US-based rapid diagnostics tests firm Alere Inc is eyeing over three-fold jump in revenue in India to Rs 1,000 crore in the next three years as it expands presence here.
The company has opened its first manufacturing facility in India (Manesar) at an investment of Rs 150 crore. It also plans to accelerate its export strategy in the Asia pacific region with the launch of this unit for manufacturing care diagnostic products.
“We have been doing very well in India in last several years focusing on our three core areas — cardiometabolic disease, infectious disease and toxicology and we intend to achieve the revenue target around all three base businesses,” Alere Inc CEO & President Namal Nawana told PTI.
Alere said it aims to achieve revenue of Rs 1,000 crore over the next three years equipped with portfolio innovative point of care treatment (POCT) diagnostic products that will focus on improving health outcomes.
The company had generated a revenue of Rs 300 crore from India last year.
Apart from catering to the Indian market, the company will also be exporting to the neighboring countries in South Asia, he added.
“Alere is committed to improving access to affordable rapid diagnostics in India and throughout the Asia Pacific region through this new world-class manufacturing facility,” Nawana said.
The new factory will produce rapid tests for infectious diseases, including Malaria, Dengue and HIV and export them across Asia Pacific, a region heavily impacted by these diseases, he added.
The company’s Manesar facility will initially produce more than 150 million rapid diagnostic test kits per year and will have the capacity to expand to 300 million tests over time, Alere said.
The new facility will support the goals of ‘Make in India’ initiative, which seeks to transform the country into a global manufacturing hub, Nawana said.
Point of care testing helps improve outcomes and increase the speed of care by bringing the test results within minutes.
When asked about the announced acquisition of Alere by Abbott, Nawana said: “We anticipate that in next few months we would merge.”
Alere is a global leader in point of care diagnostics delivering more than 1.4 billion tests in 2015.