NeuroEquilibrium Diagnostics Systems Pvt. Ltd., founded by Rajneesh Bhandari, Anirban Biswas & Anita Bhandari in March 2015, is an organization established to address the needs of patients suffering from vertigo and dizziness with its advanced diagnostic systems. The product was launched in April 2016. The company has been founded to cater to the large number of people who are affected by balance disorders and endeavors to provide a holistic management for vertigo and balance disorders by carrying out breakthrough innovations in this field.
NeuroEquilibrium™ assessment platform is the most advanced vertigo and balance assessment platform in the world and has been developed in collaboration with top Neurotologists of India. The organisation has developed four cutting edge diagnostic equipments for the diagnosis of vertigo- Video Nystagmography (VNG), Subjective Visual Vertical (SVV), Craniocorpography (CCG) and Dynamic Visual Acuity (DVA). The objective of NeuroEquilibrium is to set up specialised vertigo and balance disorder clinics across India in collaboration with leading ENT and Neurology clinics.
In an interaction with Sujata Sangwan, BWdisrupt, Rajneesh Bhandari talks about his unique initiative in healthcare sectorDistinguishing FeaturesThe diagnostic equipments have been developed in India in line with the ‘Make in’ campaign and we have already applied for 3 patents. It is a comprehensive diagnostic system, which integrates various diagnostic tests on one platform and sends the diagnostic reports to a cloud server, which helps in providing proper diagnosis and treatment to vertigo patients.The NeuroEquilibrium platform has comprehensive vertigo and balance evaluation, customized reporting, one click patient data retrieval, rehabilitation module and patient monitoring module, making it India’s first robust diagnostic system that helps doctors to diagnose and treat vertigo cases easily. It is highly scalable as it leverages cloud technology.
ChallengesMost vertigo patients do not know which doctor to visit, oscillating among ENT specialists, Neurologists, Orthopaedics, Physicians, etc. Also most patients believe that vertigo does not have a cure and that they have to live with vertigo. Changing this mindset and educating the patients that vertigo is curable is the biggest challenge.
The other challenge was that when we showcased the diagnostic equipment for the first time, the doctors did not believe that this technology could be developed in India or that the products made in India could be at par or better than the equipment made in USA or Europe.
Monetization ModelWe are setting up specialized vertigo clinics in collaboration with leading ENT and Neurology clinics in the country. It’s a clinic-in-clinic model whereby NeuroEquilibrium Diagnostics Systems Pvt. Ltd. provides the diagnostic equipment, technology, trained manpower & detailed analysis of tests by specialist doctors via cloud technology in real time at carefully identified and established ENT and Neurology clinics. All this is at very affordable costs so that a large number of patients can benefit. I would say, looking at the percentage of population affected by the condition, that the growth prospects are very bright.
Marketing PlansOur vision is to diagnose & treat one million patients in the next 5 years and 5 million in the next 10 years. The diagnosis is affordable and the complete battery of tests cost less than the cost of an MRI.
Funding StatusAs of now, we are boot strapped and all investment has come from the promoters. We plan to raise funds in the next couple of months.
TractionThe product was launched in April 2016. The first two clinics became operational in May 2016 and we are already getting very good response. The third clinic will be operational by end June.
Future PlansIn the future, we plan to set up clinics outside India as well. Since it leverages cloud technology, we believe this is a very scalable model. The most promising markets will be South East Asia, Africa, etc.
Market Size & Opportunity
Vertigo affects about 20% to 40% of the population at some point of time in their lives. Further, 5% of the population suffers from vertigo and dizziness in any given year. This means that over 6 crore people in India are affected by vertigo and balance disorders. Unfortunately, vertigo and dizziness is a problem that is prevalent but is mostly undiagnosed or treated as a chronic, untreatable condition. Thus, there is a huge gap and an urgent need for specialized vertigo clinics across the country to provide an appropriate and case-sensitive management for vertigo and balance disorders.
