Suresh Vazirani, Founder,Transasia Bio-Medicals shares his views on the Indian In Vitrodiagnostic market (IVD) and talks about how his company has successfully earned a major market share within the emerging IVD markets of the world, in a conversation with Raelene Kambli.
Give us an overview of the Indian IVD market?
The Indian IVD is still nascent and has picked up momentum in the last few years. Even today, only 30 per cent of India’s population go for blood tests. This shows that there is a huge opportunity for the IVD segment in India. Also, the focus for these players should be on prevention of diseases.
Do you see a lack of access to diagnostic services in the rural areas?
There is a huge gap in terms of availability of diagnostic services in the rural areas. People have to travel upto 100-200 kms to get to a diagnostic centre. Therefore, there is a need to venture into these smaller markets to create more access. We at Transasia have entered towns and soon hope to enter the rural areas as well.
Where does India stand in comparison to other emerging markets?
If you compare India with the other emerging markets such as Russia, Brazil and South Africa, the spending on diagnostics is lowest in India. We stand at the bottom 10 per cent as our per capita spending on diagnostic is less as compared with other countries. As I mentioned earlier, 70 per cent of the population still does not spend on diagnostic test.
Is affordability a problem that holds back people to seek diagnostic services?
Yes. Affordability is the biggest barrier for people to seek these services. Another factor that is detrimental is the mindset of not prioritising health.
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