In an interview with BusinessShouts, Mr. Abhinav Thakur, the Managing Director of Accurex Biomedical Pvt. Ltd with a means to diminish the hole between the Indian diagnostic industry and the remainder of the world.
Since its foundation in 1984 has utilized these profoundly trends innovations with a mission Saving Lives Through Quality Medical Diagnostic Solutions.
So let’s start with an interview session;
- Please brief our audience about your company, its values, vision, and mission.
In 1984 almost 100% of the diagnostic reagents were imported into India. Mr. A.J. Thakur founded Accurex in 1984 to indigenise the manufacturing of imported reagents in India.
Accurex was the first company in India to manufacture urine test strips and enzymatic clinical chemistry reagents. This was the beginning of the IVD clinical chemistry manufacturing industry of India.
The journey of Accurex since 1984 has been on a growth trajectory. With the continuous launch of innovative products Accurex has created a brand name in the Indian IVD Industry.
Vision: To be one of the Top 3 world class Indian medical diagnostics companies that adds value to all its stakeholders.
Mission: Saving Lives Through Quality Medical Diagnostic Solutions
Values: Honesty, Perseverance, Prosperity, and Innovation.
- What are the prominent services and products that your company offers?
Accurex provides a plethora of innovative and trustworthy medical diagnostic solutions. In the laboratory diagnostics space, Accurex offers the entire range of clinical chemistry and hematology reagents. In instruments, it offers semi-automated, fully automated clinical chemistry, and 3 part & 5 part hematology analyzers. The company also offers urinalysis test strips, urinalysis meters, and immunology rapid tests.
Besides these, Accurex offers blood glucose meters, hemoglobin meters, HbAlc meters, immunofluorescence meters, uric acid meters, and respective test strips in the Point of Care (POC) segment. Moreover, it has recently launched hand sanitizers, face masks, face shields, infrared thermometers, viral transport medium, and COVID-19 rapid antibody tests to fight against the pandemic and fill the void caused by a drop in sales of its routine products.
3.Brief us about the featured person(s) and their journey in the pharma industry.
The company operations are spearheaded by Abhinav Thakur, Managing Director at Accurex Biomedical. He graduated from the world-renowned University of California-Davis before completing his PGDM at NMIMS University, Mumbai. When he was studying in the USA, unfortunately, his father died untimely at a young age of 49, that led him to join the family business.
Since his appointment as the Managing Director, the company has grown 4.2 times in revenue and the size of the team also increased from 90 to 170 individuals. Over the past decade, Accurex has grown from a diagnostic reagent company to a diagnostics reagents and instruments company.
4. Being an experienced leader, what is your opinion on the adaptation of newer technological developments to sustain business competency?
“It is very important to grow an organization to satisfy the aspirations of all the stakeholders. Growth is like what oxygen is for life. Growth is important to sustain an organization,” Technological developments is oxygen for a business. Without it the business will cease to exist.
5. Taking into consideration, the current pandemic, and its impact on global economies, how are you driving your organization to sustain operations and ensuring safety of your employees at the same time?
Adapting to the New Normal “As an organization, we need to be agile to adapt to the changes happening in the external environment. As we have seen in millions of years of evolution that it’s the species that adapt survives the longest and the species that don’t adapt go extinct,” asserts Abhinav. He believes that businesses that innovate and adapt to the changes caused by the pandemic will survive and some may even prosper.
For instance, due to the pandemic, Accurex has converted most of its fixed costs into variable costs since the top-line forecast was uncertain. This helped the company maintain the cash flow to sustain its operations. Consequently, by changing its business model to cater to the needs caused by the pandemic, Accurex plans to sustain and overcome the challenges caused by the pandemic.
For the safety of our office employees in the COVID hotspot Mumbai we will continue with work from home until it’s safe for employees to travel to work.
6. Where do you envision your organization to be in the long run and what are your future goals?
In the next decade we want to become the #1 Indian diagnostics company.
7. Give us a few testimonials of your clients that accurately highlight your organization’s position in the market.
On google we have 1,146 reviews. This is the highest number of reviews in our industry.
We are proud our google reviews rating is 4.8/5. This validates our high levels of customer service.
Name & Designation: Mr. Abhinav Thakur
MD: Accurex Biomedical Pvt. Ltd
Headquarters: Mumbai, India
Foundation year: 1984