When Thyrocare's founder A Velumani was doing his Phd at the Tata Memorial Hospital on radiation therapy, he noticed that the cost of medical testing was very high.india Updated: Jul 14, 2008 00:41 IST
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When Thyrocare's founder A Velumani was doing his Phd at the Tata Memorial Hospital on radiation therapy, he noticed that the cost of medical testing was very high. He decided to start a venture of his own and make testing affordable to more people.
When Velumani gave up his job at Tata Memorial Hospital, after getting his Phd, to start a diagnostic lab, his family and friends were sceptical. Then, when he decided to charge low prices, they were aghast. But Velumani ignored the cacophony of criticism and continued to expand.
When he started out, Velumani had all of Rs 1 lakh from his public provident fund. Of this, he spent Rs 40,000 on a machine and Rs 40,000 as advance for renting a room in Byculla. After this, he had to carefully manage his finances in order to expand.
Other obstacles: H
He found creating a brand a hugely difficult task. He just did not have the money to promote his brand in a big way, yet he knew this was key to getting patients to come back.
Outstanding personal qualities:
Daring: Velumani, who belonged to a lower middle-class family, had nothing to fall back on.
Self-belief: Sceptics abounded in the early years. They said his model of charging low prices was flawed. He continued executing his plan.
Focus: He wanted to start a niche lab that offered cut-rate prices, and he stuck to this initial focus for long enough to make it work.