Headquarter in: Mumbai, Maharashtra
Founded in Year: 1984
Employees Headcount: 51-200
Specialties: Diagnostics Reagent Kits, Medical Devices, Testing, and Diagnostics Company
In the following In Candid Conversation with The Business Fame, Mr. Abhinav A. Thakur, the Managing Director of Accurex Biomedical Pvt. Ltd with an aim to reduce the gap between the Indian diagnostic industry and the rest of the world.
Since its establishment in 1984 has used these highly advanced technologies with a mission Saving Lives Through Quality Medical Diagnostic Solutions.
1. Brief us about company journey of rich experience – origin, inception, early issues, success stories, and major milestones, to name a few.
In 1984 almost 100% of the diagnostic reagents were imported into India. Mr. Abhinav A. 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. 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.
2. Brief us about the CEO/Founder of your company.
Mr. Anil Thakur (Abhinav’s Father) was the Founder and Ex-Managing Director of Accurex. Unfortunately, he passed away prematurely when Mr. Abhinav A. Thakur was studying in the USA. Due to this tragic event, Mr. Abhinav A. Thakur returned to India to run his family business. After taking the rein of his company, the versatile leader was focused on making sure that his family business survives. Due to Mr. Abhinav A. Thakur dedication and passion, the company has grown 4.2 times in revenue and team members have increased from 90 to 170 individuals.
3. Kindly talk about the exclusive products or services offered by your company. How does it distinguish you from your competitors?
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 urinanalysis test strips, urinanalysis 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.
To fight the COIVD 19 war we have launched Hand Sanitizer, face masks, face shields, infra-red thermometers, viral transport medium and COVID 19 rapid antibody test.
4. What is the vision and mission of your company?
Mission: Saving Lives Through Quality Medical Diagnostic Solutions
Vision: To be one of the Top 3 world class Indian medical diagnostics company that adds value to all its stakeholders.
5. What kind of challenges has the company faced industry-wise?
Currently in India the laboratories are not regulated. The accreditation of the laboratories by NABL is voluntary and not mandatory.
This leads to the mushrooming of many laboratories that are not quality conscious. Since the labs are not quality conscious, they choose products that do not meet quality standards. This leads to a lot of price war in the market since low quality suppliers are also able to supply in the market due to lack of regulation on the pathology laboratories.
Another challenge is 80% of products in our industry are imported into India. Due to lack of level playing field the manufacturing industry is not developed in India.
6. How have technological advancements and innovation in the industry affected the diagnostics business?
The diagnostics industry is dramatically disrupted by 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 overcomes the traditional method of testing that was wholly or mostly confined to the medical laboratory. The traditional method of testing entails sending off specimens away from the point of care and then waiting hours or days to learn the results. During that period, care must continue without the desired information of the patients’ illness. As a result, POC testing is gaining popularity over traditional methods. Through POC testing, the doctors and patients receive the lab’s test without much hustle and at the comfort of their homes. Therefore, Accurex has launched a complete range of POC products to ensure faster and convenient testing.
7. What are the marketing strategies adopted by the company and who are its primary target customers?
We have over 6,000 pathology laboratories as our customers. We service our customers through a pan India sales and service team.
8. How do you portray the future of your company in the next decade?
In the next decade we want to become the #1 Indian diagnostics company.
9. With respect to your distinctive products and services, how have you helped bring positive developments in the healthcare industry?
We have helped the healthcare industry by providing products that are affordable and at the same time high in accuracy and precision. Being a manufacturer Accurex is able to fill this gap my providing affordable and high-quality diagnostic solutions.
10. What advice would you give to the upcoming entrepreneurs and healthcare professionals?
There is a famous story about Bill Gates and Warren Buffet. It goes, Gates’s father once asked them both to write down a single word to describe their success. They both wrote the same word: focus.
Focus is the most important characteristic for an entrepreneur. Especially in todays dramatic age of distraction.
11. How is the advancement in technology changing the healthcare space?
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.