Business Standard has reported that Ahmedabad-based pharmaceutical company Torrent Pharmaceuticals is all set to enter the Indian diagnostic space in the course of the next three months. According to industry insiders, the pharmaceutical giant is set to follow in the footsteps of Lupin which diversified into diagnostics last year.
Pharma major Lupin had forayed into the diagnostics segment in 2021 with the formation of Lupin Diagnostics. The Mumbai-based firm had also set up a reference laboratory in Navi Mumbai and hired talent from top Indian pharma firms including SRL, Dr Lal Pathlabs, Reliance Life Sciences and Apollo Diagnostics.
The report further stated that the Company will formally launch the diagnostics division in the next quarter. A firm Torrent Diagnostics has been incorporated this year, with the executive director of the parent company Torrent Pharma on its board of directors.
According to the latest data from IBEF, India is among the top 20 markets for medical devices globally. The market is expected to increase at a 37% CAGR to reach US$ 50 billion (approximately Rs 3,99,852 crore) in 2025, from US$ 10.36 billion (approximately Rs 75,611 crore) in 2020.
A huge chunk of the oragnized diagnostics space depends directly on medical prescriptions and illness detection through diagnostic labs. This gives a clear advantage to pharma major entering the medical devices category as they already share strong connections with hospitals and medical staff. This trend is here to stay as more and more pharma firms enter the diagnostics space. This trend is further complemented by the trend of preventive healthcare which seems to have caught up with the masses post the Covid-19 onslaught.