- 1 year ago
Moopen has pledged to give 20 per cent of his wealth to charity. An off-shoot of this has been the setup of ‘Aster Volunteers’ program to help patients with free consultations, treatment and surgeries. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
Category
🗞
NewsTranscript
00:00Good morning, sir. Very good to meet you.
00:02Good morning.
00:03Yes, and you are a very inspiring story and that's why we are here to tell our readers about your journey and your personal growth.
00:11Thank you very much. Thanks a lot. Thank you.
00:13Yeah. So, sir, do you want to tell us about, you know, how you started?
00:17Yeah.
00:17And how it all started for you?
00:20Sure, sure.
00:20Way back in 1987.
00:22Yeah.
00:22Yeah.
00:23So, the story goes little back. I was teaching there in one of the medical colleges.
00:29So, I came here, in fact, for raising funds for one of the philanthropic activities there.
00:36So, I came in 87 and then like this place, so, was thinking whether I could come over here.
00:45Then my friends, one of my friends who is in Ajman, he asked me to come and do a job with him for a short period, two years job.
00:56So, then I went and came back to take up that job. But very surprisingly, that was a turning point,
01:04very surprisingly, he told me that Ajman is a small place, why don't you look for something in Dubai?
01:14So, I was so surprised because, and shocked also, because I have never thought about doing something of my own.
01:22I had come to take up that job and I wanted to go back because I had a passion in teaching.
01:28But he insisted that I should do something in Dubai.
01:32So, I very strongly and firmly believe that God sometimes, you know, through other people
01:40show you the way and this is something which has happened like that.
01:46So, that was a turning point where I came to Dubai and then established a clinic here, that was in 87.
01:56Then it's all something which, due to hard work and all, we could make more of clinics,
02:03more of pharmacies and the journey went on like that.
02:07So, what was the date you arrived, you settled here?
02:10This was the first for the philanthropic activity, this was in February, February of 1987.
02:24Then after going back, I came back on June 15th for taking up this job with my friend.
02:34Okay.
02:35And then once he said that, no, let us look at Dubai and he in fact helped me
02:42financially with contacts and all and of course many of my other friends and people from my
02:48village also helped at that point of time. I didn't have any contact, only my college
02:53mates and people like that, not much of relatives and all here.
02:57So, at that point, that was in June, a heavy summer and it was something where
03:03you always feel like going back, February was fine.
03:07So, you come in June and find that this is a different place.
03:10It is like, you know, you are, so, but I held on and then these things fell into place and
03:21we had the licensing and all done. We found a place, started a furnishing,
03:28had a place there. This is in Bardubai.
03:31So, when you say philanthropy activity, what was that philanthropy activity?
03:36Yeah, this is for raising funds for a mosque in my village.
03:41So, we had a lot of people here who, at that point, you know, they were willing to donate,
03:48but there was a requirement for somebody to come and organize that.
03:53So, not only me, four of us came and I was one among them.
03:58Okay.
03:59So, maybe even that, God sometimes gives you an opportunity because you have come for a
04:04good cause and that might have produced that blessings from Him.
04:08And what was the job that you were offered? Like in June, you said you had a job offer
04:14and that you were coming back.
04:15Yeah, yeah. So, I am a physician. I have my MD in general medicine and a diploma in chest disease.
04:23Okay.
04:24So, he offered me a job of a consultant. I am as a physician in the
04:31clinic which he was starting at that point of time. There were no postgraduate doctors in Ajman.
04:37Even in Dubai, there were only very few at that point of time.
04:41So, he asked me to be with him for some time. In fact, I got license there. It was in Abu Dhabi.
04:50I went there, attended the interview, got the license and was planning to start the practice.
04:56Okay. And was it easy to get the license those days? Because now we know that there is an
05:00entire process that is involved for, you know, somebody to get a MOH license.
05:05They have to give a written exam, practical exam.
05:08True.
05:08So, was it easier back then?
05:10So, postgraduate doctors at that point used to, I mean, were required to appear for an interview.
05:17Ah, interview.
05:18Yeah. There was no written examination for the postgraduate doctors.
05:22Okay.
05:23At the MBBS level, they were required to.
05:26Oh, interesting. That's nice. So, you obviously got through. I am sure you
05:30got through with flying colors because I hear that you were a gold medalist as well.
05:34Yeah.
05:35And so, you must have done very well in the interview.
05:38Yeah. I did well because not only the gold medal. Gold medal, of course, in the
05:44MBBS examination. That was long, long years back. But I was teaching. At that point,
05:52before coming to Dubai, I was teaching the students and five years I was teaching.
05:57So, naturally, you are very updated.
05:59Yes, you are updated with the information.
06:01Yeah.
06:02So, what happened after that, sir? After the, you know, the job that you got in Ajman?
06:08So, Ajman, I didn't practice.
06:10You didn't?
06:10Yeah. Before I started practicing, he told me that why don't we look at, yeah.
06:15Dubai, okay.
06:15So, I thought that maybe he doesn't like me. Maybe that he thinks that there is no scope in Ajman
06:23and he will lose some money if he employ me. And so, I was, all these thoughts were going through
06:29my mind. Then he very firmly told that Ajman is such a small place for a postgraduate doctor like
06:39you. I think Dubai will be a much better place. So, he kept on saying that.
06:45Okay. See, I mean, we need those guiding lights sometimes.
06:49Yeah, yeah, yeah.
06:50Just tell us. So, and you took his advice and you came to Dubai.
06:54Yeah, yeah.
06:54And what happened, sir?
06:56So, it was like, you know, you don't have too many contacts and you don't know what to do.
07:04So, it was difficult at that point of time. But there were few friends who studied in the
07:10Arts and Science College. And there were many people from my village who were here.
07:17So, I had met him earlier in February. So, those contacts were there. So, they started
07:25helping out of the way, taking me around, showing places and showing which will be the good place
07:35to start a clinic. And naturally, they wanted me to be close to a place where they are.
07:41So, at that point, one of the major activities in Dubai was the Port Rashid.
07:48So, the Port Rashid had the largest number of employees.
07:53Yeah.
07:53There was no Jabal Ali Port at that point of time.
07:56So, there were significant number of people from my place working in Port Rashid. So,
08:04they said that this Bar Dubai, which is close to Port Rashid,
08:08is the best place where you have all these people staying around.
08:12So, I started the first clinic in Rafa Road, on the Khalid Bin Walid Road,
08:20just close to the Rafa Road. And so, people were very happy because they have a doctor around,
08:28they didn't have that facility. They were finding it difficult to go to the government hospitals
08:34and sit in the outpatient. Many times, language issues, they are not able to communicate with
08:40the doctor sitting there. So, they were all very happy and then we started the clinic.
08:45That's true. Do you remember the date, sir?
08:48Yeah, yeah, yeah. That's exactly something where we even now conduct our anniversary.
08:53What was the date when you started?
08:54This was 11th December, 1987.
08:57All right. Okay. So, you started from a two-bedroom apartment.
09:03Yeah.
09:03In…
09:05Bar Dubai.
09:05In Bar Dubai. And today, you have several hospitals and…
09:09Yeah, that's right.
09:11So, tell us about your journey.
09:13Yeah.
09:13That growth, how did you turn this into this massive healthcare empire? I mean, it is inspiring.
09:22Yeah. So, this initially is, you know, see, whenever you start something,
09:28there is an inertia which happens.
09:30Correct.
09:31For a rocket to take off, the initial lift-off is the most, that consumes the maximum energy.
09:38Oh, yes.
09:39Then once it gets off the ground, it starts flying very fast.
09:44So, like that, at least for three to five years, we were just having that clinic
09:49and we were doing all small tweaking and adding…
09:54How many patients were you seeing in a day?
09:56Yeah. So, that is something which was humongous numbers. We had…
10:05I used to see, not initially in the first few days,
10:10but within one or two years, I started seeing nearly 100 patients a day.
10:14Oh, my God.
10:15Significant.
10:15Even that two-bedroom apartment?
10:17Yeah, yeah, yeah, yeah, yeah, yeah.
10:20My…
10:20So, I used to work from morning 8 to night 12.
10:22How many?
10:24I used to work from morning 8 to night 12.
10:27Wow.
10:27Yeah.
10:28Wow. Okay, that's amazing. Hard work does pay off.
10:32Yeah, yeah, yeah, yeah, yeah.
10:33So, 100 patients at one point?
10:35Yeah.
10:35So, how long did it take for you to reach those 100 patients?
10:39Maybe in two to three years.
10:40Two to three years.
10:41So, people were coming, very interesting.
10:46They were obviously catering to people living around the area.
10:49Yeah, mostly the poor trash, the blue-collar workers, low-income group.
10:56So…
10:57And how much were you charging them?
11:00It was, at this point of time, you know, when you look back, it was small amount.
11:04But at that point, it was a fairly good amount.
11:06We were charging 10 to 15 dirhams as a consultation fee.
11:12Consultation fee, okay.
11:14And they didn't have a problem paying that?
11:16No, they were, mostly it was out of pocket.
11:21Some of them, they were getting reimbursement from the company and all.
11:26But there was no insurance, absolutely no insurance.
11:29Yeah, so it was just cash payment.
11:32Yeah, yeah.
11:32And obviously, they are blue-collar workers, no cards.
11:36So, it was just pure cash that, you know.
11:39So, you had to basically count on them.
11:42Yeah.
11:42There could have been, like, sometimes you would have probably treated people
11:47without even getting a payment from them.
11:49Very true.
11:50So, what we did is that, as we went forward,
11:52we realized that there are many people who are not even able to afford this amount.
11:58And after that, they have to buy the medicines and all.
12:01So, I used to see patients free of charge on every Tuesday.
12:11I used to see for half a day.
12:13I used to see them without any payment.
12:16So, people knew about that and people used to come on that day, people who can't afford.
12:22So, we also used to have a lot of sample medicines given by the medical representatives and all.
12:28And sometimes, we give some support for people to buy medicines.
12:33So, that was happening on a regular basis.
12:38Yeah, yeah.
12:39Okay.
12:40So, that's interesting.
12:41When did you think about expanding?
12:44What and what did you do to expand?
12:46So, this two-bedroom apartment, we have two doctors.
12:51And it was difficult with this large number of patients to go beyond two doctors in that apartment.
12:57And both the doctors were GPs?
13:00Me and another doctor who was a lady doctor.
13:03She was a gynecologist with DGO.
13:07Yeah.
13:10Then, we thought that there is a requirement for expansion and yeah,
13:14because it was getting very congested.
13:18And another reason why we wanted was that we thought by that time,
13:22you know, there was some sense of business coming into the profession.
13:30So, we thought that all these people who are going down
13:34are buying medicines from a pharmacy belonging to somebody else.
13:38So, why not a pharmacy also?
13:40Start a pharmacy.
13:41Yeah.
13:43So, within three years, you started a pharmacy?
13:46Yeah, the clinic was shifted as well as we started the pharmacy.
13:53That was close by.
13:55It was not far off.
13:57So, in the same name, you know, it was the Alderpha Clinic, same name.
14:02We shifted to another building where there was the opportunity to start a pharmacy also.
14:07Also, downstairs.
14:08And this new place that you shifted is, it was how big?
14:12So, from the two-bedroom?
14:14Yeah, this was slightly bigger, not very big.
14:18It's like, you know, three-bedroom hall.
14:24Yeah, and yeah.
14:26So, we added two more doctors, in fact.
14:28Ah, okay.
14:30All right.
14:30And you were able to see more patients?
14:33Yeah, yeah.
14:34Not more patients.
14:35In fact, it was impossible to see beyond 100, 120 patients.
14:40So, others also started seeing patients.
14:43So, the number of patients went up.
14:44It went up, okay.
14:45But I was personally not able to do that.
14:48Yeah, and the other two doctors that you got on board, were they also?
14:52One was a pediatrician.
14:54Okay.
14:54And he joined at that point of time.
14:57Okay.
14:57And then we had an ophthalmologist who also joined.
15:00Nice.
15:01Okay, that's lovely.
15:03What was your next milestone, sir?
15:06Yeah, so beyond that, we started another clinic.
15:12Okay.
15:13Ah, the second.
15:14So, Ayurveda has been primarily the first.
15:16Yeah, yeah, yeah.
15:17For a long time, okay.
15:18So, then we started the second clinic.
15:22This was in an industrial area.
15:24Uh-huh.
15:25This is in Alavir.
15:27Okay, yeah.
15:28So, in Alavir, a small clinic because there was a requirement for a clinic there.
15:33There are a large number of industrial population.
15:35Okay, yeah.
15:36So, we started one there along with a pharmacy.
15:39Okay.
15:39And the third clinic was little bigger, larger, I mean larger as well as by way of specialties
15:47also.
15:48This was having some USPs.
15:54Okay.
15:55We started some super specialties there like gastroenterology, neurology.
16:01This was called the Indian Specialist Medical Center.
16:04Oh, is it?
16:05Indian Specialist Medical Center.
16:07Interesting.
16:07Yeah.
16:08So, the next milestone, sir.
16:11Yeah.
16:12Yeah.
16:13So, then we started few more clinics.
16:15I don't want to go into details of each one of them.
16:18The next milestone was actually the starting of a hospital at Calicut.
16:24So, this hospital was in Calicut.
16:27We started it initially not thinking of profit.
16:32It was a requirement in that place from where I came.
16:37There were in good hospitals which can provide a comprehensive care and there were a lot
16:43of patients traveling to other places like Chennai to Coimbatore, Bangalore for many
16:53of the advanced treatments like even angiographies, angioplasties and all were not there.
16:58So, we thought that we should do something for the state and that is when we all pooled
17:06money together and I took the lead and then started this hospital at Calicut.
17:11When was this?
17:12This was in 2000.
17:14That is called the Malabar Institute of Medical Sciences.
17:17All right.
17:17And when you say we all pooled in, like was it?
17:21Yeah.
17:22This was start ranging from say 10 lakhs to there were people who invested 3 to 4 crores.
17:28The total amount collected was 60 crores of rupees.
17:31Oh, okay.
17:3260 crores of rupees.
17:33And we built a 300 bed hospital.
17:35300 bed hospital.
17:37And who came on board with you?
17:40There were many doctors, other professionals as well as businessmen.
17:47So, it was a mixed group of people, not just doctors alone.
17:52Okay.
17:52So, it was a mixed group and it was entirely initiated by you?
17:57Not entirely.
17:58We worked as a team but I was giving the leadership.
18:01Yeah.
18:02So, I was there in the front because being a doctor.
18:04Yes.
18:05And there were other doctors also but overall I was giving the leadership.
18:10Okay, great.
18:12And then what happened?
18:14That hospital actually became very successful.
18:17We made it into a 600 bed hospital after five or six years.
18:22So, that's the first hospital in India to be accredited by the National Accreditation Bureau.
18:27I see.
18:28Standard wise also it was very high.
18:31High, okay.
18:32So, this was the first NABH accredited hospital.
18:36So, beyond that again there were many hospitals, pharmacies and all which we started.
18:41Yeah.
18:42And we also started a small hospital here in Dubai.
18:45Okay.
18:45This was in Bur Dubai again, close to the Jabal Ali Port, I mean to the Rashid Port.
18:56Okay.
18:56This was called the Al Rafa Hospital.
18:58Yeah.
19:00So, that was the first hospital we built in Dubai.
19:03Okay.
19:04So, the large hospital which we, not very large when compared to what we have at Calicut
19:11but in the Dubai standards that was a large hospital.
19:14The one we started was the Medcare Hospital.
19:17Correct.
19:18Which is in Al Safa.
19:20So, that was constructed in 2008.
19:24Okay, 2008.
19:25Yeah.
19:26Okay, interesting.
19:27Yeah.
19:28So, that made two changes.
19:30One, we had a large hospital.
19:32Second, we were catering to a different group of people.
19:36This was the high end, the high net worth people.
19:40Right.
19:41Not the blue collar workers or even the family crowd.
19:44Right.
19:44So, this was into that crowd.
19:46Okay.
19:47So, that happened in 2008.
19:492008, all right.
19:51Have there been other major milestones after that?
19:53Of course, there is the IPO.
19:55Yeah.
19:55I mean…
19:58So, what happened if you ask me, hospitals, yes, we constructed these hospitals.
20:04The real milestone was the joining of the private equity firm in the company in 2008.
20:11Okay.
20:12So, they taught us a lot of things and how to develop the business, go up further.
20:19So, that happened during the period of 2008, 2009.
20:232009.
20:24This was by a company called IVF India Value Fund.
20:28Okay.
20:29And they are still with us.
20:31Okay.
20:31Yeah.
20:32And they invested money into the company.
20:35So, we got additional capital.
20:36Capital.
20:37So, we could build more clinics, more hospitals.
20:40Yeah.
20:40And we also actually spent part of that money to buy a land in India to in Cochin to build
20:47a hospital.
20:48Yeah.
20:48And in 2012, another private equity firm joined.
20:52Okay.
20:53Yeah.
20:53That was again bringing in more money.
20:56I see.
20:56So, it was significant amount of growth in India as well as in GCC with hospitals, clinics
21:05and pharmacies during this period from 2008 to 2018.
21:10Very well.
21:10The company was doing well.
21:11Our profits were quite good.
21:13Yeah.
21:14So, just to give you an example, in 2008, when the first private equity firm came on
21:23board, our valuation was in the range of 100 million US dollars.
21:29Okay.
21:30That was the valuation which they gave and they invested 25 percent.
21:33Okay.
21:35In 2012, when the second private equity firm came, the valuation offered by them was 400
21:44million US dollars.
21:46So, in just 4 years, we had grown 4 times.
21:49Yeah.
21:49Interesting.
21:50So, now if you look at our market cap and all, we are listed now.
21:54Yes.
21:54So, we have again grown at that level in the last 5 to 6 years.
21:58So, what is your current valuation, sir?
22:01Current valuation is about, in Indian rupees, about 8,500 crores.
22:06We have now compulsory or mandatory insurance.
22:12So, the mandatory insurance of all the citizens in Dubai and Abu Dhabi.
22:16Yeah.
22:17It's a very good thing.
22:18The people, everybody is covered and they need not bother about their healthcare.
22:22Yeah.
22:22Earlier, when we were here, there was no insurance.
22:25Later, only few people were covered.
22:27Right.
22:28But this is something which is now available to everybody without worrying about how they
22:34will get treatment if they, God forbid, have something.
22:37True.
22:38So, that part is the most important part that is taken care.
22:41That's true.
22:42From the point of view of the people like us, the providers, there has been challenges.
22:48The most difficult thing is that when the payer is the insurance company, and these
22:56are between few insurance companies which are the payers, you are dependent on them.
23:03Yes.
23:04See, you can't come to me or my clinic, even if you like me, unless your insurance covers you.
23:12That's true.
23:12So, you have only secondary role to play.
23:15Earlier, it was not like that.
23:16It was not like that.
23:16So, we provide good service and the patient comes to us.
23:20Yeah.
23:21Now, that is not the situation.
23:22There is somebody in between.
23:23Yes.
23:24They will, looking at rate and looking at their benefit, will tell you, no, no, you
23:28can't go there.
23:28You go to some other place.
23:30That is true.
23:30So, that's a big challenge and a difference.
23:33So, what is now happening is that the insurance companies dictate to the providers.
23:38See, people like us, there is some benefit, like we have a large size.
23:43Yeah.
23:43So, they can't just ignore us like that.
23:45Correct.
23:45But smaller players are really struggling.
23:49Struggling.
23:49Because they can't stand up.
23:51They can't say anything.
23:52Yeah.
23:52If they say that, they will be out of the panel and they will lose complete business.
23:56They will lose the business.
23:57With us, it can't be done because of our size.
24:00We have clinics, pharmacies, hospitals.
24:03We have three verticals.
24:04We can't do that.
24:05Do that to us.
24:06But even to us, they make it a point that they reduce the rate and they ask for huge
24:13discounts and things like that.
24:15So, that is a big challenge.
24:17So, what we do or I do beyond what we said like as a principle for the business, what
24:24we do is that whatever profits come, we earmark a part of that profit for helping the poor
24:32people and giving them benefit.
24:34So, I personally have pledged 20 percent of all my wealth, not my profit, all my wealth
24:41for taking care of people.
24:43So, like that, the organization also is being made in such a way that for them, taking care
24:50of people who are in need should be one of the important reasons for their existence.
24:56It is not to make profit.
24:58Okay, profit will come.
24:59It should come.
25:00But what we are now doing is that we are focusing a lot of our activities on Ashtar Volunteers.
25:06So, Ashtar Volunteers is something where a large number of people in various ways, you
25:12know, it is maybe it is, I mean, treatment support when somebody requires.
25:17Every day we get, I feel so happy and we have WhatsApp groups which sends in their hospital
25:24a patient who didn't have money but almost on the verge of death being helped by the
25:30volunteers by pooling money and hospital giving discount and getting money by crowdfunding
25:37and lot of things.
25:38So, that whole thing is something which gives us pressure, a pleasure.
25:42Now, there are things like, you know, every day in healthcare you have opportunity to
25:48touch the lives of people.
25:50Wonderful.
25:51On that very wonderful note, so I'd like to conclude this interview.
25:56Thank you so much.
25:57Thank you very much.
25:58Thanks a lot.
Comments