial implications
9. Operational plan
- Outlines the milestones for implementation
- Follow a checklist
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