Fibroheal: the silk route to wound care
Sinha, Ekta (2023) Fibroheal: the silk route to wound care. Ivey Publishing, Ontario, Canada.
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Fibroheal Woundcare Pvt. Ltd. (Fibroheal) was the first company in India in the medical device sector to utilize the biomedical properties of silk. Launched in 2017, it focused on providing effective wound care to patients in a cost-effective manner. Fibroheal’s unique value proposition lay in its sustainable approach, ensuring balance across social, economic, and environmental dimensions. Results showed that Fibroheal's products could reduce wound-healing time by almost half. By the end of 2021, Fibroheal had about 15 products in its kit covering acute, chronic, and post-operative wounds. It had also engaged more than 1,000 farmers, as well as over 150 hospitals in more than 20 states across the country, and was affecting over 50,000 patients. However, there were challenges around building trust among stakeholders in the medical device market, where big multinational firms were already operating. Considering the challenges, how could Fibroheal expand in the medical device market under its founder’s strategic leadership? How could the company build on the existing positive customer responses? What should be the firm’s expansion strategy?
The teaching case can be taught in graduate and postgraduate management courses on entrepreneurship, strategy, and sustainability. Fibroheal’s business model demonstrated sustainability, innovation, and research-backed technology. Through this case, students will be able to appreciate the strategic leadership style of the company’s founder as well as Fibroheal’s value proposition, understanding its future potential. After working through the case and assignment questions, students will be able to do the following:
1. Assess how a start-up can create a unique value proposition.
2. Develop an understanding of sustainability and its implications for business.
3. Understand an entrepreneurial mindset.
4. Understand the concept of blue ocean strategy.
5. Appreciate the challenges associated with expanding a start-up in India.
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