About

Mayank Madhur

Practice Leader, Healthcare & Life Sciences · HFS Research · Chennai

I write about how healthcare actually pays, breaks, and gets fixed.

Not what vendors are selling.

Eleven years across payer, provider, PBM and digital health, advising CXOs in the US and India.

I started as a medical device software engineer at HCL, building the software clinicians hold in their hands. That is why I test market claims against how care is actually delivered and paid for, rather than against a vendor deck. At HFS Research I am practice leader for the Healthcare and Life Sciences practice.

Healthcare Pulse is where I do that work in public. One sharp read on India's digital health story, every Friday.

Where this is going

I am building toward independent director and board advisory work in healthcare, where domain depth, financial literacy and governance discipline have to sit in the same person.

Qualified the IICA Online Proficiency Self-Assessment Test for the Independent Director's Databank in August 2026 (Indian Institute of Corporate Affairs, under the Ministry of Corporate Affairs). Registration IDDB-NR-202607-084236.

LinkedIn   ·   HFS Research profile   ·   mayank@mayankmadhur.in

Featured research

Master's thesis

THRIVE–SDOH: a strategic framework for tech-enabled holistic healthcare in India

An executive visual summary integrating the Social Determinants of Health with India's Digital Public Infrastructure. Six pillars where technology and people reinforce each other.

Read the visual summary →

Experience

May 2025 → now
Practice Leader, Healthcare & Life SciencesHFS Research
Aug 2020 – Apr 2025
Associate Practice Leader, Healthcare & Life SciencesHFS Research
Jul 2019 – Aug 2020
Senior Research AnalystHFS Research
Oct 2017 – Jun 2019
Knowledge AnalystHFS Research
Jan 2017 – Sep 2017
Associate Research AnalystAltimetrik · Bangalore
Jun 2013 – Jul 2015
Software Engineer, Medical Device UIHCL Technologies · Chennai

Credentials, grouped by what they are for

Governance
& boards
IICA Independent Director · proficiency test qualified, databank registered SCR® · GARP DPDPA · certified NISM · Research Analyst & Equity Derivatives
Healthcare
& economics
HEOR · advanced certificate, Cliniminds NABH · digital health foundation PG Diploma, Public Health Administration PGPM Healthcare · LIBA
Analysis
& delivery
PMP® · PMI UGC NET, Management · 97.7 percentile, eligible for Assistant Professor CSIR NET, Mathematics · 89.2 percentile, short of the cut-off IIM · strategic management IIT Bombay · design & innovation IIT Kanpur / Kharagpur · blockchain, Industry 4.0

Education

Jul 2025 – Jun 2027
MSc Applied MathematicsParul University, Vadodara
Mar 2025 – Feb 2026
PG Programme, Healthcare ManagementLoyola Institute of Business Administration, Chennai
Aug 2024 – Jun 2025
PG Diploma, Public Health AdministrationGlobal Institute of Health Science, Ahmedabad
Jan 2021 – Jun 2021
Executive Development Programme, Strategic ManagementIIM Kashipur
Jul 2015 – Jun 2017
MBA, Business AdministrationBITS Pilani
Aug 2008 – Jul 2012
BE, Electrical & Electronics EngineeringVTU / JNNCE, Shimoga

Exams, including the ones I failed

Twenty years of sitting tests, grouped by when. The failures stay on the list, because a list with only passes on it tells you nothing about anybody.

17 to 18School and the engineering entrances4 of 7 cleared
IIT-JEEAIEEEWBJEEOrissa JEECOMEDKAMRITAUPSC CDS

Seven sittings in roughly one year. The three that carried the most weight went badly.

21 to 23Engineering years and the first job1 of 2 cleared
GATEAFCAT

Missed the postgraduate research route. Cleared the air force selection.

Early careerBanking and management screens4 of 6 cleared
CATCMATIBPS POIBPS RRBIBPS ClerkLIC AAO

Four banking and insurance selections cleared. Two management entrance scores decent rather than exceptional.

Mid careerProfessional accreditation2 of 2 cleared
PMPSCR

Project delivery, then sustainability and climate risk. Both taken for the work rather than the certificate.

NowAcademic and governance2 of 3 cleared
UGC NET Management97.7 pcCSIR NET Mathematics89.2 pcIICA Independent Director

UGC NET cleared at 97.7 percentile, eligible for Assistant Professor. CSIR NET Mathematics at 89.2 percentile, short of the cut-off. The IICA proficiency test for the Independent Director databank, cleared.

ClearedDecent score, not a selectionDid not clear

Every red line on this page sent me somewhere else. The engineering entrances I missed are why I ended up writing software that clinicians hold in their hands, which is why I can tell when a health-tech claim does not survive contact with how care is actually delivered. I have never cleared an exam that taught me as much as the ones I did not.

The shape matters more than any single row. The early years are mostly misses and the recent ones mostly hits, not because the exams got easier, but because it took me a while to work out what I was actually good at.

One sharp read, every Friday.

India's digital health story, decoded for operators, investors and policy leaders. Free, always.