The Mumbai-based company Voxtur Bio Ltd, manufacturer of in-vitro diagnostic kits and reagents, has started exploring the export market, with exports to 16 countries that include Angola, Burundi, Cameroon, Kenya, Tanzania, Bolivia, Bangladesh, Qatar, Myanmar, Portugal, Malaysia, Romania, Lithuania, Dubai, Mali and Ukraine.
With a full-fledged manufacturing infrastructure in place, the firm has set out an export-oriented growth strategy. Product registrations with the respective ministries of health around the globe are in process and export has picked up well, said Khushroo A. Pastakia, CEO & Executive Director, Voxtur Bio Ltd.
“Apart from offering our products under our brand, we have also tied up with couple of world-renowned manufacturing companies for manufacturing our products in their brands, under OEM. This will also provide us an easy way to utilize our manufacturing capacity, to reach out each and every corners of India and abroad,” said Viral Gandhi, Chairman & Managing Director.
Having a wide level of international exposures in more than 100 countries across the world, Khushroo Pastakia has already gained a strong foothold within a very short time frame, in tapping 29 countries, which includes those countries where product registrations are in progress, along with those countries where export have already begun. Voxtur has also undertaken its ground work, with initial participations in international events like Medica in Dusseldorf (Germany) and Arabhealth in Dubai (UAE).
Next target for export would be countries such as Chile, Egypt, Ethiopia, Ecuador, Colombia, Moldova, Brazil, the Philippines, Indonesia, Cambodia, Sri Lanka, Thailand and Vietnam, where the product registrations are in progress and expected to be completed couple of months down the line. The company is betting big on the potential in these countries for the rapid test kit market, added Khushroo A. Pastakia, CEO & Executive Director.
Potential of IVD
Voxtur will also be concentrating the IVD products market, whose worldwide potential is huge.
“Deployment of sales team based on continental structures, participation in major international exhibitions in Europe, Latin America, Middle East and Far East, participation in local exhibitions in selected countries of Africa, product promotion advertisements in selected international media and much more is in the agenda for tapping the export potentials,” Khushroo said.
Regarding the changing trends in the diagnostic segment, Viral said that those days when the treatment was given by doctors in India on the basis of their own pre-judgements are over.
“Awareness of cost-effective diagnostic testing tools, before imparting any treatment, created a revolutionary impact over the last one decade. Medical science has provided revolutionary diagnostic tools and techniques to diagnose the diseases in most affordable way, so that right treatment can be given to a patient at right time. The country and its healthcare system are confronted by challenges shared by the developing countries, as well as rising rates of diabetes, cardiovascular disease, and the diseases of aging. Recently, there is a remarkable growth seen in the healthcare awareness and desire to undergo preventive health check-ups that has boosted the IVD industry growth,” Khushroo said.
Voxtur vouches for quality control which is the key to ensure deliverance of quality products in the international markets. “All our IVD test products must meet the essential quality control requirements that include quality control samplings of incoming, in-process and finished products. Starting from the raw material, to in-process phase, to the final finished products getting packed, each and every phase of online production is under the constant quality control vigilance. A well-defined system for managing the process of manufacturing is established, as the products at all stages of processing meet the specified requirements as defined in the product Master Formula Record. Furthermore, controls are also ensured in the work environment parameters that should match the specified requirements. Stage inspections are carried out by quality control personnel at appropriate stages, to ensure the delivery of a world-class product.”
Khushroo A. Pastakia is also bullish about the fast-growing diagnostic market in India. “With a population of more than 1 billion, India is the world’s second largest country and therefore also a significant potential market for healthcare. The Indian IVD market stands just next to that of the US, China and Japan and it leads all the emerging nations. The current Indian IVD market is valued at around USD. 500 million, with an annual growth rate ranging around 20% per annum,” he concluded.