According to the World Health Organisation, orthopaedic conditions are the second largest contributor to disability worldwide. Such conditions significantly limit mobility and dexterity, leading to difficulty working and early retirement from employment, reduced accumulated wealth and decreased ability to participate in social roles. In India, orthopaedic disorders are the most prevalent chronic disease affecting over 200 million people. In particular, elderly populations tend to have a higher prevalence of orthopaedic ailments.
Ascent Meditech, a leading Indian medical products company and distributor of niche consumer healthcare products, is helping to provide relief for these chronic conditions.
Ascent, which has built a sophisticated manufacturing, distribution and retail strategy, specialises in wound care, mobility aids and orthopaedic soft goods. The company sold 15 million products in 2017 through its extensive network of 150,000 retail pharmacy points across 12 Indian States. Ascent’s flagship brand of products, Flamingo, is sold in more than 40 countries across the globe.
The company’s products are currently sold to seven million customers, approximately 90% of whom are low-income emerging consumers, with a focus on providing high quality and competitively priced orthopaedics to India’s aging population. The share of India’s population over the age of 60 is projected to increase from 8% today to 19% by 2050. Typically, elderly consumers prefer medical aids over invasive solutions such as surgery.
Dr. Felix Olale, Partner and Global Co-Lead for Health Investments at LeapFrog commented: “The Ascent Meditech team has achieved outstanding growth in the orthopaedic and wound care market, addressing a core need for consumers with high quality products and competitive prices, thus opening up accessibility. We see a huge opportunity for LeapFrog to partner with an outstanding management team to increase production and distribution of Ascent’s quality and trusted products, including the flagship Flamingo brand, in India, Asia, Africa, and the Middle East.”
The investment in Ascent will capitalise on the favourable dynamics in both the domestic and international markets. The $100 billion Indian healthcare market is expected to expand at 12-15% CAGR.
“We are delighted to partner with LeapFrog Investments, who share our vision of opening up access to quality and affordable healthcare products and continuing to grow this market leading and trusted brand.”
Rajiv Mistry, CEO Ascent Meditech