Case Study in Entrepreneurship:
Padmashree Dr. B.R.Shetty
Dr Shetty received the Order of Abu Dhabi in 2005, the country's highest civilian award, for contribution to the development of the community and the cause of the emirate, as well as the Padma Shri Award from the government of India in January 2009.
Dr B. R. Shetty received a Doctorate from Georgia State University, Atlanta, USA and was invited by the Harvard Business School to attend its Owner/President Management programme. He is also a member of the International Advisory Board of Boston University, USA.
- The story of how an Indian pharma salesman went on to set up UAE's largest private healthcare services is an amazing tale in itself, filled with surprises, downfalls, and life lessons.
- Born in Udupi, Karnataka, BR Shetty moved to the UAE in the 70s to search for a job.
- In 1975, he set up the New Medical Centre (NMC) in Abu Dhabi which currently caters to over one million people in the country.
- Among his other ventures include UAE Exchange, a remittance firm and Neopharma, a pharmaceuticals company which he founded in 1980 and 2003 respectively.
- NMC Healthcare is one of the largest healthcare providers in the private sector in the UAE. It has two main business
Healthcare: Hospitals, day surgery centres, medical centres and pharmacies
NMC Trading : distribution business for pharma, scientific, FMCG, Food, Veterinary and Education products across the UAE
NMC Healthcare is proud to be one of the few companies in the GCC and the first from the UAE to be listed on the premium segment of the prestigious London Stock Exchange. NMC Healthcare is part of the FTSE-250 index.
NMC Healthcare had revenues of USD 444 million in 2011 and employs over 4,500 people across the UAE
NMC Healthcare has a proud heritage of 38 years in the UAE and is almost as old as the 41 year old nation. Important milestones in NMC's journey so far are as follows:
| 1975 | : | New Medical Center – NMC commences operations as a small pharmacy and clinic in Abu Dhabi in 1975 |
| 1981 | : | One of the UAE's largest distributors – NMC Trading, starts distribution of medicines to pharmacies in Abu Dhabi in 1981 |
| 1981 | : | Along with the burgeoning oil and gas industry in Abu Dhabi, NMC expands into a medical centre and eventually a hospital during the period 1981-1990 |
| 1989 | : | NMC Trading diversifies into FMCG products by winning the exclusive agency for distributing NIVEA in the UAE in 1989 |
| 1996 | : | NMC expands into the emirate of Sharjah by setting up New Medical Centre in 1996 |
| 1999 | : | NMC opens its first hospital in Deira, Dubai in 1999 |
| 2004 | : | NMC sets up its most advanced hospital to date – NMC Specialty Hospital, Al Nahda, Dubai in 2004 |
| 2008 | : | NMC expands into the beautiful garden city of Al Ain with NMC Specialty Hospital, Al Ain in 2008 |
| 2009 | : | NMC Specialty Hospitals in Abu Dhabi, Dubai and Al Ain area awarded the prestigious JCI accreditation in 2009 |
| 2012 | : | In April 2012, NMC becomes the first Abu Dhabi company to be listed on the London Stock Exchange as NMC Health plc. NMC is part of the FTSE 250 index and is listed on the premium segment of the LSE |
| 2012 | : | NMC acquires its first day surgery centre, the elite BR Medical Suites, Dubai Healthcare City in 2012 |
| 2012 | : | NMC is selected to operate and manage the prestigious 260 room Sheikh Khalifa General Hospital, Umm al Quwain in November 2012 |
| 2012 | : | NMC undertakes the groundbreaking for its new 250 bed NMC Specialty Hospital, Khalifa City A, Abu Dhabi in December 2012 |
| 2013 | : | NMC opens day-surgery centre in Mohammed Bin Zayed City, Abu Dhabi in July 2013 |
| 2013 | : | NMC receives Asia's Most Promising Brand Award 2013 in August 2013 |
| 2014 | : | Inauguration of NMC Hospital, Dubai Investments Park in July 2014 |
| 2014 | : | NMC opens BrightPoint Women's Hospital – the first private hospital dedicated to 'women and child care' in Abu Dhabi in July 2014 |
Centers of Excellence
- NMC EyeCare – Centre for Advanced Eye Surgery.
- NMC Urocare, Centre for Advanced Urology and Andrology.
- NMC Orthocare, centre for Advanced Orthopedics, Spine and Joint Surgery.
- NMC Heartcare - Center for Advanc Cardiac Sciences
The Winning Team
Dr Mrs. C. R. Shetty
Group Medical Director
Dr. Chandrakumari Raghuram Shetty is the Group Medical Director of NMC Health. Along with her husband, Dr. B. R. Shetty, she has been a pioneer in establishing and developing the private healthcare sector in the UAE.
Dr. Shetty has been instrumental in establishing Centers of Excellence in various units of NMC Healthcare. She has been actively involved in the conception, planning, design, execution and management of various healthcare facilities besides driving critical healthcare initiatives. Under her leadership, NMC Specialty Hospitals in Abu Dhabi, Dubai and Al Ain have received accreditation from the Joint Commission International (JCI).
Dr. Shetty supervises a diversified multi-cultural workforce within NMC Health comprising of over 500 doctors and 3,000 medical staff. In her present role, Dr. Shetty chairs various committees including Governance, Infection Control, Patient Rights, Care of Patients, Quality and Facility Management.
Despite of her wide ranging responsibilities, Dr. Shetty remains rooted to the basic ethos of the healthcare profession of providing quality care with a human touch to all patients by continuing to remain as a practicing Physician for over three decades.
Mr. Binay Shetty
Director and Chief Operating Officer
Mr Binay Shetty is COO of NMC's healthcare and distribution divisions. Prior to holding this position, from 2004-2010 he was an Executive Director of NMC with responsibility for strategic planning and governance and the management of new projects. From 2006 to early 2011 he was also Head of Investments for BR Shetty Pvt Investments, and from 2004 to 2006 he was Business Co-ordinator at Neopharma - Abu Dhabi's premier pharmaceutical manufacturing company. Mr Shetty is a director of UAExchange, a leading global remittance and foreign exchange provider. He holds a Bachelor of Science in Business Administration with specialisations in Finance and Entrepreneurship from Boston University, Massachusetts, USA.
Mr. Prasanth Manghat
Director and Chief Financial Officer
Mr. Prasanth Manghat is the Chief Financial Officer of NMC Health. He is primarily responsible for running the Company's finance function including treasury, corporate finance and accounting. Mr. Manghat spearheaded NMC Healthcare's successful listing on the Premium Segment of the London Stock Exchange (LSE) in April 2012. This was a landmark transaction in many ways, being the first UAE company to list on the LSE and raising US$ 187 million in the process.
- Mr. Manghat has played a major role in the growth of the NMC businesses both prior to and since the IPO.
- Mr. Manghat was honoured with the "CFO of the Year" award - 2012 by ICAEW, Middle-East.
- He was also conferred with the prestigious award for "Excellence in Finance" by the Institute of Chartered Accountants of India,Abu Dhabi Chapter in Nov, 2012 and "Professional Excellence Award in the Healthcare Sector" by ICAI UAE (Dubai) Chapter in May 2013.
Prior to joining NMC, Mr. Manghat has worked as Credit and Operations Head with Kotak Mahindra Finance, one of the leading non-banking financial institutions in India. A Fellow member of the Institute of Chartered Accountants of India (FCA), Bachelor of Science (1995), MG University, Kerala, India, CIA, ACCA from UK (2004) and pursuing CA (Institute of Chartered Accountants of England and Wales), he has 14 years of experience in management of treasury and banking functions, corporate finance, accounting and financial reporting activities.
- Mr. Prasanth Manghat will assume the role of Deputy Chief Executive Officer of NMC Health plc with effect from 1 January 2015.
- In his new role, Mr.Manghat's responsibility will extend to cover strategic matters and to support the Chief Executive Officer with planning and strategy execution across both of NMC's Divisions.
Mr. Suresh Krishnamoorthy
Deputy Chief Financial Officer
Mr Suresh Krishnamoorthy is the Deputy Chief Financial Officer of NMC Healthcare and plays an integral and senior role on the finance team. He has had significant involvement in the Company's IPO and in major fund raising initiatives. He is currently responsible for the MIS and Corporate Planning portfolio including close involvement in the Group's Audit and other Audit Committee activities since its inception following the IPO.
Mr. Krishnamoorthy joined NMC in December 2000. Prior to joining NMC, he worked as Assistant Finance Manager in Kerala Industrial Infrastructure Corporation (KINFRA), a Government agency involved in the development of infrastructure in the State of Kerala. Mr. Krishnamoorthy is an Associate member of the Institute of Chartered Accountants of India and holds a Bachelor's degree in Commerce from the University of Kerala, India.
- Mr. Krishnamoorthy will assume the role of Chief Financial Officer and join the Senior Management Team with effect from 1 January 2015.
- He will report to the new Deputy CEO and will be primarily responsible for running the Company's finance function including treasury, corporate finance and accounting.
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Subject: [MTC Global] Sharing Success
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