by Elsa Lycias Joel 28 February 2021
Dr. A.Velumani speaks to Elsa Lycias Joel about becoming an entrepreneur, the challenges he faced with creating Thyrocare Technologies Ltd., a chain of diagnostic and preventive care laboratories headquartered in Navi Mumbai, why he holds his mother in high regards, National Health Mission, and his father in law’s award to him.
- How do you relate the phrase Matha Pitha Guru Deivam to your resounding success as an entrepreneur?
They played and still play a huge role in building my mind and heart positively on the right path. In my case, my mother’s ideas dominated a lot, to the extent of 90%. She was confident of me right from the start, was honest, focused, hardworking, fearless, sharp, and intelligent, and made sure I inherited all of those. In fact, she was also my Pitha and Guru. Her unconditional love kept me away from wrong thoughts and deeds. So, my matha’s happiness was my only priority in life, and it turned out to be a blessing.
2. Deciding to quit Bhabha Atomic Research Centre (BARC) looks like an act of courage, heroism. Was it a planned move or impulsive?
Neither planned nor impulsive but a calculated move. The time of decision raised many eyebrows because I was assigned a particular task at that point in time.
3. Task to do what?
To make Thyroid testing reagents in India under what is called today as “Make in India” or “Atmanirbhar.” Having done my MSc and Ph.D. in Thyroid, I knew the art inside out and realized making them in India would save 75% of the reagent cost. Deliberating about starting a lab at half the costs of what BARC planned was not easy. Yet, the idea was feasible. With nil business acumen and armed with the confidence to learn on the fly, I followed my instinct. I do not know what would have happened if I had discussed my idea with family and friends.
4. Your alchemy of growth or full throttle growth is an inspiration for many aspiring entrepreneurs.
Any business model is like a child, and its power is in its DNA. There was a volume-driven benefit that made it grow faster. To remain a winner forever, I helped my associates win too. 50:50 was my rule in an industry where 20% only was the norm. Moreover, when you demonstrate a breakthrough idea, and others can see that it’s a good one, they will copy it.
5. “Imitation is the sincerest form of flattery.”
True in certain areas of life, it’s hardly reassuring when it happens in the business world (Laughs). But there are a few things that aren’t as easily replicated, like superior testing models, advanced research and testing expertise, in-lab tailored analytical methods, and above all, quality customer service. Thyrocare enjoys fantastic brand loyalty.
6. In addition to your “buckle down and work” mentality, do you remember any biggest stroke of luck before or after Thyrocare happened?
There is no substitute for “Focused Hardwork.” Fortunately, my wife had the highest level of “Trust and Respect” for my views, vision, and mission, which accelerated my growth. A readiness to adopt IT in laboratory and administration helped the business grow faster. Android amplified my success.
7. With a rich legacy of 24 years, helping people in their journey towards better health, Thyrocare has remained a pioneer in affordable thyroid testing in 10 countries and 10,000 plus pin codes. As a differentiator, too, would you say you are the most referred or doctor preferred diagnostics in the country? How and why?
10,000 plus pin codes are a result of sweating blood. For the first 10 years, thyrocare was 95% doctor referred. Soon after my other brand, “Aarogyam,” gained popularity, it’s become a go-to lab by both doctors and the common man. Since I focus more on disorders and it involves chronic care, I’ve established a solid base of long-term customers.
8. Going by the number of tests, we have every reason to believe that there is a significant burden of thyroid diseases. Do you think excess consumption of fat, sugar, and salt increases the threat of thyroid diseases?
With 40 years of research, I can assert it is not a disorder that arises due to bad food habits and hence not preventable. 4 out of 5 patients being women, it’s proven that women are more prone to this disorder from menarche to menopause. Fortunately, diagnostics have become a cheaper way towards safe, early, and easy treatment. .
9. To remain healthy, people need to adopt healthy behaviours. Is cigarette smoking a negative lifestyle behaviour? A large section of society believes that the government is not doing enough to implement a ban on tobacco. Why is it so?
Tobacco is a killer. The government cannot stop it because anything banned is available in black at a higher price. Liquor and tobacco are big revenue spinners for the government. Alterations like a decrease in TSH and an increase in thyroid hormones due to smoking are usually mild.
10. There are scientific reports that associate smoking with autoimmune hypothyroidism.
Yes, I agree these have been reported in the scientific literature for some time. As I said, liquor and tobacco are killers.
11. Healthy citizens are the greatest asset of a country. How relevant is the National Health Mission of India in addressing the wider social determinants of health?
The health of citizens is indeed an asset for a family or company, or country. It’s about physical, emotional, social, and financial well-being. Unfortunately, two things aren’t just right.
1. Priorities of parents
2. Priorities set by the Education system.
Success is measured in money, wealth, power, and positions inherited or otherwise. Unfulfilled expectations and discontentment create stress and illness. NHM India has a good mission and vision on paper. Its positive impact on society is not very clear, though. Good intent is always appreciated .12. So, what’s new about Mr. Modi’s Atmanirbhar Bharat Abhiyan? Why does it invite more criticisms than praise?
Being criticized by opposition parties is a very normal thing we see for the last 70 years or so. That’s why it is difficult to justify or condemn criticisms.
13. Your awards and accolades!
Personally, life itself is an award to me. Not exaggerating. (A small pause)
I was born at the bottom of the economic Pyramid. A slow and steady journey that was fueled by poverty, frugality, and an undiluted focus helped me reach the top slice. I have employed 10,000 freshers in my company because as a fresher in 1978, I had to run from pillar to post frustrated, annoyed, and worn out. To me, the smile on the faces of my employees is an award by itself. And another one from my father-in-law was Late.Mrs. Sumathi Velumani is also the mother of my child, “Thyrocare.”14. I understand Thyrocare has grown to harness a culture that is open, synergistic, progressive, and scientific in nature. Do you think partnering with educational institutions, government bodies, NGOs, and wellness foundations will emphasize preventive healthcare and early screening of diseases?
It is a wonderful business model, blended with HR, Logistics, and IT for dispensing affordable, accessible, and authentic wellness nationwide. In this big country, anyone can associate with us, provided there are thousands and more available to coordinate, collaborate and carry through.
15. The three As and three Cs!
(Smiles)The power of three is universal.
16. Are you a proud Indian? Is it true that Indian entrepreneurs do well abroad?
I am a proud – Village boy. I have done my village proud, my taluk is proud, my district proud – nothing beyond that. In Mumbai, I am just one more entrepreneur, and India has thousands like me. Indian entrepreneurs or scientists or engineers or doctors – all do well and much better than their peers from other parts of the world, statistically speaking.
17. How does Thyrocare accelerate the shift from treatment to prevention and from volume to value?
A lot of lifestyle disorders can be prevented by just increasing the output and decreasing the input. I mean by coming out of a sedentary lifestyle. Unfortunately, “Standard of Living” is spoiling the “Quality of Living.” Change of mindset you see !(nods)
Yes, there are some preventable genetic disorders. By doing certain tests before conceiving or during conception, quality life can be assured for a good number of kids. Tests and technologies are indeed available, but the common man feels they are too costly to go for. If the government makes certain tests mandatory for all pregnant women, the burden of the government and society can be reduced.
18. Is it hard to escape the commodity trap?
It is not easy, but it is not impossible either. It is all in mind, what to go for, what to let go and when to let go. Varies from individual to individual.
19. Dr. Velumani’s motto!
Create as many livelihoods as possible