| Business Basics |
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| Company Name |
Medsphere |
| Founded in |
2007 |
| Headquartered in |
Bangalore |
| Company website/URL |
www.medspheretech.com |
| Industry |
Healthcare/ Pharma |
| Stage of the company |
Scaling up |
| Source of idea |
Replicated or modified an idea encountered through previous employment |
| Awards & honors |
- Finalists at the innovation event organized by Proto at Chennai
- Received the US FDA approval in 3 weeks time frame
- Guest sp...> Read more.. |
| Awards & honors |
- Finalists at the innovation event organized by Proto at Chennai
- Received the US FDA approval in 3 weeks time frame
- Guest speaker - New techniques in Telereporting ,during the South India conference on Nuclear medicine.
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| Partnerships & Tie-ups |
1. Health Highway (Apollo Hosp Gp )
2. BPL Health care
3. IBM
4. Sun
L&T and HP
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| Business description |
Medsphere Technologies is a global teleradiology and PACS solution provider which develops teleradiology and PACS products and services for customers around the world.
Before Medsphere, customers either used to get printed films via courier, or used to hire the junior radiologists for remote centers. Doctors also used to visit remote center once...> Read more.. |
Medsphere Technologies is a global teleradiology and PACS solution provider which develops teleradiology and PACS products and services for customers around the world.
Before Medsphere, customers either used to get printed films via courier, or used to hire the junior radiologists for remote centers. Doctors also used to visit remote center once in a week.
In teleradiology, Medsphere has 70% market share in India. Its only significant competitor is MedSynaptic. Big Players (i.e. GE,Siemens,Phillips) do not compete in this space as they do not have the right product to offer.
In PACS the competition primarily comes from biggies (GE, Siemens, Phillips, Agfa, CareStream, Vepro) as they like to club PACS with the equipment sale. MedSphere's unique proposition is hardware independent architecture and modular offering.
We also now plan to enter telemedicine, telepathology and global markets where the demand for our product is huge.
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| How does the business make money? |
| From revenue generated by Server software license fees. Our pricing model is based on concurrent users.
We have also started the ASP model (primarily for overseas customers) where we get fees on per case basis. |
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| Team information |
Dr. Viral Shah, Chairman, MD Radiology, Fellow- Beth Israel NY, Pioneering work in the field of MRI and established the first Super con MRI in a Pvt setup in India in Breach Candy in 1987
Tapesh Aggarwal, CTO, B Tech IIT Kanpur, worked with Yahoo and Motorola
Nishant Mittal, Director R&D, B Tech IIT Kanpur, worked with Yahoo and Ortiva in US
Jeenendra Bhandari, Director Finance, B Com, CA, CPA Narsimunji, Mumbai, 1997, Institute of Chartered Accountants, India, 1998, American Institute of Public Accountants, USA, 1999
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| Competition |
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| Competitors |
Medsynaptic, GE, Siemens, Fuji, Agfa
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| How different is your product or service? It has... |
Substitutes that differ in price or value |
| In what way is your product or service different? |
The product has unique capability of working with low bandwidth, making images available anytime, anywhere through the web, even on a lap top on the r...> Read more.. |
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| By The Numbers |
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2006 |
2007 |
| No. of employees |
6-15 |
16-25 |
| No. of locations |
2-5 |
2-5 |
| No. of customers |
16-50 |
over 50 |
| Turnover |
1- 5 crore |
5-15 crore |
| Profits |
16- 50 lacs |
51 lacs - 1 crore |
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| Primary source of initial funding |
Personal savings |
| Primary source of additional funding |
Angel investors |
| Raised institutional capital? |
No |
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| Why is this startup hot? |
1. Addresses a huge pain point of gap between the supply and demand of radiologists
2. Enables more efficient patient care
3. Allows reporting to be done through laptop and data card, even while traveling or on vacation
4. Allows collaboration among radiologists and physicians leading to faster and better diagnosis
5. ...> Read more.. |
1. Addresses a huge pain point of gap between the supply and demand of radiologists
2. Enables more efficient patient care
3. Allows reporting to be done through laptop and data card, even while traveling or on vacation
4. Allows collaboration among radiologists and physicians leading to faster and better diagnosis
5. Product is easy to install and most of the installations are done remotely.
6. Needless to add, but all support is also provided remotely
7. The product meets the highest level of patient data security standard of HIPAA, integration standard of HL7 and already has the approval of US FDA.
8. The Product is affordable
9. The product is easy to use
10. No wonder we already have a customer base of over 80 and installation base of over 120, including some in Singapore, Middle East and Kabul.
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| What keeps the team awake at night? |
| As of today, US launch - Visibility and Acceptability. On an ongoing basis - consistent product quality, reliability, and innovations to keep us ahead of the competition. |
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