New Delhi, Jul 26 (PTI) Diagnostics solutions provider Transasia-Erba Group on Sunday said it expects single-digit growth in the current financial year as the business environment shows signs of improvement with relaxation in the restrictions imposed to control COVID-19.
'With the situation slowly inching towards normalcy, we are confident of bridging the gap and achieving a low single digit growth this year,' Transasia-Erba Group Chairman & MD Suresh Vazirani told PTI.
Transasia-Erba Group had posted a revenue of Rs 1,100 crore in the last fiscal year.
On being asked about the main drivers of growth going forward, Vazirani said: 'Our strengths of innovation, accessibility and affordability will continue to drive our future growth.' The COVID-19 pandemic has once again brought to the forefront the need for urgent and accurate testing. Product innovation coupled with the use of technology will drive the growth in the future for the group, he added.
'Offering the right product mix for a standalone lab as well as a large lab chain will remain our priority. Our R&D teams in India, USA and UK have been working hand-in-hand to incorporate the latest technologies and develop state-of-the-art products and solutions in immunology, blood banking and molecular diagnostics,' Vazirani said.
Asked if the group was looking at expanding to more overseas markets, Vazirani said the group currently caters to over 100 countries through its direct operations and distributor model. 'We are focused on meeting the needs for the emerging markets. Brazil, Russia and the Middle East contributed considerably to our growth in the last financial year,' he added.
Highlighting the importance of India for the group, Vazirani said, for over forty years, Transasia has been catering to the Indian population.
'Our focus remains on pooling in the latest technologies from our global subsidiaries and manufacturing in India to meet the needs of affordability and accessibility. Revenue share of India is around 70 per cent,' he added. The latest technologies from the group's European subsidiaries at Czech Republic and the US are adopted and customized in India at the five manufacturing facilities at Baddi, Daman, Sikkim, Mumbai and Visakhapatnam, to develop products and solutions that aid in timely diagnosis, Vazirani said.
'We are proud to contribute to India's fight against COVID. All through the lockdown, while India came to a standstill, Transasia has been walking hand-in-hand with laboratories and hospitals to ensure there are no disruptions,' he added. All manufacturing facilities have been functioning, though with limited resources to ensure adequate availability of instruments and reagent kits, Vazirani said. When asked if the group was planning to foray into more segments in the diagnostic space, he said: 'Through our USA subsidiary Calbiotech, we are all set to strengthen our foray into ELISA and CLIA assays, especially for autoimmune disorders, cancer and infectious diseases'.
The group's teams in India and its UK subsidiary are already collaborating to introduce Next-gen sequencing and other advanced technologies in molecular diagnostics for infectious diseases like TB and HIV, he added.
'Currently our teams are working on developing the molecular and rapid test kits for COVID-19 as well. We will very soon be commissioning the production of ErbaLisa COVID-19 IgG kits at our AMTZ facility. Going further, RT-PCR and rapid tests for detection of COVID-19 will also be manufactured at this facility, making it the largest production base for COVID-19 testing kits in Asia,' Vazirani said. The group is also looking at introducing some very exciting products this year in Diabetes, Critical Care, ESR, Immunology and Urinalysis, he added. PTI AKT CPS CPS