Visionary leaders have a farsightedness that enables them to find our present divide into haves and have-nots. There was a time in the early eighties when the Indian medical industry was in dire need of diagnostic reagents.
However, all the diagnostic reagents – used in labs to identify particular pathogens, viruses, physiological and metabolic abnormalities, and genetic diseases – must be imported from foreign countries. There was no Indian manufacturer present.
Accurex Biomedical Pvt Ltd’s Founder and former Managing Director, Anil Thakur, bridged that divide with his visionary acumen and innovative business insights. Mr Thakur was an excellent visionary. Under his leadership, Accurex had launched various innovative products and marketed them with innovative strategies.
Mr Thakur established Accurex as a customer-oriented organization. He launched the 24×7 module for all Accurex customers to log on their complaints/queries 24 hours a day; seven days a week – the first of its kind in India. Mr Thakur took Accurex to international platforms through Medica, APCCB and various other international exhibitions and conferences. Mr Thakur’s contribution towards Accurex for the last 20 years had been enormous.
Unfortunately, Mr Thakur passed away on 25 January, 2004. However, Accurex will continue to be guided by his ideals and vision. In the near future, Accurex will achieve a leadership position in the Asia-pacific region which was his dream.
Today, carrying out his pioneering legacy, Mr Abhinav Thakur, the current Managing Director, spoke in an exclusive interview with Insights Success. Abhinav elaborated on how Accurex is going to achieve his father’s dream with constant R&D, Innovation, and Futuristic Inventions.
The highlights of that insightful discussion are given ahead.
Please brief our audience about Accurex, its USPs, and how you are currently positioned as one of the most trusted pharma companies.
Accurex Biomedical Pvt Ltd was established in 1984. We rank among the top three Indian IVD companies in the Clinical Chemistry(Biochemistry) Segment of IVD reagents. Our name is made out of the terms ACCU and REX. Accurate is the meaning of the abbreviation “ACCU.” The Oxford Dictionary’s definition of it captures the essence of who we are. The Latin term “REX” means “king,” which alludes to our status as the industry’s leading authority in diagnostics.
The history of Accurex Biomedical began in 1984. When almost all diagnostic reagents were imported into India. Anil Thakur, the company’s Founder and former Managing director, established Accurex Biomedical to indigenize the production of diagnostic reagents in India. Accurex was India’s first manufacturer of enzymatic clinical chemistry reagents and urine test strips. It marked the beginning of the IVD clinical chemical production industry in India.
Accurex has had consistent growth since its establishment. The company established a brand name in the Indian IVD industry by releasing innovative products regularly. Unfortunately, my father, Mr Anil Thakur, died too soon while I was studying in the United States. I had to return to India to look after our family’s business after the unfortunate tragedy. As the Managing Director of Accurex Biomedical, I have overseen the company’s activities since then.
Tell us more about your organization’s offering and what makes it stand out in the cutthroat competition.
With over 38 years of experience in this industry and a history dating back to 1984, Accurex Biomedical Pvt Ltd is one of the top three producers of superior Clinical Chemistry Reagents and Urinalysis Test Strips in India.
Accurex has developed significant experience in producing and marketing in-vitro diagnostic reagents because it is guided by a clear vision and propelled by innovation. Its reputation for high-quality products, a solid financial foundation, and effective marketing has grown.
Our headquarters and marketing office are in Mumbai, the country’s financial center.
With cutting-edge, FDA-approved manufacturing, quality assurance, and research and development facilities that fulfill the strict criteria of good manufacturing practices, Accurex is an ISO 13485: 2003, ISO 9001: 2008, and CE-certified business.
Also, in today’s digital age, online reviews are testimonials that matter the most since 90% of customers research products online before they purchase. On Google, we have more than 1000 reviews. It is the highest number of reviews in our industry. We are proud that our google reviews rating is 4.8/5. It validates our high levels of customer service.
Tell us about the immersive benefits of the services that your company offers to its clients.
Accurex provides a plethora of innovative and trustworthy medical diagnostic solutions. Accurex offers an entire range of clinical chemistry and hematology reagents in the laboratory diagnostics space. In instruments, it provides semi-automated, fully automated clinical chemistry and 3-part and 5-part hematology analyzers.
We also offer urinalysis test strips, urinalysis meters, and rapid immunology tests. Besides these, Accurex offers blood glucose meters, hemoglobin meters, HbAlc meters, immunofluorescence meters, uric acid meters, and respective test strips in the Point of Care (POC) segment. We built our audience base for over three decades by having trusted customers. It is because of the trust we have created in the market.
At our organization, customers are our biggest assets. We follow a customer-centric approach and hold a strong brand value. Customer delight is at the forefront of all business strategies. We have dedicated personnel committed to prompt product delivery and complete customer satisfaction, along with a team of well-trained engineers for after-sales services that add up to an excellent sales and service network.
Accurex aims to research, develop, manufacture, and market ‘value added’ diagnostic products. We have built a reputation for quality products, a strong financial base, and dynamic marketing.
Please brief us about your journey in the ‘In Vitro Diagnostics industry and how you have made the company excel in its niche.
Accurex is the first company in India to produce enzymatic clinical chemistry reagents and urine test strips. The manufacturing of IVD clinical chemicals and urine test strips in India began in India due to Accurex.
Since its inception, Accurex has undergone consistent development. With the constant production of novel products, the company developed a brand identity in the Indian IVD market.
Since my father’s demise, I have been leading the company with unshakable dedication and passion. Under my watch, with management and the team’s continuous support, we have grown from 90 to 200 employees with a 5.7x rise in sales.
Being an experienced leader, share your opinion on how adopting modern technologies like AI and ML impacts the diagnostics/IVD industry and how your company is adapting to the change.
The use of artificial intelligence in medical diagnosis is a revolutionary strategy that incorporates the extensive capabilities of the technology with medical diagnostic tools to produce faster and more accurate results.
AI in medical diagnostics uses deep learning, algorithms, and data insights to identify life-threatening and important illnesses. It automates diagnosis and lightens the workload of medical professionals. To detect diseases early and enhance therapies, machine learning technology can help find hidden or complex patterns in diagnostic data.
We located several technologies, some of which enhance their accuracy by learning from new data, both in use and development. However, there are difficulties in creating and using these technologies, such as the requirement to demonstrate real-world performance in various clinical contexts.
To adapt to these changes, our company in the diagnostics/IVD industry is trying to be proactive in our approach. Adopting modern technologies like AI and ML provides our company with new opportunities for improving patient outcomes and reducing costs.
Considering the current industry scenario, what challenges do you face, and how do you drive your company to overcome them?
The diagnostic sector has witnessed remarkable development in recent years. Increasing demand for technology-led diagnosis is one of the major challenges that we face. However, adapting to digital and Artificial Intelligence-based diagnostic technologies has opened the doors for newer avenues.
Additionally, COVID-19 has made us aware of the importance of point-of-care testing, which will remain challenging for us to accomplish through continuous research and development. We at Accurex ensure a seamless supply chain to ensure speedier results and digital reports, thus providing convenience to the end consumers.
What would you advise budding entrepreneurs who aspire to venture into the diagnostic industry?
The outcomes of your startup won’t be what you had anticipated if you execute it well. It’s crucial to start with a clear objective, test the market, iterate the design, and repeat when creating a company strategy or product.
Invest in technology as the demand for technology-led diagnosis is currently high. Most transactions involving healthcare services comprise three parties: patients, providers, and payers. Your product must demonstrate its value to each of the three parties involved in the transaction if you want to influence the healthcare industry.
Also, the books you read and the people you meet can change the course of your life. Reading non-fiction business books and books will allow you to connect with the world’s best minds. Stressing the importance of people, I say, “The people I meet greatly impact my knowledge and motivation. Consequently, I make a point to actively meet people who can positively impact my life.”
How do you envision scaling your company’s operations and offerings in the future?
We want to be in the top three Indian Diagnostics companies by providing top-quality services to the people. We want to ensure that Accurex will be one of the most trusted Pharma companies to watch in 2023.
