Helping Healthcare companies to excel with its valuable insights and strategic inputs
Manas Ranjan Rout & Ila Rout – Directors, Cognitrex Consultants Pvt Ltd
Established in 2015, Cognitrex Consultants is a market research, market intelligence, competitive intelligence and consulting firm with presence in healthcare domain such as pharmaceuticals, medical device and equipment companies, consumables etc. It is known to study multi-country trends and help its clients to gauge their market potential and strategize business accordingly. With over 70+ clients in their kitty in last 6 years, Cognitrex is definitely soaring high.
This Gurgaon based company founded by Manas Ranjan Rout and Ila Rout, is into government business facilitation, medical event management, licensing, and healthcare technologies, apart from having a stronghold in research and strategy. After gaining tremendous amount of experience across sales, marketing and strategy functions of MNCs like Glenmark Pharmaceuticals, Novo Nordisk, Torrent Pharma and Strategic Analysis INC, Manas decided to take an entrepreneurial jump with his Cognitrex Consultants. Manas reveals,
“Alongside, my experience working across multiple healthcare clients also provides me an edge to add more clients across spectrum of healthcare industry. And I leverage these proficiencies to nurture businesses in India. The foremost thing I look at when running business are discipline and attitude of the team members. Moreover we focused more on training our internal team so that they can understand the work and deliver the work with high quality.”
Since inception, Cognitrex have successfully provided solutions around market research and market intelligence for the industry, which have helped its clients within pharmaceutical, medical devices, medical equipment, and hospitals etc to take not only strategic decisions but also counter competitive threats. Every company in healthcare would require insights account of rapid changing dynamics due to COVID impact. Clients are interested to know what other companies are doing to be in a better position in market. As a result, market & competitive intelligence is going to play a vital role for every player not only in getting real time market insight but also to counter competitive threats. The company is now planning to launch multiple syndicated report by using digital dashboard route.
Cognitrex is planning to get into education segment in 2022 under the name “Cognitrex Academy”. It would be the 1st company to introduce Pharma Career Counselling and Skill development programs for pharma and healthcare aspirants. Another latest development would be to collaborate with NPAFInc, and focus more on multiple digital integration programs for clinicians, channel partners etc using 4k satellite data transmission. It will thus help Cognitrex’s client to use multi-channel and multi-country data transmission for business expansion and promotion.
Manas draws inspiration from Ratan Tata, not only for his business acumen but also the philanthropic services to the society. He is always a phenomenal team player and people’s person. It was the vacuum in the market to provide insights on competition activities and market insights which he could identified during his job tenure that propelled him to start Cognitrex.
Even though information was key to Cognitrex’s success, those initial phases weren’t easy. The biggest challenge that the firm faced was on the authenticity and accuracy of the information. To address the same, a panel of doctors and channel partners were formed which included distributors and retailers. Free reports were offered initially, in order to prove the authenticity and accuracy of the data to pharmaceutical industry. Many of the pharmaceutical clients liked those reports and started allotting projects. Meanwhile leading consulting companies and medical communication companies were also been approached for business.
As business grew, Cognitrex created different Business Units. In 2018, the market research work got split into – Cognitrex Lifesciences, focusing on Pharma, Biopharma, OTC, etc and the other one is Cognitrex Medeq, focusing on Medical Devices, Medical Equipment, Surgicals etc. In 2019, 3 SBUs were launched – Cognitrex Events, Cognitrex Government Biz, and Cognitrex Licensing. Side by side from a team of 5 the firm grew slowly to reach to a team size of 45 as of 2021.
Ila feels that deep industry knowledge and understanding of ecosystem is the key in running the show. The continuous learning and interface with all the stakeholders in the industry is key to remain informed about the industry at large. She says,
“Young entrepreneurs should be ready to bite the bullets of failure and should have high level of patience. They should continuously learn about revolving dynamics of industry to acquire knowledge on Industry ecosystem and customer demand, which will eventually help them strategize to acquire business.”
In 2020, Manas was awarded as “Young Dynamic Healthpreneur” For Empowering Healthcare & Pharmaceutical Industry by Brand Opus as Part of their Achievers ICON Awards. The same year, Cognitrex was also awarded as Leading Healthcare Market Research and Market Intelligence Company in India by BrandVoltz. It is also selected as India’s top Market Research Startup 2020 by CEOInsights Magazine. And we are sure, more such awards and recognitions are waiting for Manas & Ila in the future.
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