In today’s fast paced world, disease is not taken care of until body shows symptoms. Can high quality health-care be delivered if patient’s physician is hurried, cold or uncaring? That’s why many of the companies are innovating new technologies, new processes for timely diagnosis and treatment of diseases.
In an interview with Insights Success, Abhinav Thakur, Managing Director at Accurex Biomedical Pvt. Ltd. has shared some insightful views and highlighted the influences made by their company. The company is one of the top 3 manufacturers of quality Clinical Chemistry Reagents and Urinanalysis Test Strips with over 34 years of expertise in this area.
- Share with us the motivating factors that led towards the inception of company?
I was studying in the USA when unfortunately, my father passed away prematurely. I came back to India to run the company for my family.
At that point of time motivation for me was survival of the family business.
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.
- Brief us about the goal, vision and mission of the company; it has set to mark its exceptionality in future.
We are in the medical diagnostics industry and impact the lives of humans. 70% of medical decisions are made based on medical diagnostic reports. Hence our mission is to help save lives by providing accurate and precise medical diagnostic solutions to pathology laboratories.
Our vision is to be one of the Top medical diagnostic companies of India by 2025.
- Which is you flagship product? Tell us something about that. It would be great if you provide us 2-3 notable feedbacks from of renowned clients/business leaders regarding your products/services.
The most common test in any pathology lab is blood glucose. Diabetic patients are aware about their blood sugar levels and blood glucose is also checked at home by many diabetics.
If there is an error I the blood glucose report the chances of the patient questioning the report are very high when compared to other tests.
If the patient finds out the results provided by the lab are inaccurate by testing in another lab or at home, then the lab loses a customer and its reputation.
Consequently, blood glucose is one of the test on which the reputation of a lab depends.
Accurex today is the largest supplier of blood glucose reagents in the country because of the quality of our reagents.
This proves that our quality of reagents is the best in the country.
- Tell us about the services you provide through your venture (apart from your flag-ship one).
We also provide medical diagnostic instruments.
- What is the uniqueness of your products and services as compare to your competitors? Kindly elaborate in detail.
Our company was established in 1984. Since we have been in the market for over 34 years we have build a strong brand in the market. If it was not for the quality of our products it would not have been possible for us to survive in the market for over 34 years.
Hence quality of our reagents and resulting brand for the last 34 years is our competitive advantage.
- Brief us about the Founder/CEO of the company and the major contribution of him/her towards the development of the company.
My father, Mr. Anil Thakur was the Founder & Ex-Managing Director of Accurex Biomedical Pvt. Ltd. He was an excellent visionary. Under his leadership, Accurex had launched various innovative products and marketed them with innovative strategies. He established Accurex as a Customer-Oriented organization, and launched the 24 x 7 module for all Accurex customers to log on their complaints/queries 24 hours a day; 7 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. His contribution towards Accurex for the last 20 years was 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.
- What are the positive developments going on in the Pharma & Life Sciences Solution provider company?
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.
- Your advice to budding entrepreneurs?
Four mantras:
- Good Governance: Never compromise on your ethics. Sooner or later you will have to pay the price. Reputation built over years can be destroyed in hours if you compromise on ethics.
- Empower your team. Don’t dictate your terms to the team but involve your team in the decision making process to get ownership.
- Build a competitive advantage in your business or you will become a commodity soon and loose your market share. You need to keep innovating to build your competitive advantage.
- Purpose: You need to build a strong purpose for your business. If you don’t have a strong purpose then you will give up in the difficult times. Money cannot be the only purpose because if money is the only purpose then it will be short lived and you may end up taking short cuts.
- What the company desperately wants to achieve in the next few years?
In the next few years we want to build our foundation strong so we can raise funds and grow to achieve our mission and vision.
