While most pharmaceutical companies use only chemical and generally artificial materials to create drugs, the paradigm shift is now towards using live organisms or their byproducts, such as bacteria or enzymes, to manufacture drugs. This has given rise to the Biotech’ companies.
The importance of going green in pharma can be gauged by the fact that Johnson & Johnson and Pfizer, two of the largest pharma companies in the world by revenue, also have numerous biological therapies. Clearly differentiating based on a company’s assets or services is no longer valid.
In biotech companies, the focus is often on science and how it can be used to solve complex healthcare issues. In this setting, the value of the technology is defined by its ability to solve these problems. This, of course, comes with a much higher risk on the side of biotech companies, but considering the value so early in the process and building a company around the ethos of solving challenging problems is key to understanding what makes a Biotech company.
One such company is Accurex. In 1984 almost 100% of the diagnostic reagents were imported into India. Mr A.J. Thakur founded Accurex in 1984 to indigenize the manufacturing of imported reagents in India.
Accurex was the first company in India to manufacture urine test strips and enzymatic clinical chemistry reagents. This was the beginning of the IVD clinical chemistry manufacturing industry of India.
The journey of Accurex since 1984 has been on a growth trajectory. With the continuous launch of innovative products, Accurex has created a brand name in the Indian IVD Industry. Let’s trace the growth with the team:
Kindly provide a brief overview of your products and services.
In the laboratory diagnostics space, Accurex offers the entire range of clinical chemistry and haematology reagents. In Instruments, we offer semi-automated, fully automated clinical chemistry, 3 part, and 5 part haematology analysers. We also offer urinalysis test strips, urinalysis meters, and immunology rapid tests.
In the Point Of Care (POC) segment we offer blood glucose meters, haemoglobin meters, HbA1c meters, immunofluorescence meters, uric acid meters, and respective test strips.
With regards to your organization’s profound industry experience, how do you think the chemical industry and market have evolved and what can be expected in the forthcoming years?
The diagnostics industry in getting disrupted by point of care (POC) testing.
Point-of-care testing (POCT), or bedside testing is defined as medical diagnostic testing at or near the point of care—that is, at the time and place of patient care. This contrasts with the historical pattern in which testing was wholly or mostly confined to the medical laboratory, which entailed sending off specimens away from the point of care and then waiting hours or days to learn the results, during which time care must continue without the desired information.
POC testing is getting popular in the medical diagnostic industry. Through POC testing the lab tests are available at the doctors and patients at home. This is convenient to the patient. Accurex has launched a complete range of POC products to ensure faster and convenient testing.
What are the benefits gained by your clients/users from your products/solutions/services?
Diagnostics affects 70% of medical decisions and in only 3% of the healthcare costs.
There is a dire need in India to reduce the ever-increasing cost of health care and diagnostics plays a pivotal role in the efficient use of resources.
India is till date dependent on imports for its IVD needs with almost 80% of IVDs being imported. The cost of manufacturing in the developed world is many times higher than the cost of manufacturing in India consequently by manufacturing indigenous products Accurex lowers the healthcare costs in India.
By using preventive diagnostics effectively we can prevent diseases in advance and significantly lower the cost of health care in India.
Its an honour for Accurex is contributing to the reduction of healthcare cost to patients and ultimately to our country.
In what ways does your organization contribute towards the Corporate Social Responsibility cause?
We at Accurex believe wealth creation leads to wealth distribution. So it’s our endeavour to create prosperity so we can contribute towards the economic development of India.
What obstacles and/or limitation does your organization face while growing, sustaining or retaining its clientele?
The diagnostics industry is capital intensive because the business model in our industry is moving towards analysers being placed on reagent rentals. In order to place analysers on reagent rental, we have a large capital requirement. This is the challenge we face in our industry.
Could you list out the most growth-deteriorating challenges for your organization till date?
Service is key in the diagnostics industry. The analysers need a fast turn around time (TAT) in case of breakdown. Providing service in a large geographical country like India with underdeveloped infrastructure is a challenge.
What does the future hold for your organization in terms of internal as well as holistic development?
Now the motivation for me is to grow the company so I can have an impact on the economic development of our country. I strongly believe that strong economic development is the antidote the poverty.
The next major milestone for me in this decade will be getting Accurex listed on the exchange.
Would you like to highlight any awards, accolades or testimonials your company has achieved throughout?
Ranked #10 in BioSpectrum Top 20 Indigenous Medical Devices & Diagnostics Companies 2019 Survey Selected as “Visionary leader in Healthcare 2017” by Medgate Magazine.
Ranked at number 19 BIOTECH companies ranking by Biospectrum Magzine analysis done by KPMG Altina Entrepreneurs Excellence Award,2017 in healthcare category.
Indias most Innovative and Valuable Medical Devices Company 2017
About the leader
Abhinav Thakur, the current Managing Director, was studying in the USA when, unfortunately, his father passed away prematurely. He came back to India to run the company for his family.
At that point of time motivation for him was survival of the family business. Now the motivation is to grow the company so he can have an impact on the healthcare industry by manufacturing affordable and high quality medical diagnostic products.
Since his appointment as Managing Director of Accurex the company has grown 4.2 times in revenue and our team size has increased from 90 to 170 individuals. It has moved from a diagnostic reagent company to diagnostics reagents and instruments company.
