Kiran’s passion towards Ayurvedic medicines, wellness and overall healthcare led her to establish this new herbal healthcare business entity. In an exclusive interview with SupportBiz, she shared her experience as an entrepreneur and the key features of her industry. Edited excerpts from the interview:
How did you come up with the idea of starting Nirwana?
I was evaluating better alternatives for healthcare, when I developed a keen interest in the subject of Ayurveda. That is when the idea of starting my own venture in this field struck me.
One of my family friends, Dr. JS Sodhi, a botanist by qualification and profession, helped me in shaping up the initial-level product development. With support from my friends, I researched this segment, and realised that there is a lot of scope in this area. Sure that I could add value in this segment, I forayed into this.
What are the key factors in making a herbal healthcare business successful?
Sourcing the raw material is the most crucial factor in product development in this industry. Once raw material of the best quality has been obtained, it becomes very important to have the right mix of ingredients and prepare an effective product. The efficiency of this process is very important, something which we have managed to establish with Nirwana.
Please tell us about your entrepreneurial experience in the initial days of business.
The experience was absolutely phenomenal. I was born and bought up in a business family. We have a family business of automotive components. When I showed my interest in doing something innovative on my own, there were a lot of discussions within my family about my plans. Some people were reluctant to let me foray into business, and some thought that it would be a very tough journey. Somehow, I forayed into this, and have already spent three to four successful years in this venture. Now, we are looking at taking this business to the next level.
How do you ensure the following of good manufacturing practices for your products?
We strictly follow the Good Manufacturing Practice (GMP) guidelines in our production, and comply with the set standards. Though there are no strong provisions for ensuring good manufacturing of Ayurvedic medicines, we follow the guidelines as a practice, out of a strong commitment towards providing the best products to our consumers. The stringent GMP guidelines for standard hygienic conditions in pharmacies help in maintaining the quality of our medicinal products.
As an entrepreneur, what is the biggest challenge you face in running Nirwana?
The biggest challenge for us is efficient and effective marketing for our business. We want to have an organic growth, and we prefer to have a direct connect with the end consumers. So, we would like to evaluate better and innovative means of marketing, in order to stay connected with the consumers. We have some OTC (over-the-counter) products in our portfolio, for which we need effective branding and marketing. We are working to this end, and I am hopeful that we will be able to generate good action in this area.
According to you, what are the key challenges that this industry is facing?
There are not many guidelines and standards available in the market for this industry. The laws are also not very stringent in India. This often has a negative impact on the credibility of this industry segment.