Navin Kumar Singh
Managing Director
"While the market trends keep changing rapidly, one needs to be innovative, and it is essential to keep yourself, the business strategies and the products constantly updated to stay ahead of the curve"
As per a report, India is among the top 20 markets for medical devices across the world. Indian medical devices market stood at $11 billion in 2020 and is expected to reach $65 billion in 2024. The Government of India (GOI) has commenced various initiatives to strengthen the medical devices sector, with emphasis on research and development (R&D) and 100 percent FDI for medical devices to boost the market. From April 2000 to March 2021, FDI inflow in the medical and surgical appliances sector stood at $2.19 billion. While there are numerous firms cashing-in on the rising opportunities in the Indian Medical Devices manufacturers domain, one name renowned for its quality offerings is Nareena Lifesciences a premier provider of various disposables, home healthcare and diagnostic devices. Brainchild of Navin Kumar Singh (Managing Director), Nareena Lifesciences was setup with the vision to achieve great heights in the healthcare sector by offering quality medical devices.
CEO Insights magazine got an exclusive opportunity to interact with Navinkumar Singh, Managing Director, Nareena Life sciences. In this one-on-one interaction, Navin Kumar shares his journey about how
he changed his vision into reality.
CEO Insights magazine got an exclusive opportunity to interact with Navin. In this one-on-one interaction, Navin shares his journey about how he changed his vision into reality.
Can you talk more aboutyour educational and professional background? What is it that inspired you to get into this industry?
Since my father served in the Indian army, I finished my schooling from various places across India, while I did my graduation from Bhopal. Post this, I completed my MBA and then started my career in sales, and since I was a quick learner I was able enough to climb-up the ranks in lesser time. However, since the completion of my MBA, I was very inclined towards starting something of my own. Having gained enough expertise, I channeled my skills and knowledge,and it was in 2015 that I established Nareena Life sciences.
Can you elaborate on the various roles that you undertake at the company? Also, how do you leverage your vast industry experience to come up with innovative business strategies?
While the initial days were full of challenges, my industry expertise and knowledge always came in very handy. During the early phase, I had to arrange the finances, come up with the product mix and then create a cohesive team and choosing the distributors. Being the founder of the company, eventually, every thing is my responsibility so, I wear multiple hats in the organization.
My 25+ years of experience in the industry has been of great help, especially in fetching a holistic view on the business operations. I also impart my knowledge to my employees so that we all are on the right path that leads to success. I also learn and improve on a daily basis, and this helps me to face and overcome challenges. While working digitally was a challenge for us in the beginning, owing to the nature of our operations, today, we have successfully shifted to the digital realm pretty quickly.
Adding to this, my daughter has been a great help in the entire process. While she is still in the initial phases of learning, she has been taking small roles in HR like recruiting and framing HR policies, along with keeping a track of sales and production.
What are the major gaps that you see in this particular domain and how are you addressing those gaps? Also, what are the innovative strategies that you are coming up with?
Medical devices industry has been a
CEO Insights magazine got an exclusive opportunity to interact with Navin. In this one-on-one interaction, Navin shares his journey about how he changed his vision into reality.
While life will teach you numerous lessons throughout your journey, i believe what led me to my success is the idea - ‘to get the best, give your best
Can you talk more aboutyour educational and professional background? What is it that inspired you to get into this industry?
Since my father served in the Indian army, I finished my schooling from various places across India, while I did my graduation from Bhopal. Post this, I completed my MBA and then started my career in sales, and since I was a quick learner I was able enough to climb-up the ranks in lesser time. However, since the completion of my MBA, I was very inclined towards starting something of my own. Having gained enough expertise, I channeled my skills and knowledge,and it was in 2015 that I established Nareena Life sciences.
Can you elaborate on the various roles that you undertake at the company? Also, how do you leverage your vast industry experience to come up with innovative business strategies?
While the initial days were full of challenges, my industry expertise and knowledge always came in very handy. During the early phase, I had to arrange the finances, come up with the product mix and then create a cohesive team and choosing the distributors. Being the founder of the company, eventually, every thing is my responsibility so, I wear multiple hats in the organization.
My 25+ years of experience in the industry has been of great help, especially in fetching a holistic view on the business operations. I also impart my knowledge to my employees so that we all are on the right path that leads to success. I also learn and improve on a daily basis, and this helps me to face and overcome challenges. While working digitally was a challenge for us in the beginning, owing to the nature of our operations, today, we have successfully shifted to the digital realm pretty quickly.
Adding to this, my daughter has been a great help in the entire process. While she is still in the initial phases of learning, she has been taking small roles in HR like recruiting and framing HR policies, along with keeping a track of sales and production.
What are the major gaps that you see in this particular domain and how are you addressing those gaps? Also, what are the innovative strategies that you are coming up with?
Medical devices industry has been a
largely unorganized domain and there are only a few organized players in this industry. Even during the pandemic, owing to the unorganized nature of the industry, we have seen that the products that enter the market have been lacklustre and many brands don't really care about the quality of their products. They are just aiming to earn profit.However, at Nareena Life sciences, our motto is different. We believe in 'Selling Quality and Care'.
While the market trends keep changing rapidly, one needs to be innovative and it is essential to keep yourself, the business strategies and the products constantly updated to stay ahead of the curve. One needs to be proactive to always stay on top of the game, and that's what we try to do. At Nareena Lifesciences, we always assess the market movements & trends and plan our strategies accordingly.
How do you update yourself with the latest trends in the industry? Which are the mile stones that have bestowed you utmost satisfaction?
I have previously worked as the Vice President for a different firm, where I handled all the business development process and helped them raise their business from scratch, while adding value to their organization. So, I already had prior experience of handling business development processes. Leveraging this experience, I started my own business and it was a proud moment for me. Today, we are growing into a brand leader, that too in less than a decade's time. We are a recognized market leader in this segment owing to our innovative business policies and the quality of our products. To stay a step ahead of the competitors, I always make sure that I attend all the inter national medical exhibitions to keep myself updated with the latest trends in the industry.
What is your success mantra? Where do you see Nareena Lifesciences in the years to come?
While life will teach you numerous lessons throughout your journey, I believe what led me to my success is the idea ‘To get the best, give your best'. At Nareena Lifesciences, all of our products are of the highest quality and we stand by everything we sell. But apart from the products, we also take great pride in the professionals who work with us to address your needs. It's these professionals, their skills, compassion, dedication, experience, and care that would make Nareena Lifesciences an Indian Flagship Company widely recognized around the world with our motto.
For the years to come, we are looking forward to enter the global market and are aiming to be the global leader by adding more products to our portfolio to carter to the international market. We see huge potential, and that is what we are aiming towards. We are continuously striving to understand what the customer requires and provide them quality products. We have been doing this, and that is showcased in our customer reviews. Also, we wish to enhance this in the years to come.
While the market trends keep changing rapidly, one needs to be innovative and it is essential to keep yourself, the business strategies and the products constantly updated to stay ahead of the curve. One needs to be proactive to always stay on top of the game, and that's what we try to do. At Nareena Lifesciences, we always assess the market movements & trends and plan our strategies accordingly.
How do you update yourself with the latest trends in the industry? Which are the mile stones that have bestowed you utmost satisfaction?
I have previously worked as the Vice President for a different firm, where I handled all the business development process and helped them raise their business from scratch, while adding value to their organization. So, I already had prior experience of handling business development processes. Leveraging this experience, I started my own business and it was a proud moment for me. Today, we are growing into a brand leader, that too in less than a decade's time. We are a recognized market leader in this segment owing to our innovative business policies and the quality of our products. To stay a step ahead of the competitors, I always make sure that I attend all the inter national medical exhibitions to keep myself updated with the latest trends in the industry.
What is your success mantra? Where do you see Nareena Lifesciences in the years to come?
While life will teach you numerous lessons throughout your journey, I believe what led me to my success is the idea ‘To get the best, give your best'. At Nareena Lifesciences, all of our products are of the highest quality and we stand by everything we sell. But apart from the products, we also take great pride in the professionals who work with us to address your needs. It's these professionals, their skills, compassion, dedication, experience, and care that would make Nareena Lifesciences an Indian Flagship Company widely recognized around the world with our motto.
For the years to come, we are looking forward to enter the global market and are aiming to be the global leader by adding more products to our portfolio to carter to the international market. We see huge potential, and that is what we are aiming towards. We are continuously striving to understand what the customer requires and provide them quality products. We have been doing this, and that is showcased in our customer reviews. Also, we wish to enhance this in the years to come.