Holborn Wells, a UK-based healthcare focused company which recently established an IVD business unit in India has concluded a joint venture with SpeedBio to establish IVD manufacturing unit in India.
SpeedBio is one of the leading IVD promoters in the region with a team comprising of former executives from leading diagnostics and healthcare companies such as Siemens and CORE Diagnostics.
As per a joint statement by Sudhanshu Srivastava, CEO, Holborn Wells India and Santosh Pandey, CEO, SpeedBio India, "The new venture is in line with Government's 'Made in India' initiative which will see the nation emerge as a major player in the provision of quality IVD products in a global supply chain. We believe that through the convergence of this supply chain and availability of resources we have at our disposal, we can rapidly expand to emerging markets and provide high-quality IVD products at reduced price points as a result of considered innovation."
The new Holborn Wells SpeedBio manufacturing base in India can be seen as an important step towards the positive impact molecular diagnostics can have in the region over the next decade and beyond. The amalgamation of Holborn Wells technical expertise and SpeedBio India network will allow for placing the new joint venture company as a leader in the IVD market across the region.
Both parties are expected to invest a total of 1 million USD over the coming months to establish the Holborn SpeedBio brand as a leading IVD provider for the market. The newly formed Joint Venture company expects to exceed revenues of over 50 million USD in coming years creating jobs and research facilities across India and United Kingdom.
The newly formed joint venture intends to launch and manufacture a portfolio of over 150 IVD products to market within the next year.
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( With inputs from ANI )
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