LordsMed, the global healthcare division of Lord's Mark Industries, has launched its IVD manufacturing facility at Vasai near Mumbai. Spread over a 20,000 sq ft area, the IVD manufacturing facility is equipped with state-of-the-art technologies and infrastructure of global standards and 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. The larger goal of Lord's Mark Industries is to emerge as a global leader in IVD manufacturing and export by rolling out quality IVD solutions at a reduced cost.
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.
LordsMed has recently partnered with a Singapore-based diagnostics kit manufacturer Sensing Self to manufacture its diagnostics solutions. The full-fledged manufacturing for Sensing Self will begin soon after the completion of the due diligence process. LordsMed is also in discussion with a few prominent distributors in Africa to export IVD solutions to the key markets of that region.
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.
Commenting on the launch of the 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."
Incorporated in 1998, Lord's Mark Industries Private Ltd (Lord's) started manufacturing computer continuous stationery and copier paper and slowly diversified to other segments viz; Renewable Energy, Electric Vehicles, Diagnostics and Hygiene, products. Growth through diversification has been the cornerstone of success at Lord's.
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( With inputs from ANI )
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