Chennai, NFAPost: Association of Indian Medical Device Industry (AiMeD) has entered into a strategic partnership with Wadhwani Foundation, a global non-profit organisation to help the MSMEs address the various challenges faced by them at this time of Covid-19 pandemic to create an Aatma Nirbhar Bharat.
Through this partnership, Wadhwani Foundation in coordination with AiMeD will provide soft assistance to AiMeD’s Progressive MSME Members to enable them to survive and grow amidst the current crisis through the Sahayata Program. The Sahayata Program aims to provide a growth path for small businesses by addressing their strategic, operational and talent needs.
MSMEs form the backbone of the Indian economy employing more than 120 million individuals. In the current times when businesses, big or small, across industries have taken a hit, the blow of Covid-19 has been felt particularly harder by the MSMEs in India. The problems faced by the MSMEs are multifold- from shrinking demand and supply chain disruptions to cash flow challenges- the list goes on.
A key concern of MSMEs is the availability of resources and expertise to help them tide over the various challenges faced by them. One of the key focus sectors of the Wadhwani Advantage Program is the MedTech sector, which has shown great resilience during the crisis and the Foundation is inclined to support MSMEs in this sector and act as a catalyst for exponential growth, in return gaining the equity in terms of job creation.
AiMeD and Wadhwani Foundation will jointly select around 200 of its Progressive MSME partners to engage with through the Sahayata program, over the next few months. Under this outcome-oriented program, the MSMEs will receive personalised, actionable content in the form of videos, readings, articles, playbooks and infographics curated by the Wadhwani Foundation, one-on-one mentorship from experts and access to consultants and advisors for further guidance on finding solutions to MSME’s key business challenges.
MSMEs will have bespoke engagement models based on their business requirements.
The main objectives of the Sahayata Program are:
- To ignite growth of Progressive MSMEs in the MedTech sector and generate employment
- To inculcate the habit of operational, strategic and technological excellence among MSMEs in MedTech so that they can expand their competitive advantage
- To provide and train MSMEs on best practices in supply chain, manufacturing, Go-To-Market, etc.
- To help build a sustainable eco system as an identified growth driver under the AtmaNirbhar Program launched by Govt of India
- Help build both soft and hard infrastructure to accelerate and sustain growth
This initiative aims to provide the targeted expertise to the MSMEs across varied areas. The Sahayata Program coupled with the various stimulus measures announced by the government will help the MedTech sector grow during the current difficult times.
“We are thankful to be approached by Wadhawani Foundation in their sincere attempt to give Sahatya to AiMeD’s Progressive MSME Members to help them address the unprecedented challenges under current COVID times to create an Aatma Nirbhar Bharat,” AIMED FORUM COORDINATOR RAJIV NATH SAID.
“While many Medical Devices did see a spike in demand and boost to business there are other products that have seen a slump in demand as Patients stayed away from Hospitals ever since the State Govts. stopped distinguishing between COVID & Non-COVID Hospital. The Mentoring & Training offered by Wadhawani Foundation will be a great help,” he added.
AiMeD is an Umbrella Association of Indian Manufacturers of Medical Devices covering all types of Medical Devices including Consumables, Disposables, Equipments, Instruments, Electronics, Diagnostics and Implants. With a Primary Membership of over 350 manufacturers and additionally of over 200 Associate Members representing the interest of over 1,200 Manufacturers of Medical Devices however, with over 2,000 products the organisation should be over 7000 factories and bigger than Pharmato address the manufacturer’s problems.
Wadhwani Foundation was founded in 2000 by Romesh Wadhwani, with the primary mission of accelerating job creation in India and other emerging economies through large-scale initiatives in entrepreneurship, small business growth, innovation, and skilling. The Wadhwani Foundation operates in 20 countries, including India, South East Asia (Indonesia, Malaysia, the Philippines), East Africa (Kenya, Uganda, Rwanda), Southern Africa (South Africa, Botswana, Namibia), West Africa (Nigeria, Ghana), Egypt, and Latin America (Mexico, Brazil, Peru, Chile). The Wadhwani Foundation works in partnership with governments, foundations, corporations, and educational institutes.
The Foundation recently launched its ‘Sahayata Small Business Stability Progra’, under which a commitment of Rs 200 crore has been made by the founder Romesh Wadhwani to help and support MSMEs in India to get on a growth path.