Cover Story

Indian Diagnostics Industry -
Challenges & Opportunities Post Corona Pandemic

Corona – Challenges Or Possibilities

• Our next generations will not be able to imagine life as it was before corona.

• I have a very positive outlook for the Indian healthcare industry.

• There is the possibility of the world focus shifting to India as the primary producer and supplier of APIs, IVDs and generic drug.

• The criticality and yeoman services of the Indian IVD industry are being re-established, recognised and appreciated.

• In the history of mankind this is the first time that diagnostics industry has been in the absolute spotlight.

• The world has recognised the need for early warning systems (Diagnostics) in the healthcare segment, and this trend is going to continue.

• Our cost-effective, society-conscious and ethical business dealings will further cement our reputation and relationship with our publics.

Challenges Of A Diagnostics Company During Corona (and Earlier)

• Our story has been about constant analysis, introspection, innovation and transformation.

• Made our systems & processes very sound and robust.

• We have a very stringent audit and reporting mechanism

• We have continued to focus on our people’s well being and progress.

• Policy issues have continued to hamper our work, especially the inverted tax policy wherein raw materials are taxes more than finished products in our segment.

Expectations From The Government

• Cut down import duty on raw materials and hike import duty on finished goods

• ELISA finished products have 0% duty and 5% IGST, whereas the raw material for ELISA kits attract 5-20% import duty plus 12% IGST – tilting the balance away from the home-grown manufacturers.

• The availability of samples for testing is another great concern.

• Aspects critical for winning the race in the global healthcare space are – ensuring a cost advantage over other nations, faster government permissions and single-window clearances, ease of doing business, adequate financing, competent infrastructure and soft loans with longer repayments.

Widespread mushrooming of pathology labs

• Proliferation of the pathological labs in the country is a boon for the masses.

• Distance between patients and point of care should be mitigated.

• NABL as a quality-certification and assurance organization is ensuring that they bring all large and small patho- logical laboratories within their ambit.

Genesis Of The Company & Professional Journey

• J Mitra & Company was established in 1969.

• My focus towards consolidation of the domestic business, increasing the international footprint, driving business strategy, Sales & Marketing, product development and customer service through constant innovation and automations.

• We export to over 45 countries across the globe.

• We have a strong R&D team, and over 55 patents, the highest for any company in India.

Jatin’s Corporate Roles & Responsibilities

• Innovation and business foresight are extremely important for the survival of any business.

• A robust business continuity plan is a must to mitigate the negative impact of large-scale disruptions. Standard operating procedures help in ensuring that most of the concern aspects have been thought of, ideated, and actionable defined.

• Flexibility and adaptability must be incorporated in the business ethos.

• To mitigate heartaches in a business arena, we have focused on 4 key areas - Integrity & Fair Play; Quality; R&D; Innovation and Perseverance and Staying ahead of the Competition.