“Diagnostics industry in India is witnessing rapid growth”

Manav Teli, Director, Lord’s Mark Industries explains his company’s collaboration with Hindustan Antibiotics Limited besides its latest initiatives and outlook:

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Manav Teli, Director, Lord’s Mark Industries is a business strategist and innovative administrator, with over 30+years’ experience in leading a business and entrepreneurial ventures. In an exclusive interview, Manav explains his company’s collaboration with Hindustan Antibiotics Limited besides its latest initiatives and outlook:

BV LogoWhat are the key milestones achieved by LordsMed and its long-term goals?
LordsMed has achieved several milestones in its journey toward promoting good health and well-being. We have developed and launched over 50 registered brands under the Diagnostic vertical, including the ICMR-approved LordsMed rapid antigen kit. Our Hygiene Care vertical has two umbrella brands, SafeSehat and MarkoSafe, which aim to promote hygiene and prevent the spread of infections. We have also launched Safelite, our own brand of sanitary napkins, to promote menstrual health and hygiene among women. Our efforts are aligned with the sustainable development goal (SDG)-3 of the United Nations, which aims to ensure healthy lives and promote well-being for all.
Our long-term goals are focused on expanding our reach to more geographies, investing in R&D to develop innovative healthcare solutions, increasing our focus on preventive healthcare, and collaborating with other organizations and stakeholders to address key healthcare challenges. By achieving these goals, we aim to make our products and services accessible to a larger population, improve the quality of life of people, and contribute towards a healthier and happier world.
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LordsMed has collaborated with Sensing Self to launch a 99% accuracy rate saliva-based rapid antigen test kit. What long-term benefits of this initiative and response so far?
The collaboration between LordsMed and Sensing Self to launch a 99% accuracy rate saliva-based rapid antigen test kit has several long-term benefits. Firstly, it provides a convenient and reliable way of testing for COVID-19 using saliva samples, which is less invasive and more comfortable for patients. This can help increase testing capacity and accessibility, particularly in remote areas or regions where there is a shortage of testing facilities. Secondly, the high accuracy rate of the test kit can facilitate early diagnosis and treatment of COVID-19, which can help reduce the spread of the virus and prevent further transmission. Early detection can also improve patient outcomes and reduce the burden on healthcare systems. Thirdly, the initiative can have a positive impact on public health, as it can help contain the spread of the virus and mitigate the effects of the pandemic.
“Some of the key factors that affect the business environment are the global pandemic, digital transformation, environmental and social issues, and geopolitical tensions.”
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The company has recently launched its 20,000 sq ft IVD manufacturing facility at Vasai near Mumbai. Capex spent on this facility and its capacity? Which products are being manufactured and what revenue expectations?
Our new IVD manufacturing facility is equipped with state-of-the-art technology and adheres to the highest international standards. The facility has the capability to manufacture a wide range of high-quality IVD and point-of-care diagnostic solutions, including analysers, reagents, rapid testing kits (ICMR-approved antigen kit), and lab consumables. Our investment of Rs 33 crores in this new facility demonstrates our commitment to reducing import dependence and promoting self-reliance in the procurement of diagnostic solutions in India.
In terms of revenue expectations, we are optimistic about the growth potential of our IVD manufacturing business. We expect to generate revenue from our existing distribution channels in India as well as from export opportunities in Africa and other regions.
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Kindly elaborate on your collaboration with Hindustan Antibiotics Limited and the target of Rs.75 crore revenue from this partnership within 6 months. Your strategy to achieve this plan?
Our collaboration with Hindustan Antibiotics Limited (HAL), one of the leading public-sector pharmaceutical companies in India will enable us to leverage HAL’s expertise and infrastructure in manufacturing and distributing high-quality and affordable drugs across the country. Our goal is to generate Rs 75 crore revenue from this partnership within 6 months by launching new products and expanding our market share in key segments.
Our strategy to achieve this plan is based on three pillars: innovation, quality, and customer satisfaction. We will work closely with HAL to develop and launch new products that meet the unmet needs of the Indian population. We will also ensure that our products comply with the highest standards of quality and safety, and undergo rigorous testing and validation before reaching the market. We believe that this partnership will create a win-win situation for both our companies, as well as for the Indian healthcare sector. We look forward to working with HAL to achieve our common vision of improving the health and well-being of millions of people in India.
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Your views on the diagnostics industry in India and the growth opportunities ahead?
The diagnostics industry in India is witnessing rapid growth and is one of the fastest-growing segments in the healthcare sector. This growth is attributed to the increasing demand for affordable and quality diagnostic services, the rising prevalence of chronic and infectious diseases, the adoption of preventive healthcare, and technological advancements in the field. According to a report by India Brand Equity Foundation (IBEF), the diagnostics market in India was valued at US$9.8 billion in 2020 and is projected to reach US$22.7 billion by 2025, growing at a CAGR of 18.4%. There is still a huge gap between the supply and demand of diagnostic services, especially in rural and semi-urban areas, which creates immense growth opportunities. Moreover, the industry is highly fragmented, providing scope for consolidation and standardization. Digital technologies such as AI, ML, cloud computing, IoT, and blockchain can enhance the efficiency and affordability of diagnostic services. The diagnostics industry in India has tremendous growth potential, and with the right strategies and investments, it can make a significant impact on the healthcare sector.
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Your take on the business environment and expectations from policymakers?
The business environment is constantly evolving and facing new challenges and opportunities. Some of the key factors that affect the business environment are the global pandemic, digital transformation, environmental and social issues, and geopolitical tensions. These factors create both risks and opportunities for businesses, depending on their industry, location, and strategy.
As a business leader, I propose the authorities and policymakers to provide a stable and supportive framework for businesses to operate and grow. This includes ensuring a fair and competitive market, providing adequate health infrastructure and public services, fostering innovation and entrepreneurship, promoting trade and investment, and addressing the urgent issues of climate change and social justice. I also propose the authorities and policymakers to engage in constructive dialogue with the business community and other stakeholders, to understand their needs and concerns, and to collaborate on finding solutions that benefit all parties.
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Future outlook for the company in the next 5 years?
The future outlook for the company in the next five years is positive and promising. We have a clear vision and strategy to achieve our goals and objectives, as well as a strong team of talented and dedicated employees who are committed to delivering high-quality products and services to our customers. We are also constantly innovating and adapting to the changing market needs and customer expectations, as well as exploring new opportunities and partnerships to expand our reach and impact. We believe that by focusing on our core values and mission, we can create value for our stakeholders and make a difference in the world.

*This interview was first published in the May 2023 edition of the BioVoice eMagazine.