Synergios was a day-long workshop on building a business idea organized by TAPMI’s healthcare committee as part of their conclave.
In an interactive session, Mr. Manas Tripathi, Managing Director, Synapse Healthcare Consultants Private Limited started the session by asking the attendees their expectations from the workshop. He spoke about the changing landscape of healthcare startups and stated that there is a huge potential for growth in the sector. People spend two times on primary healthcare compared to secondary and tertiary healthcare and therefore, more than 50 percent market share belongs to the primary sector. Healthcare has moved from a centralized medical care system to a more patient-centric medical homes today. He stated that the biggest challenge in implementing a business plan is in identifying the market and developing products and services accordingly. He spoke about the transition from an idea to an empire. He stated that post identifying the opportunity, the next steps include assessment, full-scale study, detailed market research, hypothesis, financial planning, marketing support and a detailed manpower planning. One of the most important activities includes market and segmentation analysis which ensures understanding of the nuances of the industry. Every business decision ranging from financial to manpower depends on this analysis. A detailed discussion about the parts of a business plan from the cover page to supporting documents, including aspects like market analysis, company description, financial and growth plans was conducted. Talking about competitive analysis, Mr. Tripathi stated that it is important to profile the competitive landscape which would enable one to judge what can be achieved in the sector. It is of utmost importance to not hide the risks involved in the venture. The business plan must contain a risk analysis together with the measures planned to mitigate them. The session ended with a discussion of the common mistakes committed during the conception of a business plan including unrealistic growth projections, trying to have expertise in all areas and claiming performance above the industry average.
The second session was conducted by Prof. Vinod Madhavan, Assistant Professor at T.A.Pai Management Institute in the domain of marketing. He reiterated the importance of obtaining the first customer whilst starting an endeavor and how it forms a stepping stone for further business activity. The entrepreneur in question must have unique attributes and ideas which distinguish him from the rest whilst formulating a sound revenue and cost model. He emphasized the value of market research and its role in understanding the psyche of the consumer. An example of treadmill usage in India was discussed. India saw the highest sale of treadmills between the period 2007-2008 which were a result of health conscious articles run by the Times of India identifying the risks of cardiovascular disease in professionals. A phenomenon is known as ‘soda bottle enthusiasm’ was exhibited in the consumer behavior. He explained in the detail the various steps in preparing the marketing plan which included analyzing market opportunities, developing marketing strategies, planning marketing programs and managing marketing efforts. The untargeted segments must be identified by potential consumers and the relevance of franchising must be realized. A marketing plan contains an executive summary, table of contents, current marketing situation, opportunity and issue analysis, objectives, marketing strategies, action programs, projected profit and loss statements and controls. He spoke of the importance of product displays and how they cater to the impulsiveness of the buyers whilst preying on their insecurities. He concluded the interactive session by stating that the fundamental objective of a business is survival, followed by growth which must be quantified.
The third session was conducted by Dr. Aditya Mohan Jadhav, Assistant Professor at T.A.Pai Management Institute. He spoke of the importance of a detailed project report. It is a structured plan of the proposed acts for approval of all the stakeholders, fund providers, and regulatory bodies. It helps the outsiders to systematically and scientifically approve the project. The contents of a detailed project report include various components such as introduction, executive summary, company performance & activities details, project introduction and marketing plan. The session helped the students identify with the importance of financials whilst setting up a new venture.