Medprime Technologies: Spearheading the Future of Healthcare with Digital Microscopy Innovation
CXOToday has engaged in an exclusive interview with Greeshma Unnikrishnan, Co-Founder, Medprime Technologies
Q1. Tell us about Medprime’s journey so far and the milestones that the company has reached in the last three years?
Samrat, Binil, Mahesh, and I founded Medprime Technologies in 2014 during our postgraduate studies in Biomedical Engineering at IIT Bombay. Our first product was an IV monitoring system which didn’t work out. However, that setback only strengthened our resolve, and in 2016 we pivoted to the field of digital microscopy.
Our first breakthrough was when we introduced the world’s first smartphone-integrated portable microscope, CILIKA. This innovative product was suitable for both diagnostic and research applications, and it really put Medprime on the map. We then went on to develop benchtop models of CILIKA as well, further expanding our microscopy portfolio.
But we didn’t stop there. Over the last three years, we’ve continued to innovate, working on newer CILIKA models and exploring the integration of automation and artificial intelligence into our microscopy solutions. This has been an exciting phase of growth and development for us.
Perhaps our biggest milestone in the last three years was the significant fundraising round we closed in 2021, with Social Alpha as the lead investor. This has really bolstered our capabilities and allowed us to accelerate our product roadmap.
Another key achievement has been the widespread adoption of our solutions. Today, Medprime’s presence is valued in 22 states across India, and we’re proud to count prestigious institutions like AIIMS Delhi, R&R Delhi, CMC Vellore, military hospitals, Dr. Lal, and Apollo as our clients.
It’s been a remarkable journey, filled with challenges, but also immense pride and satisfaction in what we’ve been able to accomplish. We’re excited to see what the future holds for Medprime as we continue to push the boundaries of what’s possible in the world of digital microscopy.
Q2. Give us some insight into the microscopy industry? What gaps are you trying to fill?
The global microscope market is experiencing robust growth, expected to reach USD 20.43 billion by 2030, registering a CAGR of 8% during the forecast period, as per a report by Grand View Research. This growth is fuelled by the high demand from the healthcare sector, as well as the rapidly expanding semiconductor industry.
One of the key drivers behind this market expansion is the ongoing advancements in microscopy techniques. These developments have enabled researchers to visualize molecular-level details, contributing to significant breakthroughs across various scientific disciplines. However, we at Medprime Technologies believe there is a crucial gap that needs to be addressed – the digitization of microscopy.
Compared to other facilities in the healthcare sector, microscopy has historically been a relatively analog and manual process. This has led to several challenges, such as difficulties in diagnosis, inefficiencies, delays, and dependencies on highly skilled technicians. By digitizing microscopy, we at Medprime Technologies aim to revolutionize this field and deliver transformative solutions.
Our vision is to make microscopy more accessible, efficient, and accurate. Through the integration of digital technologies, we can simplify the diagnostic process, eliminate delays, and increase the overall accuracy of results. This, in turn, leads to better treatment outcomes for patients.
Moreover, the digitization of microscopy also facilitates easier training and reduces dependencies on highly specialized personnel. This democratization of access to microscopy services can have a far-reaching impact, particularly in underserved regions where medical resources may be scarce.
Q3. What are some of the trends that you are seeing that will shape the microscopy industry in the next 5 years?
One of the most significant advancements we are witnessing is the development of cutting-edge microscopy techniques, such as stimulated emission depletion (STED) microscopy, single-molecule localization microscopy (SMLM), and structured illumination microscopy (SIM). These innovative approaches offer enhanced resolution, faster imaging speeds, and the ability to visualize molecular-level details with unprecedented clarity. These technological breakthroughs are poised to revolutionize various scientific disciplines, from biomedical research to materials science.
Additionally, we are observing the rising prominence of several emerging fields that will have a profound impact on the microscopy industry. Optogenetics, nanophotonics, photochemical catalysis, and stem cell therapy research are just a few examples of the exciting trends that will shape the future of this industry. As these areas continue to evolve, the demand for advanced microscopy solutions capable of supporting these advancements will only grow.
Perhaps the most transformative trend that will define the next five years is the integration of artificial intelligence (AI) into microscopy. AI-powered image analysis through deep learning networks is already revolutionizing the way we detect and analyse cells and tissues. By training these AI models to rapidly and accurately scan microscopy slides, we can significantly improve diagnostic accuracy, streamline workflows, and enhance overall efficiency in the healthcare industry.
At Medprime, we are actively working on developing AI-integrated products, and we anticipate the launch of these cutting-edge solutions in the near future. This integration of AI and microscopy will be a true game-changer, empowering healthcare professionals with unprecedented capabilities and paving the way for more accurate, efficient, and accessible diagnostic services.
Q4. How does Medprime Technologies plan to expand in the future, what geographies are you looking at?
At the moment, we are heavily investing in strengthening our sales and marketing capabilities. This includes developing robust marketing collaterals and further empowering our sales teams to effectively showcase the value of our solutions. Additionally, we are placing a strong emphasis on publishing detailed case studies and impact assessments, which will help demonstrate the real-world benefits of our technologies.
Alongside these marketing initiatives, we are also actively working on developing newer models in our flagship CILIKA series of digital microscopes. These products will build upon the success of our existing offerings, incorporating the latest advancements in microscopy and further enhancing the user experience.
But perhaps our most significant undertaking is the commercial launch of our new AI-integrated product, Micalys. This cutting-edge solution leverages the power of artificial intelligence to revolutionize the way microscopy is conducted, offering unparalleled accuracy, efficiency, and accessibility.
As we look to the future, we have identified several key geographies that we plan to target for expansion. Our sights are set on the Middle East, Africa, and Southeast Asia. These regions present immense opportunities for growth, as they grapple with challenges such as limited access to quality healthcare infrastructure and the need for more affordable, yet technologically advanced solutions.
Q5. What are some of the challenges that you are facing that you are looking to work through?
One of the primary challenges we are tackling is how to become an integral part of the public healthcare system. Given the various state and national-level health programs in place, it is crucial for us to find ways to get our solutions integrated into these initiatives. Another significant challenge we are addressing is the onboarding and training of our sales teams and distribution partners. Unlike well-established products, our cutting-edge digital microscopy solutions require a significant amount of concept selling. Our sales personnel and channel partners need to be highly skilled at effectively communicating the value proposition and unique features of our technologies to potential customers.
This challenge stems from the fact that our products are relatively new to the market, and there may be a learning curve for both our teams and the end-users. To overcome these hurdles, we are investing heavily in comprehensive sales enablement programs, developing robust training materials, and fostering strong relationships with our distribution partners. By equipping our teams with the knowledge and skills to effectively articulate the benefits of our technologies, we can drive greater adoption and success in the market.
Q6. Are there any product launches you are anticipating this year?
I’m excited to share that we have a significant product launch in the pipeline this year – the commercial launch of our new AI-integrated solution, Micalys. Micalys represents a major milestone for our company and once we are ready, we’ll share more information with you.
