Transasia Bio-Medicals Limited has had a long presence in the Indian IVD industry for more than three decades. It has seen the industry grow, and has been a pioneer in this growth. ENNs Rajesh K Sharma talks to a Transasia representative about the state of the IVD industry today and what the future holds
The last decade has been very progressive for the Indian healthcare industry, which is on a growth trajectory. A patient today plays a primary role in deciding his/her healthcare needs. Sustained efforts by the government and the private healthcare institutes have led to an increased awareness amongst the rural and urban population. Moreover, new initiatives from the public and private sectors, have encouraged the setting up of primary and secondary healthcare setups in the rural areas and specialized corporate setups in the urban areas.
Though the life expectancy has gone up, nowadays an increased population is detected with lifestyle conditions. This in turn has emphasized the need for preventive and curative diagnosis. As a result, the demand for diagnosis is at an all time high. With the easy availability of global products and solutions, there is a surge of competition from foreign players. As a result, the onus is now on indigenous innovation.
Continuous technological advancements in diagnostics and an increased healthcare awareness have made in-vitro diagnostic testing an indispensable tool in current medical practices. The Government is also supporting new initiatives for promoting the growth of the Indian IVD. Public-Private Partnerships (PPPs) prevail in Tamil Nadu and parts of West Bengal (especially for radiology). Now the Government is encouraging the same in other states as well in order to pass on the benefit to the citizens. Moreover, the Government has encouraged indigenous research thereby promoting the sector. There has been a rise in the number of players entering the sector and offering quality products and after sales services.
There has been a paradigm shift resulting in adoption of technology and automation. This in turn has led to the introduction of high end products for in-depth analysis.
All in all, the Indian IVD Industry is on an exponential growth track!
“Transasia Bio-Medicals Limited is Indias leading in-vitro diagnostic company. We have been offering our quality instruments and reagents in different segments”
What is the current size of the Indian IVD market? How much growth do you see in it in the next five years?
The IVD market in India has seen double digit growth in the last few years. According to a market research done in May 2014, the Indian IVD market is currently pegged at $500 million, and is expected to surpass $1.5 billion by 2018 growing steady at a CAGR of 20 percent.
Please tell us about Transasias products in the IVD segment in India. What are the products it makes?
Transasia Bio-Medicals Limited is Indias leading in-vitro diagnostic company. We have been offering our quality instruments and reagents in different segments such as Biochemistry, Hematology, Immunology, Diabetes Management, Critical Care, Microbiology, Clinical Electrophoresis, Urine Analysis, Molecular Diagnostics and Coagulation.
Over the last three decades of its existence, Transasia has been recognized for its products and services. And our commitment is not restricted to serving only the Indian healthcare industry. Transasia Bio-Medicals is a part of the global ERBA Mannheim Group. Through our strategic alliances with some of the best names across the world, we have spread our network in more than 94 countries.
The biochemistry range of instruments and reagents are manufactured indigenously. Moving further, we plan to expand our manufacturing base to include other segments as well. At the same time we intend to continue bettering our best and offering latest technologies and innovations. We soon plan to venture into new product lines such as POCT and markers for hemoglobinopathy and cancer.
Currently, how do the Indian manufactured IVD devices measure up to the foreign manufactured ones?
Indian IVD products are recognized for their quality. The latest technology is used for the development of the products. Indians enjoy the reputation of developing and offering advanced softwares and IT solutions. And so, we have an edge over others,as most of the analyzers are technologically advanced, incorporating the latest softwares.
Moreover, the Indian IVD products are also recognized for their cost effectiveness.