In-vitro diagnostics firm Transasia-Erba doubles R&D spending
13 Aug 2019
Transasia-Erba, part of ERBA Mannheim GmbH Group of Germany), and India's leading in-vitro diagnostic (IVD) products maker is doubling its annual R&D spend in a bid to emerge a total solutions provider in the growing field of IVD.
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.
Currently, there only three companies in the world offer a complete range of products to clinical labs. The Transasia-Erba group aims to become the fourth company to offer a complete line of IVD products. The increased R&D spending of Rs200 crore in 2019 will primarily focus on accelerating products currently in the pipeline in areas like molecular diagnostics and chemiluminiscence, among others.
Suresh Vazirani, chairman and 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 haematology 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. A continued investment 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 $1.8 billion mark by 2025.The global infectious disease diagnostics market is expected to grow at a CAGR of 5.9 per cent from 2018 to reach $12.88 billion by 2025. The global IVD market currently exceeds $65 billion and is expected to grow at a CAGR of 4.75 per cent to reach $94 billion by 2025.
The Asia Pacific region 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 the 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.