Collateral Medical: Transforming the Distribution of Medical Devices
The Indian online medical devices market is largely segmented and unorganized one. The prime reason behind it being the complex chain of sales and distribution which built up of different stakeholders i.e. the manufacturers, different levels of distributors, healthcare institutions, physicians and the general public as well. Sanjay Jha, providing a deeper insight into the current medical devices market, explains, “We have the multinationals and large manufacturers who sell their products to the main distributor. This distributor then sells the same to the secondary distributor who then might sell the products to tertiary distributors from where the product finally finds its way into hospitals and into the hands of the doctors. As a result of this multi-tier distribution set-up, by the time medical devices reaches its customer, their prices escalate significantly.” Another aspect of this multi-tier distribution is while smaller hospitals receive medical products through this distribution pattern, large hospitals are privileged with direct distribution from the main distributor. And hence, a disparity in terms of the infrastructure and facilities crops up between different healthcare institutes. Mumbai headquartered Collateral Medical where Sanjay Jha heads as the CEO aims to close in this very disparity between hospitals and equip healthcare practitioners to deliver superior healthcare services. Operating through the online platform, www.colmed. in, Collateral Medical is medical device marketing and distribution firm which facilitates hospitals and doctors with quality rich medical supplies at comparatively lower prices. Speaking of the growing popularity of online medical platforms, Sanjay Jha elaborates, “The advent of e-commerce shopping platforms has really helped people become increasingly aware of the potential of online spaces to satiate healthcare demands. Collateral Medical is riding that very wave and has steadily been growing in this domain. Along with us, there are a few smaller distributors as well who are contributing to the change in this distribution pattern.”
Strong Partnership with Manufacturers
Positioned as a bulk distributor, Collateral Medical boasts of unparallel competency in provisioning a wide variety of medical devices that are scantily available in Tier 2 and Tier 3 distribution setup. The firm brings in a strong partnership with major manufacturers all of whom have approved the firm for online sales. Working in collaboration with manufacturers, the firm strategizes staying away from the discounting game and believes in providing customers products with the right value. This strong partnership has also enabled the firm to work closely with the manufacturers on the pricing front.
In fact, based on the market feedback and its negotiation power, Collateral Medical brings in the capability to rework on appropriate prices suitable for the product as well as the end user. The firm has also instituted a Hospital Saving Program under which healthcare institutes can easily purchase voluminous products at prices which is very often lower than the one listed on the website.
Empowering Customers with Information
Apart from delivery of products at relatively lower prices, the firm also supports the users with detailed information on the products which are made available on the platform following in-depth research. In sharp contrast to the trend in the yesteryears where this information remained exclusively with concerned company biased by their views, Collateral Medical attempts to make the information non-favorable and objective. Moreover, Collateral Medical’s videos on the products which can be found on their platform eliminate this need for on-location demonstrations thus, saving time and resources for the distributors as well as the hospitals and physicians.
Enhanced Customer Support
An essential element that enables the firm to create a strong distinction in the market is the firm’s approach to customer support which aims to enhance the customer experience. Keeping in view the fragile nature of medical equipment, Collataral Medical delivers an expert team of biomedical and equipment servicing engineers spread across the country who ensure products are fixed and serviced so that customers are able to continue deriving its benefits. Interestingly, their focus on customer servicing has benefitted Collateral Medical with 20 percent higher rate of repeat purchases and greater retention of customers.
Moving ahead
Staying abreast of latest innovations in the medical devices domain, Collateral Medical is leading the distribution innovation and is making its attempt to make the distribution setup efficient and transparent. The management team at Collateral Medical brings in a vast experience from the healthcare domain, leading a number of successful projects. The firm is further strengthened by its offline distribution channels reaches out to hospitals and distributors on location.
Moving ahead in the domain, Sanjay Jha envisages further bringing down the prices and serving the customers with an array of products made available to the customers at the right value. He also hopes to soon expand their warehouse facilities to other regions of India to further drive down the time to delivery.
Collateral Medical is medical device marketing and distribution firm which facilitates hospitals and doctors with quality rich medical supplies at comparatively lower prices
Empowering Customers with Information
Apart from delivery of products at relatively lower prices, the firm also supports the users with detailed information on the products which are made available on the platform following in-depth research. In sharp contrast to the trend in the yesteryears where this information remained exclusively with concerned company biased by their views, Collateral Medical attempts to make the information non-favorable and objective. Moreover, Collateral Medical’s videos on the products which can be found on their platform eliminate this need for on-location demonstrations thus, saving time and resources for the distributors as well as the hospitals and physicians.
Enhanced Customer Support
An essential element that enables the firm to create a strong distinction in the market is the firm’s approach to customer support which aims to enhance the customer experience. Keeping in view the fragile nature of medical equipment, Collataral Medical delivers an expert team of biomedical and equipment servicing engineers spread across the country who ensure products are fixed and serviced so that customers are able to continue deriving its benefits. Interestingly, their focus on customer servicing has benefitted Collateral Medical with 20 percent higher rate of repeat purchases and greater retention of customers.
Moving ahead
Staying abreast of latest innovations in the medical devices domain, Collateral Medical is leading the distribution innovation and is making its attempt to make the distribution setup efficient and transparent. The management team at Collateral Medical brings in a vast experience from the healthcare domain, leading a number of successful projects. The firm is further strengthened by its offline distribution channels reaches out to hospitals and distributors on location.
Moving ahead in the domain, Sanjay Jha envisages further bringing down the prices and serving the customers with an array of products made available to the customers at the right value. He also hopes to soon expand their warehouse facilities to other regions of India to further drive down the time to delivery.
