Gaurav Agarwal : Driving Innovation In Global Medical Device Industry
Gaurav Agarwal
Managing Director
In this interview, Gaurav shares his experience studying in a renowned college and walks us through his career journey.
Can you shed some light on your career journey?
Reflecting on my career, which spans nearly 27 years, which is over a quarter of a century, the journey has been both challenging and rewarding. I entered the field of biomedical engineering in 1996. At that time, biomedical engineering was a multidisciplinary course that bridged medicine, engineering, and technology, but society and the healthcare ecosystem didn’t fully recognize its potential.
Back in the days, the medical device industry in India was worth less than $1 billion and heavily reliant on imports. Today, it is a thriving $14 billion ecosystem and is projected to reach $50 billion by 2030. This growth has been extraordinary, and I am proud to have contributed to this transformation.
In 2010, we founded Innvolution Healthcare, focusing on cardiovascular care, particularly angioplasty solutions like stents and balloons. Cardiovascular disease claims nearly 5 million lives in India annually, a staggering statistic compared to the 500,000 lives lost to COVID-19. Our mission has always been to make a meaningful impact by reducing this burden.
Can you give a brief overview about Innvolution Healthcare?
Since its inception, Innvolution Healthcare has achieved several milestones. Our angioplasty solutions have touched and saved over 500,000 lives across India. We also manufacture cath labs, and today, we are the second-largest cath lab provider in the country, trailing only Philips and ahead of renowned global brands like GE, Canon, and Siemens. Our cath labs touch nearly 250,000 lives annually, and by 2030, our solutions aim to save over 2 million lives every year.
A significant achievement is our presence in 23 cities where we are the only cath lab provider, saving approximately 7,000 lives annually. Previously, patients in these regions had to travel over 300 kilometers for treatment, a considerable challenge during critical emergencies like heart attacks.
Our efforts have been recognized with several prestigious awards. We received the President of India’s award for being one of the most innovative companies, a recognition given to only 15 companies annually across industries by the Department of Biotechnology. In 2020, the Ministry of Chemicals and Fertilizers and the Ministry of Health named us the Medical Device Company of the Year, the highest honor for medical device companies in India.
Internationally, we have won the Red Dot Design Award and the Good Design Award, often referred to as the 'Grammys' and 'Oscars' of industrial design. Personally, I’ve been recognized as one of Asia’s Distinguished Entrepreneurs to Watch at the British Parliament and received the HCCI Distinguished Entrepreneur of the Year award in 2022, among others.
While the journey has been challenging, these milestones and recognitions have made it deeply fulfilling, and I remain committed to driving innovation and impact in the healthcare industry.
Could you share some valuable lessons you cherish from your time at the Manipal Institute of Technology?
My journey at Manipal Institute of Technology was transformative in every sense. Coming from a small town in Uttar Pradesh, where opportunities to interact
Since its inception, Innvolution Healthcare has achieved several milestones. Our angioplasty solutions have touched and saved over 500,000 lives across India. We also manufacture cath labs, and today, we are the second-largest cath lab provider in the country, trailing only Philips and ahead of renowned global brands like GE, Canon, and Siemens. Our cath labs touch nearly 250,000 lives annually, and by 2030, our solutions aim to save over 2 million lives every year.
While financial mile -stones are part of the journey, our true aspiration is to create impactful solutions that save and transform lives globally
A significant achievement is our presence in 23 cities where we are the only cath lab provider, saving approximately 7,000 lives annually. Previously, patients in these regions had to travel over 300 kilometers for treatment, a considerable challenge during critical emergencies like heart attacks.
Our efforts have been recognized with several prestigious awards. We received the President of India’s award for being one of the most innovative companies, a recognition given to only 15 companies annually across industries by the Department of Biotechnology. In 2020, the Ministry of Chemicals and Fertilizers and the Ministry of Health named us the Medical Device Company of the Year, the highest honor for medical device companies in India.
Internationally, we have won the Red Dot Design Award and the Good Design Award, often referred to as the 'Grammys' and 'Oscars' of industrial design. Personally, I’ve been recognized as one of Asia’s Distinguished Entrepreneurs to Watch at the British Parliament and received the HCCI Distinguished Entrepreneur of the Year award in 2022, among others.
While the journey has been challenging, these milestones and recognitions have made it deeply fulfilling, and I remain committed to driving innovation and impact in the healthcare industry.
Could you share some valuable lessons you cherish from your time at the Manipal Institute of Technology?
My journey at Manipal Institute of Technology was transformative in every sense. Coming from a small town in Uttar Pradesh, where opportunities to interact
with a diverse environment was limited, moving to Manipal was a revelation. It was my first experience traveling from one end of the country to the other for education, which, at the time, was quite rare.
Manipal Institute of Technology played a pivotal role in shaping both my professional outlook and personal growth. One of the most important lessons I learned there was the value of partnerships. Whether it was forming friendships, colla- borating with project teammates, or working with colleagues during internships, I realized how essential teamwork is to achieving shared goals.
Another invaluable takeaway was the sense of responsibility instilled in us through industrial projects. These experiences exposed us to real-world challenges and demonstrated how medical devices, consumables and diagnostics could save and improve lives.
Manipal Institute of Technology also helped me develop my personality and ethics. It stands out as an institution that fosters not only technical expertise but also holistic personal and professional development. For anyone seeking to become a well rounded professional, I’d rank it among the best.
Where do you see yourself in the next five years? What are your future aspirations?
I’m immensely proud that, as a young Indian company, we’ve completed 13 years of our journey and have already reached the top 1 percent of medical device companies in the country. Over the next five years, our vision is to become the most admired tech company in India, creating innovative solutions and products that save and transform lives globally.
We aim to champion the 'Made in India' brand, producing world-class products that are designed and manufactured in India for the global market. While financial milestones are certainly part of the journey, our overarching aspiration is to create a company that provides impactful solutions to the world.
Gaurav Agarwal, Managing Director, Innvolution Health-care
Gaurav is a dynamic leader and innovator in the medical technology sector, with a vision to revolutionize healthcare through cutting-edge solutions. Passionate about fostering talent and championing the 'Made in India' brand, he strives to create impactful, world-class products that save and transform lives globally, driving meaningful change in healthcare
Manipal Institute of Technology played a pivotal role in shaping both my professional outlook and personal growth. One of the most important lessons I learned there was the value of partnerships. Whether it was forming friendships, colla- borating with project teammates, or working with colleagues during internships, I realized how essential teamwork is to achieving shared goals.
Another invaluable takeaway was the sense of responsibility instilled in us through industrial projects. These experiences exposed us to real-world challenges and demonstrated how medical devices, consumables and diagnostics could save and improve lives.
Manipal Institute of Technology also helped me develop my personality and ethics. It stands out as an institution that fosters not only technical expertise but also holistic personal and professional development. For anyone seeking to become a well rounded professional, I’d rank it among the best.
Where do you see yourself in the next five years? What are your future aspirations?
I’m immensely proud that, as a young Indian company, we’ve completed 13 years of our journey and have already reached the top 1 percent of medical device companies in the country. Over the next five years, our vision is to become the most admired tech company in India, creating innovative solutions and products that save and transform lives globally.
We aim to champion the 'Made in India' brand, producing world-class products that are designed and manufactured in India for the global market. While financial milestones are certainly part of the journey, our overarching aspiration is to create a company that provides impactful solutions to the world.
Gaurav Agarwal, Managing Director, Innvolution Health-care
Gaurav is a dynamic leader and innovator in the medical technology sector, with a vision to revolutionize healthcare through cutting-edge solutions. Passionate about fostering talent and championing the 'Made in India' brand, he strives to create impactful, world-class products that save and transform lives globally, driving meaningful change in healthcare