Harkanwal
In the fast-paced and high-stakes world of MedTech, ensuring the continuous flow of critical supplies is vital. The MedTech industry, valued at over $500 billion globally and projected to reach $800 billion by 2030, plays a critical role in supporting the care of over 400 million patients annually. As global supply chains become increasingly vulnerable to disruption, experts like Harkanwal are rethinking how MedTech companies approach procurement to ensure resilience, efficiency, and sustainability.
Leading the Charge in Resilience Thinking
Harkanwal, a leading authority in procurement strategy, is transforming supply chain management in MedTech from a tactical function into a strategic asset and has become a go-to advisor for MedTech companies navigating the challenges of building resilient, agile supply chains. His seminal paper, “Reimagining Procurement for the Next Normal,” calls for a complete overhaul of traditional procurement models, with 66% of executives reported that their supply chains lacked resilience prior to the pandemic, highlighting the need for a shift in strategy, and companies that embrace these transformative strategies can improve performance by 30-40%. As a leading expert at McKinsey, Harkanwal specializes in helping MedTech companies navigate the complexities of procurement, but he grew up in Punjab and did his undergraduate from the prestigious IIT Kharagpur. He has always been interested in the space of medical technology, publishing a paper on “Self-powered wearable devices”, and has advised multinational companies on strategies to improve resilience of their operations. “Procurement is no longer just about cost—it’s about ensuring continuity, adaptability, and risk management,” he says. By using data-driven insights and advanced technologies, Harkanwal guides companies in creating agile, future-proof supply chains that respond to the evolving challenges of the global landscape.
Building Resilience: A Strategic Shift
The MedTech sector is integral to the U.S. economy, with over 200,000 healthcare facilities relying on medical devices, diagnostics, and life-saving technologies. In the face of growing demand, the sector’s reliance on global supply chains has exposed vulnerabilities. Natural disasters, pandemics, and geopolitical tensions have shown how quickly traditional procurement models can be disrupted. Harkanwal’s work is helping to address this gap by enabling companies to rethink their approach to procurement and supply chain management. His strategies emphasize not just mitigating risks but anticipating and adapting to potential disruptions in real time. One of the key tenets of Harkanwal’s approach is supplier diversification. Relying on a single supplier or region is increasingly risky in today’s interconnected world. Harkanwal advises MedTech companies to build flexible and diversified networks of suppliers, reducing the risk of disruptions while ensuring a steady supply of critical goods. At the same time, technological integration plays a vital role. Tools like AI and machine learning allow companies to predict disruptions, optimize inventory, and ensure transparency in the supply chain. McKinsey’s research shows that companies incorporating these technologies can boost procurement efficiency by 20-30%.
Beyond technology, Harkanwal emphasizes the importance of collaboration with suppliers. By sharing real-time data and aligning mutual goals, MedTech companies can improve decision-making and response times during times of uncertainty. This collaborative approach strengthens the entire supply chain and builds more adaptive systems. Additionally, Harkanwal’s strategies include integrating risk management into every step of the procurement process, ensuring that potential risks—from geopolitical instability to regulatory changes—are addressed before they impact the supply chain.
Transforming Procurement for the Future
As the global healthcare sector continues to evolve, Harkanwal predicts that procurement will become a central pillar of MedTech companies’ strategies for long-term success. “Procurement is no longer just a cost-saving function,” he explains. “It is a key driver of operational resilience, innovation, and growth.”
By rethinking procurement models and focusing on agility, MedTech companies can better position themselves to thrive in a dynamic and often unpredictable environment. Harkanwal’s leadership in this field is helping shape the future of procurement in the MedTech industry, ensuring that companies are not only prepared for the challenges of today but also for the opportunities of tomorrow. As global health challenges become more complex and supply chains face continued pressures, the work of experts like Harkanwal will be critical in reimagining procurement as a strategic advantage in the MedTech sector. With procurement resilience becoming a priority, MedTech companies are poised to achieve sustainable success and continue delivering life-saving innovations to the global healthcare market. Even if India lags far behind the developed states in terms of latest thinking and leveraging analytics and AI, Harkanwal does not rule out a possible return to the country.
