The expansion of diagnostics services has been spurred by demographic ageing and changing lifestyles, which have increased ailments such as cancer, diabetes and heart disease. The COVID-19 outbreak has increased the demand for diagnostics even more. While many countries are improving their diagnostic product manufacturing efforts, India continues to import the majority of diagnostic items. India imports diagnostics items that are generally made in high-wage countries like Europe and America. Because India is a low-wage country, the great majority of people cannot afford these things. Accurex Biomedical, a pioneer in the Indian in-vitro diagnostics (IVD) business, has been meeting this need for more than three decades.
The Mumbai-based healthcare corporation has created a reputation for quality goods, a strong financial base and innovative marketing as one of the top three Indian enterprises in the field of clinical chemistry. It was the first company in India to manufacture urine test strips and enzymatic clinical chemistry reagents. India’s IVD clinical chemical production sector began with this. Accurex now offers a wide range of innovative and reliable medical diagnostic solutions. Abhinav Thakur (Managing Director of Accurex Biomedical) leads the company, which is well-known in the Indian diagnostics market.
Accurex Biomedical traces its roots back to 1984 when nearly all diagnostic reagents were imported into India. Accurex Biomedical was founded by Anil Thakur (Founder and Ex-Managing Director) to indigenize the manufacturing of foreign reagents in India. It was India’s first manufacturer of urine test strips and enzymatic clinical chemistry reagents. In India, this was the start of the IVD clinical chemical production sector.
Accurex has had consistent growth since its establishment. The company established a brand name in the Indian IVD industry by releasing innovative products regularly. Unfortunately, Anil died too soon while his son Abhinav Thakur was studying in the United States. Abhinav Thakur had to return to India to operate his family’s business after the unfortunate tragedy. Abhinav Thakur, Managing Director of Accurex Biomedical, is in charge of the company’s activities. Before completing his PGDM at NMIMS University in Mumbai, he graduated from the world-renowned University of California-Davis. By taking over Accurex in 2005, the adaptable leader insured the family business’s survival. Abhinav Thakur has led the company with zeal and determination since then and has played a key role in its 4.2x sales growth and expansion from 90 to 170 individuals. Accurex has evolved from a diagnostic reagent firm to a diagnostic reagents and instruments company during the last decade.
Abhinav believes that to respond to changes in the external environment, a business must be flexible. As we have seen in millions of years of evolution that it is the species that adapt & survive the longest and the species that don’t adapt go extinct he claims. He goes on to say that in these uncertain times, firms who innovate and adapt to the changes brought on by the pandemic will survive and grow.
Due to the pandemic, Accurex transformed the majority of its fixed expenditures into variable costs because the top-line estimate was uncertain. This allowed the company to sustain its cash flow and continue operating. As a result, Accurex intends to adapt its business model to meet and overcome the obstacles posed by the pandemic. The company aims to generate a turnover of 100 crores in FY22 and plans to keep expanding in the years ahead.
Quality is the most important factor in the medical diagnostics market, according to Abhinav, because patients lives are dependent on diagnostic reports. As a result, the organisation is concentrating on creating high-quality diagnostic solutions. The company has proven itself in the industry and built a solid brand over the last 35 years.
Since we have been providing quality products in the market for over 35 years the customers in the industry trust our brand. This trust built with our customers on quality is our USP, states Abhinav.
Healthcare is a fundamental right of every human being. Currently, healthcare is not affordable to a majority of the population of our country since 70% of medical diagnostics are imported. My indigenous medical diagnostic manufacturing in India will make medical diagnostics affordable to more people in the world, states Mr Abhinav Thakur. The lack of technology in India is an area of concern for me. We need to invest a lot of capital into R&D to develop indigenous products in India The company’s products are designed to democratise healthcare. Therefore, Mr Abhinav Thakur aims to modernise traditional ways by combining innovative ideas.
Professional success requires the ability to learn new things and improve. Abhinav Thakur believes that teaching is the greatest method to learn. Self-education and then sharing that knowledge with others boost personal and industry progress. He shares, When you share the knowledge with other people with end up absorbing the knowledge 10x better. Mr. Abhinav goes on to say that in today’s internet age, knowledge is democratised and everyone may find the greatest source online. In today’s age when you are on a quest for knowledge the best sources are easily available at your fingertips online. An Aspiring business leaders should make use of all available opportunities to better their talents and contribute to society, he recommends. The best charity one can do is to create employment, states Mr. Abhinav
The epidemic created significant interruptions in business operations. Getting millions of people to work from home has expedited a workplace experiment that had previously failed to gain traction. The resurgence of the Work from Home approach, according to Abhinav Thakur, is the most positive shift brought about by the epidemic and is here to stay. Work from home will reduce pressure on the commuters and traffic, and people will still be able to work, he says further. Many firms, Abhinav Thakur believes, will transition to a hybrid WFH model in the future, allowing certain employees to work remotely while others work on-premises and occasional WFH days.
Because the top-line outlook was uncertain owing to the pandemic, Accurex transformed most of its fixed costs into variable costs. This allowed the company to preserve its cash flow and continue operating. As a result, Accurex intends to survive and overcome the obstacles of the pandemic by altering its business model to meet the needs produced by the epidemic.