The company has recently closed its seed 2 round of funding by DEFTA Partners and has received FDA approval for their Kardio Screen product
By Raelene Kambli
Given the market opportunities available in India’s cardiovascular space, iMedrix, a Silicon Valley-based technology enterprise has laid a blueprint for market expansion and fruitful collaborations. The start-up which has been functioning in India for the last four years has been in stealth mode for some time and now it intends to tap the market more aggressively.
The company has recently closed its seed 2 round of funding by DEFTA Partners is a venture capital firm focussing on healthcare technology. The company also received the FDA approval for the cardiac screening device which is Indian made. They also got their first patent to protect their IP. These products will be available in Cambodia and Malaysia as well. The product will be launched in the US market soon.
The iMedrix board comprising of Srikanth Jadcherla, CEO and Board Director, Nagesh Rangappan, CTO and Board Director, Paul W Heng, Chairman of the Board, William L Mince, COO and Kyoko Watanabe, Board Director in an exclusive interaction with Express Healthcare shared their perspective on the Indian market, their plans for expansion and strategic collaborations with the private and government sector.
KardioScreen is said to be a simple, robust and can be used by almost anyone anywhere to check on the heart. Using KardioScreen, one can acquire ECGs in clinics almost at a distance of 10m from the patient without infecting the nurse or doctor. Similarly, patients can administer the ECG at home and send it to their doctor, without having to travel anywhere risking infection and transmission.
Blueprint for expansion and market capitalisation
Srikanth Jadcherla, Srikanth Jadcherla, CEO and Board Director, iMedrix informed that iMedrix currently works with around 50 major hospitals in India including private and government. They have an interesting programme running with the ICMR and AIIMS for cardiac screening which is quite successful from the medical outcomes point fo view. According to Jadcherla, the ICMR programme which is a mobile motorcycle ambulance system has been able to save several lives in various parts of rural India.
“The blueprint is already made and negotiation with private and government bodies continue. The company majorly focusses on making heart diseases detection, prevention, response actions and management more affordable and accessible to all”, informed Jadcherla.
Nagesh Rangappan, CTO and Board Director, iMedrix spoke about the vision of the company that is to reduce the CVD burden in India and globally. He also shared how the company thrives on data analytics, data sciences management and AI tools that help them develop country-specific solutions. “iMedrix aims to empower physicians and help to get smarter by utilising technology to their benefit,” he explained.
When asked about whom does the company compete within the Indian market. Although the board didn’t speak about their direct competitors, they believe that they have a clear competitive advantage over others. “As our product has received FDA approval and has its patent as well, we have a strong advantage. We are presently not worried about the competitors and have a strong vision for success,” Paul W Heng, Chairman of the Board, iMedrix ascertained.
He further went on to say, “iMedrix envisages to bring EKG to the mass public across the globe. Why we can do this is because our product Kardio Screen is easily scalable, easy to use and ensure reliable medical outcomes.”
When asked about their data privacy mechanisms that the company follows, Jadcherla shared that just as Hippocratic Oath is sacred to doctors and all healthcare providers, similarly, technology providers need to have an equivalent guiding principle. He further mentioned that follow a highly secured data privacy system for their patients and providers both.
As part of a strategic plan in January, iMedrex organised a digital health summit that gathered around 100 plus industry experts who spoke about ways by which, strategic alliances could be garnered. This was done with a view to create opportunities for more dialogue with the private sector and to create awareness on their offerings to the Indian market. At the summit, iMedrix displayed their data analytics solutions. They also shared insights on how healthcare organisations can process data and apply AI to come up with company-specific or comprehensive solutions.
On the anvil
The iMedrix board revealed that in future they will look for more collaborations to expand their business. They would work with large hospitals and healthcare providers utilising the hub and spoke model. The company will leverage partnerships with state governments in India. Their discussion with the Telangana government is already underway.