Transasia Bio-Med launches new diagnostic products, eyes to double market share

Transasia Bio-Med launches new diagnostic products, eyes to double market share

Agency News

Chandigarh, Apr 27: Celebrating its 40th year of operation Transasia Bio-Medicals Limited (TBML), country's leading In-vitro Diagnostic (IVD) company having 14 subsidiaries across the globe, on Saturday launched world class haematoloty analysers range in the Indian diagnostic market and eyes to double its market share to 30 per cent in next five years.

Suresh Vazirani, Chairman and Managing Director of the company, said the diagnostic intruments, H 360, H 560 and Elite 580 are of international class and manufactured by ErbaLachema, 100 per cent-owned subsidiary of Transasia in Europe. The company is world's leading maufacturer of diagnostics instruments which are widely used globally and more such new technological products, based on Molecular and Genetic science, would be launched in next three years time which will change the diagnostic scenario in the country, he added.

"Our country lacks diagnostics facilities. Only 30 per cent of the total population of the country has an access of diagnostic tests as affordability is the main factor. I had a mission to manufacture diagnostics instruments in the country but found that technology was not available. Therefore, to acquire technology, we have bought 14 such foreign companies during last ten years with an investment of around Rs 1,500 crores," Vazirani said.

The present haematology devices market size in country was roughly at Rs 7,000 crore and overall diagnostic tests sector could be pegged around Rs 30,000 crore which was growing at 15 per cent yearly, same as TBML. "We have about 15 per cent market share in diagnostic products and eye to double it in next five years. We would also infuse more investment in our manufacturing facilities in the country to achieve the growth targets," Vazirani informed.

“As per industry reports in 2018, country's medical devices industry is pegged at Rs 35,097.40 crore, most of which is imported. It is players like Transasia who are at the forefront of changing it and driving Make in India,” he further added. (UNI)