A disruptive business model and an aggressive pricing strategy have helped Meddiff Technologies Pvt Ltd compete with giants such as General Electric and Siemens to corner the picture archiving and communication systems (PACS) market. The company’s medical imaging technology provides economical storage and convenient access to images.
“We have an 80 per cent market share,” claims Sanjeev, Managing Director and CEO, Meddiff, which started as a tele-radiology solutions provider and expanded its footprint with PACS in 2010. Almost all major medical institutions in both the public and private sector, including NIMHANS, Apollo and Fortis, have deployed Meddiff’s solutions.
Launched in 2007 by a group of four, Meddiff initially focussed on the Indian market and is now raring to go to the advanced healthcare markets of the US and the UK. Meddiff’s PACS is compliant with US and UK standards and is available on Windows and Mac platforms.
For Sanjeev, a BE from the Indian Institute of Science, Bengaluru, it was the urge to start something on his own, especially in the field of diagnosis, that resulted in Meddiff Technologies. The nearly two decades that Sanjeev spent with companies such as Siemens and GE Medical Systems came in handy in innovating the business model that made Meddiff’s PACS solution more affordable for hospitals across the country.
“We are selling at one-fourth the cost compared to our competitors,” says Sanjeev. Between 2000 and 2010, there were only 70 PACSs installed in the country. By 2012, this had doubled.
Today, about 100 PACSs are being installed annually and Meddiff has a major share in this deployment, says Sanjeev, adding that the company has completed installations in around 250 hospitals, the majority of which are in the private sector.
Meddiff has a software development team of around 20 people. It has pioneered the concept of remote installation for its PACS solution.
“We have been profitable right from the first year and the current annual revenues are over ₹10 crore. We want to scale up and are looking out for investors to raise ₹30-40 crore. We have appointed an investment advisory firm to help us raise funds over the next three to six months,” says Sanjeev.
The company is targeting revenues of ₹300 crore in four years.