WHEN Wan Suhaimi quit his previous job in 2001 in the hope of getting a better one, those hopes were dashed by a recession - but that turned out to be a blessing in disguise.
With a background in healthcare and having spent almost his entire career in the sector, Mr Wan put his experience to good use that year as founder and managing director of Medquest, a company that supplies hospitals with healthcare equipment.
Eight years down the road, Medquest enjoys sole distributorships for medical devices produced by companies in Germany, Japan and the US - and supplies them to all major hospitals in Singapore.
Despite its small headcount of 16, Medquest does a complete job of representing agencies and managing sales and marketing - and even logistics distribution - for products such as physiologic monitors, anaesthesia machines and bags for blood banking.
It has not been a smooth ride for the company, which has had to overcome plenty of hurdles to get where it is today. Initially, there were difficulties procuring distributorship rights from agencies.
'Most were hesitant about appointing us, given our small size and short history,' Mr Wan recalls. But Medquest distinguished itself over the years by establishing a track record of reliability - and in the process, winning itself partnerships with firms such as Spacelabs Healthcare and ICU Medical.
As the medical healthcare industry is extremely fragmented, it is difficult to grow market share. Medquest's main strategy is to drive growth through penetration and depth.
While the company may have moved past the early phase of scepticism, it still grapples with the typical issues that face any small business. Funding is a 'big challenge', as is training and retaining talent.
'We have had to work on a shoestring budget, doing more with less,' says Mr Wan. This has forced Medquest to come up with creative and efficient ways to move forward.
Lack of resources means it can also be difficult to attract talent. After training and losing good people, in 2007 Mr Wan took the bold step of recruiting experienced personnel from the industry. And he is confident that now is the right time to invest in talent to drive Medquest to the next level.
Mr Wan is optimistic about the company's prospects and aims to break new ground in the short term.
'But it is a common misconception that the medical industry is recession-proof,' he says. Citing different factors in Singapore's healthcare environment, ranging from an ageing population to careful spending by hospitals, he points out that cost containment has always been an issue - and may be even more intense in the prevailing economic climate.
While Medquest may be affected by this trend, Mr Wan still reckons there are opportunities to capitalise on.
'We should not retreat during bad times, but instead work even more closely with partners and hospitals to strengthen our relationship,' he says. 'It may be a bad time, but firms with good business models will trump the rest.'
Medquest is looking to grow in three ways: by boosting current business; securing new distributorships and going into new territory, such as Hong Kong.
Mr Wan believes that strengthening Medquest's customer core, complementing its current businesses and replicating what he has achieved in Singapore will see the company through difficult times.
'Of course we will be prudent in investing and managing our cash flow,' he says, declining to reveal figures but pointing out that Medquest 'was profitable from the start'.
And on the whole, 'we will not be freezing our spending or headcount', he adds. 'We will manage things as they come along.'
