Dr Jankharia’s Imaging Centre under the guidance of Dr Bhavin Jankharia has played a vital role in the radiology sector, in terms of making radiology a stand alone business segment. He introduced sophisticated technologies such as the first 64 slice CT scanner in Asia, first High-Intensity Focused Ultrasound Therapy (HIFU), as well as a PET scanner in Indian private practice, raising the bar for diagnostic imaging in India. With his diagnostic skills he has earned a high amount of respect among his patients and fellow radiologists, who not only approach him for diagnosis but also for consultation. Just the way he refers to his practice as, a tertiary referral for radiology.
Well, this is but a small description of a man with a multi-layered and complex personality and hence we train our focus on him to understand his vision for his baby- Dr Jankharia’s Imaging Centres and the radiology sector at large.
From a radiologist to an entrepreneur
After completing his MD in 1991, Dr Jankharia had been working with Bombay Hospital, Mumbai for three years when he decided to study further. He completed his sabbatical in the US and worked with a couple of hospitals there for a year. “When I returned to India, I was supposed to rejoin Bombay Hospital, however, things didn’t work in my favour and so I was jobless for sometime. Circumstances then compelled me to take on my dad’s business- Dr Jankharia’s X-ray clinic now well-known as Jankharia’s Imaging Centre which was established in Girgaum and Central Mumbai in 1969,” he admits.
He joined the Dr Jankharia’s Imaging Centre to look after the CT scanner and since then, his growth chart took different turns. Although it was his situation that made him don the mantle of an entrepreneur, he used the opportunity to himself as an adept radiologist and an inventive businessman.
Under his guidance, the Centre underwent a sea change in September 1995, with the acquisition of a Siemens ARC CT scanner that was installed in Sir Hurkisondas Nurrottumdas Hospital & Research Centre. However, he recalls that getting funds for this machine was indeed a herculean task. “In the mid 90s, banks did not understand the industry and so were not willing to finance; after a lot of effort we finally managed to get it and so got into a contract with Sir Hurkisondas Nurrottumdas Hospital & Research Centre and the partnership worked out well, so we kept expanding,” he remembers.
Spreading his wings
To augment his company’s growth, Dr Jankharia chose acquire high end technology that would facilitate to magnify the scope of his diagnosis. In the year 1996, he started the teleradiology facilities, which allowed him to transfer CT scan images from the CT centre to his residence. This was the first feather in his cap, as Dr Jankharia’s Imaging Centre became the first imaging centre in the private practice to opt for this technology. Around the same time, his wife Dr Bijal Jankharia, specialising in breast imaging also joined him. They, then, put a new mammography unit. The following year they installed Dexa Scanner used for measuring bone mineral density. Recalling the risk he had taken in investing in this expensive technology, he says, “This was the second Dexa scanner in the country. The first one was installed by a dealer who has kept it is as a demo product in Chennai and so this made our centre first in the country to conduct these tests. It was a huge investment, yet giving it a shot worked in our favour”. Thereafter the expansion continued, with the incorporation of a CR system, then an OPG machine and the first open MRI system in Mumbai, adding many more feathers to his cap.
Introducing the 1.5 tesla MR was the biggest achievement for Dr Jankharia’s Imaging Centres because it was a huge investment of Rs 6.5 crore and apart from setting higher standards for the centre, it also marked the beginning of their sub-speciality practice. This was a huge leap for the company as they had bowled-over, all legal, technical and financial issues in order to install the magnet.
After this, the company also branched out to different areas of radiology including cardiac imaging, neuro-cardiac MR and more. As a matter of fact, these were the years when Dr Jankharia’s ardour to be the most premium institute for radiology imaging was at its peak. His business strategy for expansion was also replicated by some new entrants in the field. It was looked at as an opportunity by laboratory diagnostic players to venture into. Acquisitions and upgrading of these high-end technologies helped him expand his business further. Next in 2005, he incorporated the 64 slice CT scanner, a first in Asia, which set in motion the trend within the radiology sector to incorporate the world fastest CT scanner at that time. After acquiring the success he had wished for, Dr Jankharia decided to reach out to newer heights.
From an entrepreneur to an intrapreneur
His next aim was to replicate his business model across the nation. However, he needed the finance to do so. At the same time, Piramal Group agreed to invest in his ability and business strategy and so he sold his practice to the group in 2007, taking a stake in a larger company. With this strategic alliance he was able to take radiology diagnostics across the country. Under the banner of the Piramal Group, Dr Jankharia’s Imaging Centre became the largest diagnostic imaging chain in the country with about 17-18 centres nationwide.
Learning lessons
Becoming the largest imaging diagnostic chain has its own glory, but this new path taught him several lessons about the business of radiology. “In a span of 18 months of the contract with Piramal Group we were able to extend our business across India; however, it had its own challenges attached with it. One thing that I learnt from this alliance is that radiology as a business is not scalable. Reaching economies of scales is a daunting task,” he opines.
When asked the reason behind his view, he replied, “Each centre has to function as an independent centre, then it needs a radiologist, technicians etc., so it becomes a bit difficult. Being a nationwide chain gives you no benefit as such. Of course you are sure to leverage your expertise in the field. In the true sense it needs a business model wherein, one can have a radiologist handling a centre at a tier I city, servicing centres in Tier-II and III cities. However, for that one will require to set up a system that can help connect the radiologist with other centres”.
So, if partnering with Piramal Group had its own set of challenges, then why did he opt for partnership with SRL diagnostics?
Well, the reason is that lessons from the past have helped him develop a better business strategy for his current partnership with SRL diagnostics.
Partnering with SRL, Dr Jankharia continued widen his scope. He introduced advanced technology called the MR-guided high intensity focused ultrasound (HIFU) solution to treat uterine fibroids in India.
Still broadening the horizon..
When asked about his plans for the future he goes on, “In the next five years we want to continue to be cutting edge in terms of technology by having the best of diagnostic machines that are available and using that to provide the best imaging to the patients, both in terms of the quality of the images as well as the reporting we provide. At Dr Jankharia’s Imaging Centres, we have always been a sub-speciality imaging group, currently having 13 radiologists doing specific organ imaging. So, because of the sub-speciality group we have become a tertiary referral centre. It is a known fact that 80 per cent of diagnosis is routine, what matters is the 20 per cent of diagnostic reporting that needs expertise and we are pretty much the best in the country for this. We have built ourselves in such a way that even though there is competition around, when people are stuck and they need a problem to be solved from all over the country either they come to us or they send their reports for opinion. So that’s where we would place our focus, on making that area better and better.”
When asked what is it that he would like to convey to the young turks of this industry, he expounds that a radiologist has to be a physician first and has to answer the question ‘why’ in radiology. Elaborating on it, he says that radiologists need to ask themselves, ‘Why am I performing this study?’ or ‘Why was this study requested?’ If the answer to this question is clear, almost everything else falls into place.
Moving back to his vision for himself, he owns that given a chance, he would like to take on Dr Jankharia’s Imaging Centres independently. He says, “Being an independent business entrepreneur has its now euphoria. You have the freedom to take your own decisions and act accordingly for good or for bad.”
So is this an indication that Dr Jankharia’s trajectory will soon take a new turn? Well, it’s difficult to decipher what’s on his mind. However, be it as an intrapreneur or an entrepreneur, Dr Jankharia will continue to influence radiology in India with his expert knowledge and creative skills.