Covid Crisis: An Opportunity in Disguise

 

"Every problem is an opportunity in disguise."

                                         - John Adams

As mentioned above by a remarkable political philosopher, John Adams, the quote holds true when the Indian entrepreneurs and companies turned the covid-19 pandemic into an opportunity and sustained in these unprecedented times. Firms in large numbers have experienced losses, a few have exited the market, but only the visionaries have revamped their businesses to use this as an opportunity and sky-rocketed their business with innovative ideas. Implementing new business ideas amidst covid-19 and considering this crisis as an opportunity is easier said than done- but not for RIL chairman Mukesh Ambani. 

"I firmly believe that a crisis is too precious to be wasted. Every crisis presents an opportunity for new growth, and India has faced the Covid crisis with enormous resilience and resolve," Ambani said during an event on December 15.

 

It is no secret that in the last two years, the demand for polyester swabs for RTPCR tests to detect the presence of the virus, and for a matter of fact, the need for alcohol-based hand sanitisers has all increased multifold. As a result, Indian entrepreneurs have stepped-up and altered their business strategies to meet the rising demand for these products. 

 

Polyester swabs for RTPCR tests by Suparshva Swabs:

According to the ICMR report on May 11, 2021, India conducted 18-20 lakh RTPCR tests each day to detect the covid-19 virus. For hospitals to perform these tests on such a large scale, they required "polyester swabs." The matter of concern was that until March 2020, there was no manufacturing of polyester swabs in the country, and these swabs were being imported from the US or China, which were ten times more expensive. However, the Indian company "Suparshva Swabs," which manufactures cotton buds under the brand Tulips, is now the first to develop polyester swabs in India for covid-19 testing at just one-tenth of the imported price. 

Suparshva Swabs has revamped its production to meet the national need for covid-19 tests and now manufactures more than 30 million units a week. The company claims it can alone meet the entire country's demand for polyester swabs for covid-19 testing. To help the country fight the pandemic, this company looked at the brighter side of the problem to find a solution. 

 

Hand Sanitizers by Asian Paints and ITC:

At the peak of the pandemic, the demand for alcohol-based hand sanitisers outstripped supply. During this time, many Indian companies forayed into sanitiser production to meet the rising demand. Many unusual players have been new entrants in this hygiene market to seize the opportunity created by the covid-19 crisis. 

Indian multinational paint company, Asian paints started manufacturing hand and surface sanitisers under the brand' Viroprotek'. The company recognized the potential triggered by the pandemic in this segment and launched a line of products for home sanitation. Another Indian company that started the production of sanitisers under its already existing brand Savlon is ITC Limited. ITC recognized that hand sanitiser was a necessity and repurposed its Himachal Pradesh perfume manufacturing facility to manufacture sanitisers. As a result of these new entrants and many other players, the industry estimates that the domestic hand sanitiser market will increase five times in size to 300 crores. 

 

Successful businesses like ITC, Asian Paints, and Suparshva Swabs could sustain these tough times because of their robust business strategy and never-give-up attitude. A crisis like covid allows individuals with entrepreneurial skills to identify incredible opportunities and pave their way to success. It all boils down to an individual level on how they seek new opportunities and create successful business stories for generations to follow.  

Until then, stay open to new opportunities coming your way because great opportunities never have "great opportunity" in the subject line!

ABOUT THE WRITER

Sanjana Nahata

Pursuing PGDM at IMT Hyderabad

An ambitious and result-oriented person, keen on self-learning finance and financial management writes about opportunities in the Covid crisis.