Narang Medical Limited (Private)
July 2, 2012 Issue
The Most Powerful Name In Corporate News and Information
Focusing on Quality and End User Satisfaction, India based Narang Medical Limited is One of The Most Sought after Exporters of Hospital Furniture and Orthopedic Implants
Headquartered in one of the world’s largest democracies India, Narang
Medical Limited today is one of the most sought after exporters of Hospital
Furniture and Orthopedic Implants. Started as an enterprise in early 1950s,
Narang Medical Limited has evolved as India’s most reputed manufacturer and
exporter of Medical Equipment, hospital Furniture, Orthopedic Implants and
Instruments. Company conforms to ISO and CE standards, and is a Star Export
House company certified by the Government of India.
Medical Limited enjoys global headship in the business of Medical Products.
Being the Single Point Center for wide range of Hospital, Medical and
Surgical equipment and instruments, company has made its mark
internationally. Innovative approach, Personalized services, Impressive
growth rate and Customer Friendly Policies are the ideology of success at
Narang Medical Limited.
Narang Medical Limited, is led by management that has a blend of strategic, operational and financial expertise. The management has relevant experience of an average of over 30 years and our leaders share extensive and long-established relationships with associates.
Mr. R.V. Narang, Founder & Chairman), Narang Medical Limited founded this organization in 1989 with confidence and determination. He has got substantial experience in the Medical devices industry. He is an approachable person, a good human being and a valuable guide for the whole Narang Medical team.
Mr. Parveen Narang, Managing Director, Narang Medical Limited, is leading the strategic direction of Narang Medical Limited. With his vibrant personality he drives the rays of optimism and success in whole company. He is not only an inspiration to the Narang Medical team but to other entrepreneurs as well. He is a learned who has learnt from his experiences, make us learn and is a real Leader.
Mr. Vivek Narang, Director, Narang Medical Limited, possesses a dynamic personality, his determined business sense is an asset. With his intellect and knowledge, he is acting as a catalyst in realization of organization's vision, goals and direction. His energy and problem handling ability is noteworthy.
Interview conducted by: Lynn Fosse, Senior Editor, CEOCFO Magazine, To be published – July 2, 2012
Mr. Narang: The Story of Narang Medical Limited began when my grandfather, Mr. H.R.Narang, started this business in 1932 in Sialkot City, now in Pakistan. My father, Mr. R.V. Narang joined him in 1955, with a vision that has always remained ahead of times. I joined my father in 1989 with an aim to lead the organization to commendable heights. This is the third generation doing the same business of medical equipment.
CEOCFO: Your website shows Narang is recognized as India’s best source to import; what is special about Narang?
Mr. Narang: We work towards the satisfaction of end user. Enduser is not the importer or the buyer but the one who actually uses our product. Our ideology for success is to make them happy with product quality and prompt delivery. Moreover, Our research and development is based on the end user feedback. We make no compromises with the quality of our products. We don’t restrict ourselves to export only larger quantities. We cater to the actual requirement of the customers, which can be 2 or 3 numbers only. We are providing a complete range of hospital furniture and orthopedic implants, which is our core area. Besides these two areas, we are providing a complete range of medical equipment under one roof, which makes it very convenient for the distributors who are in turn supplying to the hospitals to buy everything from one source. We supply top quality products at very competitive prices.
Mr. Narang: We price the product very competitively. Our competitors in Europe and the US are offering a similar product at a very high price. The pricing can be more than ten times in certain cases and the product is very similar, by similar, I mean if you remove the packaging and the branding, it would be difficult for you to state which one is better. We work on wholesale, we are supplying to distributors and importers who buy in big quantities, and they buy at a very reasonable price. Our price offers are also tailor made according to the need. For each specific query we design our price offer taking into consideration the quantity required, freight (which could be by sea, air or courier as the need may be) and also other relevant factors.
Mr. Narang: The US market has more restrictions in terms of FDA approval. However, our approval is in process, and we hope to complete it in the next two, or maximum, three months. That is for orthopedic implants, and once we get this FDA approval, we will be entering the US market in a big way. For our other products which do not require FDA approval, we are already doing business for those products in the US.
Mr. Narang: Orthopedic products are one of our core businesses. We are selling all over the world and the quality is comparable to the best. You can compare our products to European or American products in terms of quality. Last year, we participated in an orthopedic exhibition in the US, and there we saw the competing products. When we told our pricing to the distributors in the exhibition, they were actually shocked. They did not believe it because the price difference was just an additional zero, which means that the American price or the European price is ten times our price. Therefore, they did not believe the pricing which we were offering for our products. We decided to enter into the US market, and for that, we have to complete the regulatory issues for the FDA, which is required in the US. We are in the process of getting it and once we get it we believe that we should have a good market share in the US.
Mr. Narang: We do actually do not sell that to the hospitals or the end users, we sell to the wholesalers who buy big quantities. These are people who can actually take some samples, view it in the laboratory and do lab testing. One person, one patient, one doctor, or one hospital will not be interested in doing a lab test, but a wholesaler, distributor, or importer would be interested in understanding the product, they can even visit our factory and see our set-up and our technological capabilities. They can easily do lab testing of our products to be sure of the quality and for getting FDA approval, we have to give them a lot of lab test reports. Then the FDA approval itself will mean a great deal to our team. The pricing will become a very important issue, and in today’s economic scenario, pricing has become more and more important.
Mr. Narang: We keep abreast of new technologies and developments by being present at various medical product Events worldwide.We strive hard to deliver quality products, to the industry, which meet the needs of the emerging markets. We do this by spearheading development and seamless integration of the existing and new technologies.
Mr. Narang: We are continuously adding more products. We are always looking forward to the latest which is being offered and what better we can offer. In hospital furniture, even in North America, there are new products being introduced, and we continue to introduce improved latest products for the benefit of the patient.
Mr. Narang: Geographically we are doing fairly well. The US and Canada is one area where we are not doing much at the moment because of the FDA approva, which is awaited soon. It will be an important market for us I believe.
Mr. Narang: Business is quite good. I believe you will not hear this answer from a lot of businesses these days because of the economic condition worldwide, but our business is doing well. We are usually booked for 6-8 months in advance.
Mr. Narang: Understanding the needs of the consumer and delivering a product that fulfills their specific requirement .To me, Innovation and customer satisfaction are the prime factors that ensure that we are on the right track. Although we do not sell direct to the patient, to the doctor or the hospital. We sell to the wholesaler or importer. We focus on the needs and requirements of the end user, which is the patient. We do not cut on the quality, or correspondingly cut on the price for that matter. We have to take care of the final customer. Our long presence in the industry, builds the customers confidence in our ability to offer solutions which are best suited to their requirements.
High quality products at the right price. I would say the right price, not
the cheap price, because there is no limit to being cheap, cheap can be bad
quality. We will give you top quality product, and the price will be
reasonable, the price will be right. It will not be the cheapest, but it
will be right for the quality that we are offering.
We work towards the satisfaction of end user. Enduser is not the importer or the buyer but the one who actually uses our product. Our ideology for success is to make them happy with product quality and prompt delivery. Moreover, Our research and development is based on the end user feedback... We are providing a complete range of hospital furniture and orthopedic implants, which is our core area. Besides these two areas, we are providing a complete range of medical equipment under one roof, which makes it very convenient for the distributors who are in turn supplying to the hospitals to buy everything from one source. We supply top quality products at very competitive prices. - Mr. Parveen Narang
ceocfointerviews.com does not purchase or
recommendation on stocks based on the interviews published.