Transasia-Erba group, India’s No. 1 In-vitro Diagnostic (IVD) company and among the leading global IVD players focused on emerging markets, announced doubling of its annual R&D spend to Rs. 200 crore to achieve its objective of becoming a Total Solutions Company in IVD. The increased R&D spends will primarily focus on accelerating cutting-edge products currently in the pipeline in areas like molecular diagnostics, chemiluminiscence, etc. At present, there are just three companies in the world who can offer complete range of products to a clinical lab. The Transasia-Erba group is working to become the fourth company in the world to offer a complete line of IVD products. The company is betting on this as a key element of its strategy to post sustained double digit growth year on year.
Commenting on the R&D thrust, Suresh Vazirani, Chairman & Managing Director, Transasia-Erba group, said, “In the last ten years, we spent Rs. 1,500 crore in 14 overseas acquisitions, each of which comes with extensive R&D capabilities besides a proven product line. The recent success of the hematology range from Europe that we launched in India is a template we would like to replicate globally, particularly, in emerging markets which is our main focus. This requires ongoing investments and of course we don’t want to keep our eyes off the future. Continued investments in our R&D facilities across the world and in India to ensure we stay ahead of the curve is another reason behind the increased investments. We only expect the investments to grow in the years ahead.”
India’s In-Vitro Diagnostic (IVD) market is likely to exceed US$ 1.8 billion mark by 2025. The global infectious disease diagnostics market is expected to grow at a CAGR of 5.9% from 2018 to reach US$12.88 billion by 2025. The global IVD market currently exceeds US$65 billion and is expected to grow at a CAGR of 4.75% to reach US$94 billion by 2025. Asia Pacific is expected to be the fastest growing geographic market for infectious disease diagnostics with countries like China, Japan, India and Singapore among others driving that growth. Additionally, rapid urbanization, increasing investments by healthcare providers towards infrastructure improvement, the need to manage growing burden of infectious diseases, and government efforts to improve accessibility of diagnostic services are expected to equally influence the overall growth of the infectious disease diagnostics market. In-vitro diagnostics are tests done on samples such as blood or tissue that have been taken from the human body and can be used to monitor a person’s overall health to help cure, treat, or prevent diseases.
For more information, visit: www.erbamannheim.com