Leading the innovation curve
Debarshi Dey, Marketing Director, Mylab Discovery Solutions, discusses the company’s growth in the niche segment of molecular diagnostics, innovations in diverse product offerings and how it has deployed different strategies to captivate the market.
The healthcare industry, one of India’s largest sectors today in terms of revenue and employment, is expected to show an unprecedented threefold growth and reach US$ 372 billion by next year compared to the US$ 110 billion of 2016-17. However, the world’s largest and fastest growing industry that is consuming around 10% of the GDP globally, stands at only 1.3% in India. This sector has bright growth prospects, opening doors for a risky yet large scale diversification, so as to minimize possible downturns and maximize products and services.
Innovation in product offerings
Mylab Discovery Solutions began with the idea to simplify the complex nature of disease detection. Making disease diagnostics more affordable and bringing cutting edge science and technology to ensure accuracy in detection were the core ideals that inspired the brand. Innovation has been central to the brand. It offers a wide range of solutions applicable in diverse markets including clinical diagnostics, pharmaceutical drug discovery, biomedical research, agrigenomics and animal and food safety.
Diversification has been integral to the functioning of the brand. Direct-to-consumer self-testing kits developed by Mylab were a hit during the pandemic. In fact, the company was one of the pioneers in India in manufacturing these kind of RTPCR tests. It also diversified horizontally by allowing customers to get their samples collected at home and sending it to labs for testing.
At the same time, it was ensured that these kits were available across India at affordable prices without compromising on their quality. Prevention of the spread of transferable disease like respiratory illnesses by means of the self-test kit has been ensured by employing special chemicals to deactivate the virus. Instrumentation and innovations in designing devices for multiple tests was also being explored. My Lab is also collaborating with BHU and other research institutes in India to ensure top notch quality of products, which is of utmost importance in the healthcare sector.
Establishing a global footprint
Every player in the industry attempts to develop their own fine-tuned stable marketing strategy for the local as well as international clients. Counter trading is a cost-effective strategy because of its exemptions from various import quotas. Malaysia has effectively utilized counter trading bartering palm oil for armaments. Vehicle manufacturers also do the same with the practice of complementary accessories provided with their vehicles.
Other successful marketing techniques include licensing and joint ventures, marketed via multiple country ownerships and franchise outsourcing, with priority given to exports. And, even though when we talk about different avenues, there are risks involved. The product’s efficiency determines its export potential, and in turn, better chance of beating the competition.
Other avenues or strategies of entry to the international market include export and export promotion councils of the country. It is helpful to have different bodies that identify the manufacturers, the budding start-ups, and give them the platform to network. Lastly, India needs to establish itself globally and create an environment where innovation should be a paramount importance. India is yet to establish itself globally in terms of a product but it is in the horizon.