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To increase efficiency, Mr. Nath relies on a syringe design by Marc Koska, a British inventor of safety injections, and its ability to produce all of the components in-house. Hindustan Syringes makes its needles from stainless steel strips imported from Japan. The strips are curled into cylinders and welded at the seam, then stretched and cut into fine capillary tubes, which machines glue to plastic hubs. To make the jabs less painful, they are dipped in a silicone solution.

The syringe business is a “bloodsucker,” Mr. Nath said, where upfront costs are astronomical and profits marginal. If demand for his syringes drop by even half in the next few years, he will lose almost all of the $15 million he invested.

It’s clearly a frugal operation. The blue carpet in Mr. Nath’s office looks just as old as his desk or the glass chandelier by the stairs, fixtures his father put in place in 1984, before he handed over the company to Mr. Nath and his family.

A family business is exactly how he likes it. No shareholders, no interference, no worries. In 1995, when Mr. Nath needed money to increase production and buy lots of new machines, he sought private capital for the first time. Had that been the case today, he said, he wouldn’t be able to follow his gut and produce his syringes at this enormous scale.

“You have a good night’s sleep,” Mr. Nath said. “It’s better to be a big fish in a small pond.”

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