AiMeD Partners with Wadhwani Foundation to Support Growth of MSMEs in the MedTech Sector
• Select 200 MSME partners of AiMeD could benefit from the ‘Sahayata Program’, powered by the Wadhwani Foundation • The partnership will provide a gamut of services to beneficiary MSMEs- ranging from access to self-learning resources,
• Select 200 MSME partners of AiMeD could benefit from the ‘Sahayata Program’, powered by the Wadhwani Foundation
• The partnership will provide a gamut of services to beneficiary MSMEs- ranging from access to self-learning resources, mentorship by domain experts and consulting professionals
Association of Indian Medical Device Industry (AiMeD) has entered into a strategic partnership with Wadhwani Foundation, a global non-profit organization to help the MSMEs address the various challenges faced by them at this critical time of Covid-19 pandemic to create an Aatma Nirbhar Bharat.
Through this partnership, Wadhwani Foundation, in coordination with AiMeD, will provide assistance to AiMeD’s progressive MSME Members to enable them to survive and grow amidst the current COVID-19 crisis through the ‘Sahayata’ Program. The Sahayata Program aims to provide a growth path for small businesses by addressing their strategic, operational and talent needs.
MSMEs form the backbone of the Indian economy employing >120 Mn individuals. In the current times when businesses, big or small, across industries have taken a hit, the blow of Covid-19 has been felt particularly harder by the MSMEs in India. The problems faced by the MSMEs are multifold- from shrinking demand and supply chain disruptions to cash flow challenges- the list goes on.
A key concern of MSMEs is the availability of resources and expertise to help them tide over the various challenges faced by them. One of the key focus sectors of the Wadhwani Advantage ‘Sahayata’ Program is the MedTech sector, which has shown great resilience during the crisis and the Foundation is inclined to support MSMEs in this sector and act as a catalyst for exponential growth, leading to job creation.
AiMeD and Wadhwani Foundation will jointly select around 200 of its progressive MSME partners to engage with through the Sahayata program, over the next few months. Under this outcome-oriented program, the MSMEs will receive personalized, actionable content in the form of videos, readings, articles, playbooks and infographics curated by the Wadhwani Foundation, one-on-one or master class workshop led mentorship from experts, access to consultants and advisors for further guidance in finding solutions to MSMEs’ key business challenges. MSMEs will have bespoke engagement models based on their business requirements.
The main objectives of the Sahayata Program are:
- To ignite growth of MSMEs in the MedTech sector and generate employment
- To inculcate the habit of operational, strategic and technological excellence among MSMEs in MedTech so that they can expand their competitive advantage
- To provide and train MSMEs on best practices in supply chain, manufacturing, Go-To-Market, etc.
- Help build a sustainable eco system as an identified growth driver under the ‘Atma Nirbhar’ Program launched by Govt of India
- Help build both soft and hard infrastructure to accelerate and sustain growth
This is the first of its kind initiative in the Indian MedTech MSME ecosystem and aims to provide the targeted expertise to the MSMEs across varied areas. The Sahayata Program coupled with the various stimulus measures announced by the government will help the MedTech sector to grow during the current difficult times.
Mr. Rajiv Nath, Forum Coordinator, AiMeD said, “We are thankful to be approached by Wadhwani Foundation in their sincere attempt to give Sahatya to AiMeD’s progressive MSME members to help them address the unprecedented challenges under current COVID-19 times to create an Aatma Nirbhar Bharat. While many Medical Devices did see a spike in demand and boost to business there are other products that have seen a slump in demand as Patients stayed away from Hospitals ever since the State Govts. stopped distinguishing between COVID & Non-COVID Hospitals. The Mentoring & Training offered by Wadhwani Foundation will be a great help.”
Mr Samir Sathe, EVP Wadhwani Advantage also added, “We are excited to partner with AiMeD and support their members to accelerate their growth. Medical devices industry is in transition. For the last few years, it has been witnessing a strong emergence of ‘value’ segment by Indian players, and changing the competitive landscape, in certain categories. This will encourage Indian players to think of reconfiguring their business models, to achieve scale and profitability. Under our Sahayata initiative, we intend to act as catalysts for growth in the medical devices sector”.
The partnership which comes into effect when the MSMEs are facing a slowdown due to the pandemic caused by the Covid19 virus is likely to have a huge positive impact in further strengthening the Indian MSME sector & boosting the ‘Make in India’ program while giving a big shot to manufacturing of medical devices within the country.