How this Entrepreneur turned the pandemic into an opportunity
In terms of business opportunity in the supply chain of pharmaceutical products, there was always a huge demand in the industry even in pre-COVID-19 times, but now it has surely become the order of the day to actively monitor and ensure proper drug supplies by maintaining the pipeline inventory so no shortages should follow
Healthcare business has changed dramatically during COVID 19. Six months ago RNR Medical Equipments Trading LLC, during the peak of the COVID-19 pandemic has worked with vigor to combat the virus by providing healthcare companies with desired medical equipment and ensuring a robust medical supply chain. Swapnadip Roy is the founder and CEO of RNR Group including R&R Capital LLC and RNR Medical Equipments Trading LLC. He shares ideas on how the medical equipment trading business could be a big opportunity and what it takes to build a business in the Middle East market.
How The Pandemic Refocused the Healthcare and Pharma Industry
The precarious COVID-19 situation has made the world change the mindset of how they see themselves engaging with other people and engaging with the world. Not just that the use of masks and gloves has become the new normal but the world needs to live with new viruses and pandemics that may crop up post COVID-19. I do believe the vaccine is on the way by 2021 - says Roy, the medical equipment business will see a big growth because people have a need for medical products, which makes them feel secure.
In terms of business opportunity in the supply chain of pharmaceutical products, there was always a huge demand in the industry even in pre-COVID-19 times, but now it has surely become the order of the day to actively monitor and ensure proper drug supplies by maintaining the pipeline inventory so no shortages should follow.
The Business Vision
The vision of the company at RNR Medical Equipments Trading LLC, at least for the next 3 years is to become a household name in the field of medical equipment trading, to get even longer term deals rather than one or two-year deals, to have long-lasting relationships with top tier pharmaceutical companies, to have better supply chain for our client needs and also to provide our clients with an adequate support in terms of their needs and requirements.
Besides medical equipment trading, R&R Capital LLC, will be investing in the real estate market, and many other business ventures which we are expecting to see high growth in the following months and build on that experience in the following years.
What I learned about building a business in the UAE
When you are building a Business internationally in UAE, the freedom of trade business, the cooperation from the Government side, and the level of business activity in Dubai, which is the nucleus of the business of the Middle East has given United Arab Emirates 16 ranking amongst 190 economies in the ease of doing business, according to the latest World Bank annual ratings shares Roy.
The government does not impose a tax on income, so it helps in the early stage for business. A small business can save a lot of money at the beginning of the business and use that money to experiment with new business opportunities as well as do a certain level of R&D.
To do business locally in the UAE matters on the type of business activity that you are involved in. Doing business locally means you deal with a lot of multicultural diversity which exists especially in Dubai and Abu Dhabi. which can be a bit challenging when you are an international company and have moved recently to Dubai, for instance." There is no discounting a good business network. I have been coming in and out to Dubai a lot and I have a lot of business experience in the UAE which has helped me to establish my business successfully " shares Roy, also access to capital might be a problem but if you have the right connections you can solve it."
Be legally strong when doing International Business
Having a good law firm on board always helps shares, Roy. At RNR Group, we have 2 law firms on board. One being locally based which has extensive expertise in dealing with local clients and the second one is an international-based law corporation with branches in the USA, Europe, and Asia Pacific. Having 2 law firms on board really gives you a special ability to cut through the small difficulties that you may find yourself in while trying to search for a legitimate business partner and legitimate business relations. Having your legal sides cleared is highly crucial.