India’s leading IT-enabled healthcare company, MyDentalPlan Healthcare Pvt. Ltd., recently announced that it has secured a seed funding of $700,000 USD from Safe Planet Medicare LLP. Having made significant inroads in the wholesale market, MyDentalPlan is now planning to foray into the retail business.
A household name in the dental space, MyDentalPlanand is formulating plans to expand its footprint to 5,000 more clinics by 2021. During the same period, the company has chalked out plans to increase its presence to 250 cities.
True Speak team got a chance to interact with Mr. Harminder Singh Multani, CEO of MyDentalPlan Healthcare Pvt. Ltd. who shared the workculture, efficiency and plans for the future.
Kindly share your growth journey from 2015 to present?
Mr. Harminder Singh: One good thing that has happened over the period is that, we are not alone in the market. Number of organised players are coming in and working on the same concept like ours, but in a different manner. And there are a few city level initiatives in the space aswell.
So, overall we are witnessing a developing ecosystem. Although, all these people are our competitors, but they are also, in-a-way collaborating with us for increasing the awareness and sensitize the population that dental hygiene is very important. MyDentalPlan has been trying to drive the Indian population more sensitive towards the dentist for the preventive point of view.
Before the lockdown, this market has been growing at more than 16 % year-on-year. So we are looking at the market which has grown to 2 billion USD worth in India, of which more than 75% is primarily the treatment market and rest is the diagnosis and other things which are a part of value chain.
The number of dentists that are being added in to the market today is increasing significantly. We are looking forward to open 2000 to 3000 clinics every year, with approximately 10,000 dentists joining the market every year. So in terms of both the supply and demand side, we are witnessing the growth at a significant pace and this is definitely going further.
Being specific to myDentalPlan, today we have nearly 1000 clinics which are a part of our network. We are present in 145 cities and having 1000 clinics in just 5 years, which is a good number. And with this, we are looking forward to have 3000 clinics by the end of this financial year. We want to be present in almost 250 cities, which is a fair indication of how fast we see the dental market is growing.
How big is your team to manage your day-to-day affairs?
Mr. Harminder Singh: Our team is nearly 40 now, who are working with us directly, and I think that’s a substantial number.
How are you managing your ‘Work from Home’ scenario?
Mr. Harminder Singh: There are a number of interesting developments that has taken place during this lockdown. Yes, we are all working from home and we decided to work from home even before the government decided. So, we took the lead on it and we decided that we are going to keep our teams safe. Also Google Meet and Zoom has done wonders for the work-from-home environment. So we are able to create online collaboration platform, which was something that we create before the lockdowns happen. We can build a lot of tools based on technology so we are all on Google Docs, Google Sheets and all our work documents are there which we are able to collaborate from sitting anywhere at anytime.
I have seen the efficiency of our employees going up, compared to the earlier time when people use to come to office. They are so much more driven and I think it has something to do with work from home scenario, as it releases pressure and allows you to be yourself and a lot of people are being more creative than ever before and punctual.
So I think we are most comfortable working from home and finding our teams more productive and doing better.
Do we have the internationally practicing dentists on the platform?
Mr. Harminder Singh: We have a lot of reputed dentists who are catering to clients from not only in India but abroad. But we are willing to launch an equivalent medical tourism as a service from MyDentalPlan, which could be called as ‘Dental Tourism’.
We want to be able to make best dentists available from across the country to the people who are willing to use and pay for those services, no matter where they are. And when I say that, we are looking at the Dental Tourism to come up not just within domestic boundaries, but also people from abroad coming and using those services. So there are a lot of dental procedures which are pretty expensive, and customer wants to go to the very best. For example, higher implants, facial restructure – these are very specialized surgeries which are expensive as well. And we want people to actually reach out to some of the best dentists of the country if they are willing to pay for it.
We will be launching this service by the end of 2021, as it is at the planning stage right now. For us, to actually build the network is very simple, as we already have a number of large dentists onboard.
Please share the marketing plan or your growth rate for MyDentalPlan?
Mr. Harminder Singh: The last financial year was bad because of the lockdown caused by pandemic, yet we grew by 3X, which was a very substantial number for our financial growth, as nearly half of the year was affected because of the pandemic. This year we are hoping to be able to do almost than 20X from where we are.
The Covid-19 pandemic had a devastating impact on the academic calendar. The exams like NE…