25 May 2023 | News
Collaborating on development and manufacturing of innovative diagnostics for global health
TechInvention Lifecare, a Mumbai-based biotech startup, has entered into a strategic collaboration with Reagent IVD Resources (RIVDR), a Jaipur-based diagnostics-focused startup, for the development and manufacturing of a comprehensive range of diagnostics. The portfolio would encompass human as well as veterinary segments for global supplies.
While TechInvention Lifecare has developed a portfolio comprising extraction kits, rapid point-of-care, and molecular diagnostics for infectious diseases, RIVDR is into the manufacturig and distribution of biochemistry and chemiluminescence kits. There are also a few high-potential novel products in the pipeline, primarily for zoonotic diseases and WHO Critical and High Priority-listed pathogens with antimicrobial resistance.
India is the fastest-growing medical device market among the emerging markets. The current market size of the medical devices industry in India is estimated at $11 billion, and with India's contribution in the fight against the COVID-19 pandemic, the country's medical devices sector has gained even more prominence. The export of medical devices sector has been growing at a CAGR of 9.37% over the last 5 years and is expected to reach ~ $10 billion by 2025.
Image Caption- L-R- Syed Ahmed, CEO of TechInvention Lifecare and Madhur Mohan Goyal, MD of RIVDR