The Asia Pacific IVD market is estimated to be valued at $14.16 billion in 2022 and is expected to reach an all-time high of $19.31 billion by 2027 with a CAGR of 6.4 percent. Beacon Diagnostics is one of the leading names in the IVD business segment in Asia. According to a recent survey conducted by an independent business journal Biospectrum, the company holds the eighth position as an IVD manufacturing and marketing company in India.
Aside from this, Beacon Diagnostics also has a strong presence in major markets across Asia. The company offers a wide range of top-notch IVD solutions covering Immunodiagnostic Reagents, Clinical Chemistry Reagents as well as Semi and fully-automated Clinical Chemistry analyzers including Bonavera Chem 480 having a speed of reporting 400 clinical chemistry reports in one hour.
Beacon Diagnostics also provides Hematology Analyzers and Reagents, Electrolyte Analyzer, and Reagents to name a few. Chirag Joshi holds the office of CEO at Beacon Diagnostics and under his guidance, the company has been able to reach for greater heights in the industry. In an exclusive interview with Asia Business Outlook, Chirag Joshi talks more about Beacon Diagnostics and its sustained success in the industry.
What are the major pain points faced by your clients in this segment? How do you solve them?
The major challenges faced by clients of IVD products are quick Turn Around Time, maintaining the Quality of reports and chasing the Price Wars between Chain Laboratories, Private Laboratories, & large public sector institutions.
We as a leading IVD manufacturer ensure to provide Instruments with higher throughput capacities, highquality reagents that match the QC requirements, and maintain cost which is best suited for all class of customers.
On the other hand, since the clinical laboratories are not fully under the statutory regulations, many times laboratories do not follow the guidelines for maintaining the equipment which leads to problems of generating quality reports. As a dedicated service-oriented IVD company we ensure to provide round the clock services to our
customers and ensure that the quality of results generated by these laboratories using our Products & Protocol of Quality Control is The Best.
What approach do you follow to ensure the quality of your products?
Our processes are driven by two major factors such as making the products that suit the need of our end user and the quality which is second to none. In order to achieve this, we carefully study the customer requirements to design the products. During the manufacturing process, we adopt practices of in-process quality assurance checks and finish product quality control checks, which ensure the total quality of our products.
Also, since we are from a tropical climate, unlike European and other international territories, we need to maintain the stability of our products even at higher temperatures. Hence, we design the quality of products in such a way that our products are stable even at higher temperatures like 35⁰ C or even at 42⁰C for a longer time. Also, we provide round-the-clock services to our customers and ensure that the quality of results generated by these laboratories using our Products & Protocol of Quality Control is The Best.
We have a dedicated team of marketing personals, who regularly visits our customers in all geographical territories which we are covering
What are the major factors that differentiate your company from the other players in this segment?
Our definition of quality is ‘Quality is Total Customer satisfaction’. All our activities are purely based on this philosophy and we strive hard to maintain this through continuous improvement policies, online, off-line customer support as well as hardcore sales and product training for our staff. R. & D. is a top priority for us and it works based on inputs received from our customers. We are able to quickly respond to these R. & D findings and convert the ideas to product development very soon to address the requirements of the market.
Tell us about your team’s expertise
We have a dedicated team of marketing personnel, who regularly visits our customers in all geographical territories which we are covering. This marketing personnel is well qualified and technically trained, who interviews customers for their needs and accordingly, they offer the solutions to the customer which matches their requirements. Also, we have a trained and skilled team for service and application support which provides round-the-clock support to our valued customers and keeps them satisfied while using our product solutions.
What is the future roadmap of your company?
Going forward, we are strategically moving ahead by expanding our product portfolios in areas of Molecular Diagnostics, Oncology, Hemostasis, and more, by having JVs, distribution arrangements, and joint manufacturing activities like business modules. We also have ambitious plans to develop manufacturing facilities outside of India in territories like Egypt and Algeria for which the corporate management has aggressive work schedules to cope up with these plans.
Chirag Joshi, CEO
As an industry stalwart, Chirag acknowledges that the strength of any organization lies in its people. He believes that every employee has the potential to be a part of the ongoing growth process of an organization and under his guidance, Beacon Diagnostics takes all steps necessary to keep its employees motivated for bringing the best from them for their overall growth and thereby ensuring organizational growth.
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