The company plans to invest Rs 33 crores to scale the IVD facility; the plant has the capacity to facilitate 1.7 crore tests per month
LordsMed has launched its IVD manufacturing facility at Vasai near Mumbai. Spread over 20,000 sq ft area, the IVD manufacturing facility will manufacture a diversified range of IVD and point of care diagnostic solutions such as analysers, reagents for clinical biochemistry, haematology, serology, immunology, rapid testing kits (ICMR approved antigen kit) and lab consumables.
The manufacturing facility has the capability to facilitate 1.7 crore diagnostic tests a month including biochemistry, haematology, serology, rapid test and urine strip tests.
LordsMed has plans to further scale up the capacity by investing Rs 33 crores more in future.
With this advanced IVD manufacturing facility, LordsMed plans to facilitate backward integration, reduce import dependence and build self-reliance in procurement as well as foray into the OEM market.
LordsMed is in talks with pharmaceutical companies for OEM opportunities and plans to explore more opportunities both in the domestic and international markets. The company aims to go for R&D collaborations for developing rapid test kits as well.
Commenting on the launch of IVD manufacturing facility, Sachidanand Upadhyay, Founder, Lord’s Mark Industries Pvt. Ltd. said, “The launch of the state-of-the-art IVD manufacturing facility draws inspiration from the government’s vision and continued efforts to make India a global medical device manufacturing hub. The pandemic has opened up a huge market opportunity for IVD and point of care diagnostics solutions. With our IVD manufacturing facility, we are working towards capturing the growing demand for such test kits both in India and across the globe. We are also open to collaborate with pharmaceutical or healthcare companies willing to venture into the point of care diagnostics segment in a cost-efficient manner. The manufacturing facility in Vasai lays the foundation for our journey to become a global leader in IVD manufacturing and export. We look forward to building manufacturing partnerships to achieve collaborative growth and make India a global destination for IVD solutions manufacturing.”
In India, the company will leverage its existing distribution channels to sell its manufactured products such as private and public hospitals, pathology labs and retail establishments. The company has developed a stronghold in B2G segment and aims to target B2B and B2C segments to capture the broader demand spectrum for IVD kits.