Voxtur Bio set to begin pan India operation by August with new product lineups
Laxmi Yadav, Mumbai
Mumbai-based Voxtur Bio Ltd, equipped with world-class production facilities, is all set to enter domestic market with its range of in-vitro diagnostic kits and reagents by August this year. The product portfolio manufactured by the two-year-old company includes rapid test kits, Elisa test kits, blood grouping sera and Flocculation tests and plastic medical consumables.
Currently we export products to 24 countries in Africa, Middle East, Far East and Latin America. Buoyed by export success, we are planning to foray into domestic market. We started deploying a team of 100 sales force and entering into partnership with distribution channels in 160 major cities pan India, said Khushroo A Pastakia, CEO & executive director, Voxtur Bio Ltd.
Besides existing products, emphasis on in-house R&D has led Voxtur Bio in developing new high end products--- 10 parameter urine test strips which facilitate 10 different tests in one urine sample, Elisa test kits for fourth generation HIV testing, third generation hepatitis C virus (HCV) testing, OTC pregnancy test kits in both mid-stream device and cassette device, cardiac marker- troponin I. R&D testing and evaluation of the products have been done and they will be launched in the market by next month, said Pastakia.
The products have been manufactured at Voxtur Bio's state of the art two-storey facility spread over 40,000 sq feet in Vasai. Later on the company will be venturing into Molecular Biology segment, with its PCR range of products. The first floor of the facility has been kept aside for this. Voxtur Bio has also set up a unit to manufacture blood collection tubes.
The company is targeting a revenue of Rs.25-30 crore in India by fiscal 2017-18 with a focus on registering 15-20 per cent annual growth.
Being second largest country in the world, India's IVD market is next to USA, China and Japan. Currently Indian IVD market stands at USD 500 million and will grow at 20 per cent CAGR by 2020. Voxtur Bio is targeting to achieve 5 per cent of domestic market share over next couple of years, added the company CEO.
IVD comprises of tests which are used either for the analysis of patient body fluids or tissue samples. Tests conducted on samples including blood, tissues or urine obtained from the body are a source of precise information about the body and how it functions. Almost 80 per cent of the medical treatments worldwide are derived on the basis of pre-clinical laboratory diagnosis.
Highlighting driving force behind Indian IVD market, he said “Providing quality solution at an affordable price is main key to success in IVD segment. Consistency in the performance of the product which is tested on the basis of specificity and sensitivity generates a lot of confidence among diagnostic labs thereby enhancing your user base.”