In the ever-evolving healthcare landscape, digital transformation is at the forefront, with telemedicine and artificial intelligence driving unprecedented innovation. These breakthroughs are not just reshaping healthcare delivery but also making it more accessible worldwide. As these pioneering advancements gain momentum, is global healthcare on the brink of transformative breakthroughs that will set new standards for accessibility and quality?
The next big kicker for healthcare business lies in single-speciality hospitals and specialty clinics, from nephrology to IVF, eye-care to dental care, dermatology and more. How does the growth opportunity look for different segments within healthcare?
The Indian diagnostics sector has seen the larger players slowly taking market share from the neighbourhood shops. What is the next frontier for diagnostics firms? Are there newer pathology practice areas on the drawing board or inorganic expansion to go deeper the only way forward?
India's multispeciality hospital sector is witnessing a transformative phase, driven by increasing healthcare demand, a rising middle class, and growing insurance penetration. The integration of advanced medical technology, coupled with government initiatives like Ayushman Bharat, is broadening access to quality healthcare. The sector is also seeing a surge in private equity investments, spurring expansion into Tier-II and Tier-III cities.
Moreover, the focus on patient-centric care, telemedicine adoption, and strategic collaborations are reshaping the delivery model. As the population ages and lifestyle diseases surge, India's multispeciality hospitals are well-positioned to meet evolving healthcare needs, making this sector a cornerstone of the country's broader economic growth narrative.
India has taken advantage of China+1 policy in tapping into the growing global demand for APIs. However, there is a scope for further improvement. What are the to-dos for Indian companies to make a bigger splash in the global API market?
E-pharmacies have become an additional channel to reach to the patients. In a country where a medicine shop is around every nook and corner, how have e-pharmacies scaled up and how can they move up further in the value chain catering to the patient?
Traditionally, foreign medtech majors have dominated the length and breadth of medical devices business in India. Despite emergence of few local champions we have a long way to go for creating medtech devices for the vast population with local nuances and conditions. Where are we in the evolution cycle? What more would it take than the National Medical Devices Policy of last year to make it take off?
The "Platform Play" strategy, popular in Western markets, is gaining momentum among private equity firms looking to strengthen their footprint in India. Healthcare sector has been a hotbed of such strategy by PE investors, looking at a buy and build strategy.
However, this strategy is far from easy. It requires careful selection of the right platform company—one with a strong market position, scalable operations, and alignment with potential acquisitions. What factors should PE firms consider when choosing a platform company? How can they navigate the hurdles of executing a successful platform play?
India, with the world’s largest livestock population, faces a growing challenge from animal diseases. This has spurred global pharmaceutical and biotech firms to invest in research and development of new drugs and vaccines. As demand for livestock products increases, India is emerging as a key player in the global animal health market. How can stakeholders overcome challenges like absence of conservation strategy and supply chain inefficiencies to unlock India’s full potential in animal health?
The idea of India as a retirement migration destination is gaining traction. With its diverse landscape and affordable living and healthcare options, the country has the potential to attract retirees globally. That apart, the ageing population domestically also creates a captive market for senior living projects. This surge in demand for eldercare has already prompted investor interest in India’s senior living segment, with ventures in geriatric care securing funding from institutional backers. However, the industry faces challenges such as affordability constraints and societal acceptance, which could slow its momentum. How can the sector innovate to ensure accessibility while scaling effectively?
India’s anti-obesity market is poised for significant expansion, driven by increasing obesity rates and a scarcity of approved treatment options. Currently dominated by the off-label use of diabetes drugs, the market is on the verge of transformation with the anticipated entry of new therapies like Wegovy and Zepbound, alongside domestic biosimilars. These developments are expected to drive intense competition as companies vie to address the weight-loss needs of the world’s third most obese nation—a market projected to surge to $150 billion within the next decade.
How can international and domestic players address the unique challenges of a price-sensitive yet high-demand Indian market? Are Indian drugmakers prepared to compete with global firms in delivering affordable weight-loss solutions?
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Dr. Shuchin Bajaj is the Founder Director of Ujala Cygnus Hospitals. Ujala Cygnus is currently operating nineteen hospitals in Delhi, Uttarakhand, Uttar Pradesh, Jammu & Kashmir and Haryana with a combined bed strength of 2000 beds and more than 2500 employees, with a vision to provide superspeciality and emergency healthcare to district towns of the states of India where no such facilities currently exist. It aims to expand to 25 hospitals with a bed strength of 2500 beds by the end of 2025.
Shuchin is a highly qualified medical scholar. After completing his MBBS from PGIMS, Rohtak, he did his Doctorate in Internal Medicines (MD) from Dr S N Medical College, Jodhpur in 2004. Apart from the foregoing, he also did Certified Professional course on Diabetes Management and Total Control from American Academy of Continuing Medical Education, USA in 2008, Advanced Program in Strategic Management from I.I.M. Calcutta in 2013 and Advanced Program in Cardiac Emergencies from Boston University in 2014.
Shuchin is a Senior fellow at the Aspen New Voices Program, Committed to making the voices of the ground level workers and changemakers being heard by the policy makers.
Dr Bajaj was the recipient of the British Government’s 2015 Chevening Gurukul Fellowship for Leadership and Excellence award at King’s College London, where he spent considerable time studying the various facets of Leadership, its various challenges and its learnings for India.
He was also selected for freeship to the ‘Innovating Health for Tomorrow” Fellowship at INSEAD, France in 2017 and his project for Ambulance services was the top of the class of 40 high ranked professionals from around the world.
Shuchin is also an Aspire Fellow, a Fellowship dedicated to enlightened social leadership, held at IIM, Ahmedabad and conducted by Dr. Pradeep Khandwala, Ex Director, IIMA.
He has also completed the Elite Seed Transformation Program conducted by the Stanford Global Business School.
He is on the board of a number of national prominent NGOs as Advisor-Health Programmes and played an active part in the Helpage International’s Regional Research Initiative on Older People’s Health as the Academic partner of the International Health Working Group in 2008, as well as being part of the Healthcare Track for Xynteo’s India2022 coalition.
In addition to numerous other awards and accolades, Shuchin has received the “World Wide Achievers Health Care Excellence Award 2014” for Healthcare Excellence in Internal Medicine in Delhi and NCR, ”Best Consultant in Internal Medicine in Delhi 2012” by the Time Research Media Foundation, “National Award for Excellence in Healthcare 2015” for fastest growing healthcare chain in North India along with “2015 Leaders Award”. In the past Dr. Bajaj has also received “Stars of the Industry Healthcare Awards” for excellence in managing tertiary healthcare centers in Tier-II towns, “4th MT India Healthcare Awards” for most promising healthcare chain of India, Most Promising Healthcare Brand and Best Upcoming Hospital Chain, amongst others. Dr Bajaj and the Cygnus Team were featured by the Economic Times in a feature on Entrepreneurs Leading Disruptive Change. Dr. Bajaj is also the winner the Healthcare Leader of the Year, 2017 Awards.
Shuchin is an avid Healthcare Investor and is associated with multiple Health Tech Companies as investor, Board Member and mentor. He is on the TBIU Board of FITT, IIT, Delhi and was also a member of the Advisory Council to the previous Minister of State for Health, Shri Ashwini Choubey.
Shuchin is also part of the founding team of Medpho, a Digital Health Startup that is committed to providing the highest level of high quality healthcare access to communities that are not part of the mainstream. The startup is already ensuring surgeries to hundreds of patients per month at zero out of pocket expenses.
Over the last two years, Shuchin has been fighting the war on the pandemic as a frontline warrior doing clinical work including Covid ICU duties and managing his nineteen hospitals offering covid care to thousands of patients daily. Shuchin has also been a core team member of Project StepOne, helping 21 state governments manage their Covid response ranging from helplines to home isolation management to plasma management, attending to four million patients in the process, as well as running a free 1000 bed covid hospital with the largest field ICU in the country of 308 beds in Delhi and a 100 bed free Covid Hospital in Prayagraj. Shuchin has also appeared on FM Radio leading multiple campaigns on Covid education, Vaccination, myth busting and plasma donation. He has also been very visible on TV and social media for these efforts. His Facebook profile was blue tick verified recently due to these educational activities.
Dilip Jose is the Managing Director and CEO of Manipal Health Enterprises Pvt. Limited (Manipal Hospitals), an integrated healthcare services system and one of the largest hospitals network in India, with 37 facilities across 19 cities and over 10,500 beds.
He has more than 33 years of experience in various sectors and across functional areas. In healthcare, where he has spent the last 19 years, his previous assignment was as Group CEO of CARE Hospitals, managing a network of tertiary care facilities. Prior to that, he was the Regional Director with Fortis Healthcare, heading their operations in South India. Preceding that, he held leadership positions in the areas of Medical and Para-Medical education as well as tertiary healthcare delivery.
Before his move to the Healthcare sector, Mr Jose spent about 12 years in various roles in Corporate Finance and Strategy.
Raj is the Co-Founder & CEO of KITES Senior Care, a single specialty brand in geriatric care founded in Bangalore, South India in 2016. KITES Senior Care operates geriatric care centers and provides geriatric care at home & at senior living facilities. With 150+ beds under its management in three centers in Bengaluru & Hyderabad, KITES Senior Care has cared for over 4,500 elders since its inception both at their care facilities and at the residence of the elderly.
Raj commenced his healthcare journey as the CEO of Motherhood, a specialty in maternity care. He orchestrated a successful PE fund raise & a strategic acquisition which helped scale the brand from a single unit operations to multi-city multi-unit operations and its foray into treatment of infertility.
Prior to his entrepreneurial journey, he also served as the Chief Executive of HCG Milann, leader in the space of reproductive medicine offering infertility treatment solutions & related research initiatives where he worked closely with the Board in formulating the growth strategies of the company and was responsible for its successful execution.
In the past, he has had the privilege of having worked with an eclectic mix of successful organisations Eastern Spices, AOL Time Warner, Cairn Energy India & HPCL where he had the opportunity to learn and contribute meaningfully at various levels.
His success stories include building/scaling brands, taking companies through Strategic M&A deals/PE fund raising, setting up of businesses (start-up/bootstrap) including scaling them. He strongly believes in effective teams to deliver organizational goals and hence strives to invest, build and grow high performing teams. Raj's strengths as a leader are in (a) Customer centric approach (b) People/Process/Value based Governance and (c) Sound Strategy with Execution.
Raj is a Fellow member of the Institute of Chartered Accountants of India, New Delhi, an alumnus of ISB, Hyderabad (AMP) and holds a bachelor’s degree in Mathematics from Madras University. He also serves on the boards' of a super specialty hospital and a healthcare focused strategic advisory firm. He is extremely passionate about mentoring start-ups & sharing knowledge with budding entrepreneurs.
Adarsh Narahari is the Managing Director of Primus Senior Living, pioneering luxury communities for seniors in India. His entrepreneurial spirit and passion led to the creation of Primus, a brand dedicated to providing affluent, independent seniors with the best living options.
To ensure Primus offers unparalleled senior living experiences, Adarsh travelled extensively, studying the finest global retirement communities. His efforts have earned numerous accolades, including the ET Business Excellence Award for “Excellence in Creating Senior Living Communities” (2020), Times Business Awards for “Best Senior Living Community in Bangalore” (2021) and “Best Senior Citizen Community” (2022).
Under Adarsh’s leadership, Primus has set a new standard for senior living excellence. With over 3,500 senior homes being developed across six South Indian metros, Adarsh aims to promote healthy lifestyles and holistic care for seniors nationwide. His dedication earned him the “Young Entrepreneur of the Year” award in 2018 and 2023 by ET. In 2024 Adarsh got two of the most sought-after investors, General Catalyst and Nikhil Kamat to invest in Primus
Beyond Primus, Adarsh is the managing partner of ReWild Retreats , offering uber-luxurious, nature-based weekend getaways in stunning locations.
Adarsh holds a Master’s degree in Construction Management from the University of Leeds, UK, and a degree in Industrial Engineering and Management from RV College of Engineering, Bangalore. He has served, on the board of Entrepreneurs Organization, Bengaluru, and as the past chairman for ASLI (Association of Senior Living India).
A serial entrepreneur and seasoned executive with over twenty years of senior management and entrepreneurial experience in healthcare and software industries. Has worked in a spectrum of business environments from early stage companies (Clove, Simplexis, Amitive) to mid sized companies (i2, Bain&Co) and large companies (SAP, P&G).
Currently, is the founder and CEO of India's fastest growing chain of high-quality dental clinics. Healthcare in India lags behind WHO world averages and need for deploying good quality infrastructure is critical. Clove began operations in mid 2011 and as of November 2024 had over 550 dental centers offering all aspects of dental care to Indian consumers. Company is adding 90-120 centers every year as the infrastructure deployment tries to catch up to the need that exceeds 2500 new clinics every year (across India).
Also recognized leader in the cloud computing space having built one of the industry's leading and patented software application development platform (Amitive). In late 2010, GXS acquired Amitive's platform and migrated its entire application portfolio onto Amitive's platform.
A change agent with proven experience building products and companies both inside a large company and outside. At SAP, he lead and built SAP's RFID business into one of its fastest growing business units. In addition as SVP of Supply Chain, Product Lifecyle Mgmt. and Manufacturing solutions, managed a team of over 500 professionals and lead one of SAP's product areas globally and helped grow the business. At Simplexis he built a leading public sector procurement technology company. A company he started with some Harvard Business School colleagues and Senator Lamar Alexander who remained chairman of the company until company was sold in 2002.
He enjoys traveling, golf, tennis and spending time with family. He can be reached directly at amar@amarsingh.org
Dr. Raajiv Singhal is a distinguished healthcare professional and visionary leader with career spanning over 3 decades. His career combines clinical practice, operations & management, fundraising, and entrepreneurship. A graduate and post-graduate (MS, General Surgery) of the esteemed Armed Forces Medical College (AFMC) in Pune, Dr. Raajiv began his healthcare journey with the Indian Army. He dedicated his service to the nation in some of the most formidable environments, including the Siachen Glacier—the highest battlefield in the world, tough terrains of Northeast. He often walked as far as 40 kms through the dense jungles of the Northeast, delivering essential medical services to soldiers safeguarding our country.
His service in the Armed Forces was transformative; after operating on soldiers who sustained injuries and witnessing their recovery, he always felt a profound sense of fulfilment that stayed with him long after his military tenure. In his words, looking at the soldiers walking back to their loved ones after recovering from causalities sustained by gunshots, grenade splinter and mine blasts, provided the greatest degree of satisfaction and fulfilment to him ever. This experience inspired him to establish a healthcare brand on the principles of ‘Patient First’. Thus, Marengo Asia Hospitals was established on 21st October 2020, reflecting his commitment to quality care and healing The word Marengo stands for perseverance, the strength to face challenges, and the focus on bringing patients back home safely. It reflects dedication, resilience, and a commitment to providing the best care for everyone.
Transitioning from the armed forces to the corporate sector, Dr. Raajiv has emerged as a dynamic and thought leader in healthcare. As the Founding Member, Managing Director, and Group CEO of Marengo Asia Hospitals, he is recognized for his strategic acumen and innovative approach to transforming healthcare through a blend of technology and empathy. His concept of “Clinical Corridors” in the MVT space, based on the principles of 3Ts (Teach, Train, and Treat), is paving the way for capacity building across Asia and Africa. Additionally, he is the Co-Chair for Medical Value Travel (MVT) at FICCI and for Northern Region Healthcare at NatHealth.
Before embarking on his entrepreneurial journey in the year 2020, Dr. Raajiv was a key leader within the Evercare platform, which included 25 hospitals, 20 clinics, and a diagnostic chain across Asia and Africa. His expertise extended to private equity and strategic investment, where he led due diligence, asset localization, and strategic planning in diverse regions, including Ethiopia, Tanzania, Egypt, and South Africa. He also played a vital role in investor relations and capital raising team (Raised 1 Billion Dollar), contributing to the growth and positioning of healthcare entities for public listing. As Group CEO, he successfully navigated financial challenges, overseeing over 2,200 beds across 12 hospitals, making it one of the most notable success stories in Indian healthcare transformation.
Prior to this, he served as Regional Director of Fortis Escorts Heart Institute, where he was a pioneer in telemedicine and collaborative healthcare models. He established India's first e-ICU concept and developed Hub and Spoke models for Heart Command Centres across India and internationally, including in the UAE, Nepal, Tanzania and Bangladesh. His innovative contributions earned him the “Innovation in Healthcare Award” from the Government of Karnataka and the “Healthcare Leader of the Year Award”.
Dr. Raajiv's strategic insights are further demonstrated through various board roles, including Independent Director in Dhaka and Board Member positions in Durban and CARE hospitals, India. Driven by a passion for improving healthcare access and quality, he continues to drive a significant impact on the industry.
Vikram Vuppala is Founder & CEO of India’s largest dialysis network - NephroPlus. After spending 10 years in the US healthcare industry, his passion to redefine healthcare delivery in India prompted him to found NephroPlus in 2010. He has expanded NephroPlus to Asia’s leading dialysis network of 385+ centers in 230 cities across 4 Countries. NephroPlus has rapidly grown under Vikram’s leadership to become 6th largest dialysis network in the world. He had raised more than $100 MM in 5 rounds of Private equity funding over last 10 years from Bessemer Venture Partners (BVP), IFC (World Bank VC arm), Investcorp and IIFL.
Vikram’s vision of enabling people on dialysis worldwide lead long, happy and productive lives has enabled NephroPlus to redefine dialysis care across 4 countries and has positioned itself well to disrupt several other regions across the World in the near future.
Prior to founding NephroPlus, Vikram was a strategy consultant at McKinsey in the US. Vikram with over two and half decades of global healthcare experience has helped various healthcare firms on strategic issues such as business development, growth strategy, portfolio rationalization, and M&A. Prior to McKinsey, he worked at Abbott Healthcare and ZS Associates.
He has been a speaker at numerous international entrepreneurial, healthcare and investment conferences. Vikram did his B.Tech. from IIT-Kharagpur, M.S. from The University of Illinois, Chicago and an MBA from Chicago Booth.
He was the Group CEO for Fortis Healthcare Limited. Mr Bali was also the CEO and MD of Wockhardt Hospitals, where he spearheaded its development from a single branch to one of the largest specialty hospital chains. He also led its merger with Fortis Healthcare. As a board member of leading healthcare organizations, he has been a part of the Strategic Initiatives Group of Joint Commission International, US, and the Global Agenda Healthcare Council of the World Economic Forum. His keenness in globalization of healthcare has also led to case studies at the Harvard Business School.
Mitesh Daga is a Partner with TPG and Co-Head of Healthcare for TPG Capital Asia, based in Mumbai. He brings more than 20 years of investing, financial, entrepreneurial and operating experience from leading global institutions. Mitesh has played leadership roles in connection with TPG’s investments in Manipal Hospitals, Sai Lifesciences, RR Kabel, Jio Platforms, Reliance Retail and Fractal Analytics. He joined TPG in 2014 from Advent International where he was based in London and later in Mumbai. Mitesh started his career with CapitalOne in USA. He holds a degree in Chemical Engineering from the Indian Institute of Technology (IIT), Delhi, and is a CFA charter holder. He is a member of the YPO Mumbai Chapter.
Mr Abrarali Dalal is a healthcare industry veteran with an established track record. He was pivotal in building North India’s first private children hospital in his previous role as Group COO, Rainbow Children’s Hospitals. Earlier, he was Facility Director at Fortis Healthcare, New Delhi. He joined Sahyadri Hospitals as COO in December 2019, promoted as CEO in April 2021 and now is the Managing Director. The promotion was a result of navigating the group through huge challenges posted by the pandemic. Under his guidance, the Hospitals have gone digital and have also been effectively leveraging the power and reach of virtual platforms to organize ‘online clinics’ which has been a boon to many especially during the pandemic. Under his leadership, the Sahyadri group of Hospitals, which initially had 8 units, has now grown to 11. With his extensive and varied experience in healthcare operations, he successfully navigated the challenges of the COVID-19 period, collaborating closely with the local administration. Mr. Dalal completed his post-graduation in management from Pune University and has experience of 20 + years in Sales & Marketing and Operations & Administration.
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