Accurex Biomedical: Testing Life and Saving Lives

The world of In Vitro Diagnostic Device (IVD) is taking the centre stage with existing and budding players disrupting and creating their own pathway. Contributing to this journey is Accurex Biomedical Pvt. Ltd. (ABPL) that is unlocking countless opportunities for the betterment of the masses by offering novel medical diagnostic solutions. The below excerpt is an exclusive interview with team ABPL showcasing their distinctiveness and curated acumen which helps them in being ahead of others.

IS: Share some insights about your company, its inception story and the vision behind.

Team ABPL: In 1984 almost 100% of the diagnostic reagents were imported into India. Mr A.J. Thakur founded Accurex in 1984 to indigenise the manufacturing of imported reagents in India.

Accurex was the first company in India to manufacture urine test strips and enzymatic clinical chemistry reagents in India. This was the beginning of the IVD clinical chemistry reagents 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.

IS: What your products & services’ ambit hold?

Team ABPL: 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.

IS: With regards to your organization’s profound industry experience, how do you think the diagnostic industry and market have evolved and what can be expected in the forthcoming years?

Team ABPL: The diagnostics industry is 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 for the patient.

Accurex has launched a complete range of POC products to ensure faster and convenient testing.

IS: What are the benefits gained by your clients/users from your products/solutions/services?

Team ABPL: Diagnostics affects 70% of medical decision 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 are 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 to contribute to the reduction of healthcare cost to patients and ultimately to our country.

IS: Tell us about Mr Abhinav and his contribution to the company and its success.

Team ABPL: Mr Abhinav Thakur 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 the motivation for him was survival of the family business.

Now the motivation for him 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, APPL has grown 4.2 times in revenue and our team size has increased from 90 to 170 individuals. We have moved from a diagnostic reagent company to diagnostics reagents and instruments company.

IS: In what ways does your organization contribute towards the Corporate Social Responsibility cause?

Team ABPL: 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.

IS: What obstacles and/or limitation does your organization face while growing, sustaining or retaining its clientele?

Team ABPL: The diagnostics industry is capital intensive because the business model in our industry is moving towards analysers being placed on reagent rentals. To place analysers on reagent rental we need a large capital investment. This is the challenge we face in our industry.

IS: Could you list out the most growth-deteriorating challenges for your organization till date?

Team ABPL: 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.

IS: What does the future hold for your organization in terms of internal as well as holistic development?

Team ABPL: Now the motivation for Mr Abhinav is to grow the company so he can have an impact on the economic development of our country. He strongly believes that economic development is the antidote of poverty.

The next major milestone for him in this decade will be getting Accurex listed on the stock exchange.

IS: Would you like to highlight any awards, accolades or testimonials your company has achieved throughout?

Team ABPL: Over the years we have achieved various awards and recognitions such as

• 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 Magazine analysis done by KPMG
• Altina Entrepreneurs Excellence Award,2017 in the healthcare category
• India’s most Innovative and Valuable Medical Devices Company 2017