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. Harkanwal Singh Sidhu is an expert at McKinsey & Company, world-renowned consulting company, where he focuses on procurement resiliency.
“My interest in procurement resiliency stems from the impact COVID had on businesses, and how critical was procurement’s role in ensuring that global supply e.g., in case of semiconductor chips. I wanted to develop an approach and strategy on how to avoid similar incidents in the future”. Harkanwal’s work is helping to address this gap by enabling companies to rethink their approach to procurement and supply chain management.
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%. This research has been cited by leading academics and his work leveraged by businesses across industries to strengthen their supply chain.
He hails from a small town in India. He completed his undergraduate studies from the prestigious IIT Kharagpur and an MBA from INSEAD, where he first got the taste of advising senior clients on business problems. He joined McKinsey & Company to continue this passion and has worked in 3 continents including Australia and North America. He has always been interested in the space of medical technology, publishing a paper on “Self-Powered Wearable Health Monitoring System”, and has advised multi-national companies on strategies to improve resilience of their operations.
Building Resilience: A Strategic Shift
The MedTech sector is integral to the world 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 research shows that companies with high performing procurement functions (Resilient functions) deliver a much better performance during the disruptions than those with weaker procurement capabilities.
Harkanwal advocates for strengthening supply chain resilience, adopting digital tools, and fostering innovation through supplier partnerships. His strategies emphasize not just mitigating risks but anticipating and adapting to potential disruptions in real time. 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. This proactive stance ensures that procurement departments can lead recovery efforts and drive sustainable growth. His work has been pivotal in guiding multinational companies through the complexities of modern supply chains, especially in the wake of the COVID-19 pandemic. In this role, Harkanwal has been instrumental in reimagining procurement functions to not only counter the immediate effects of crises but also to set companies up for long-term success. “Procurement is no longer just about cost—it’s about ensuring continuity, adaptability, and risk management,” he says.
He developed strategies to improve resilience in supply chain and in his paper, “Reimagining Procurement for the Next Normal”, calls for a complete overhaul of traditional procurement models highlights several key areas that need transformation to future-proof procurement functions and enhance resilience.
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. He explains “It is a key driver of operational resilience, innovation, and growth. Now, we see a significant change, with CEOs, increasingly recognizing the strategic importance of procurement. They’re now entrusting procurement leaders with greater responsibilities”
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. “My work has impact across the globe and has already positively improved the lives of many in India. I’ll continue to focus on improving business resiliency including those of businesses in India” concludes Harkanwal.
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