· French MNC, founded by an Indian entrepreneur, brought about significant price correction in the COVID-19 RT-PCR market in India
· The company is focused on defining what it means to be ‘Atmanirbhar’ within the diagnostics manufacturing industry, by supplying more than 20 lakh kits
· Launched RT-PCR test approved by the French Ministry of Health (M&H) and ICMR at INR 199
· The largest laboratories in India have cleared quality audits with 100% success based on GeneStore COVID-19 RT-PCR kits
In March 2020, the entire nation went under lockdown, and the World Health Organization (WHO) claimed that the only way to curb the spread of COVID-19 was by maximizing the number of tests. It was at this juncture that GeneStore France, a French MNC founded and led by its Indian founder, Anubhav Anusha launched the world’s most affordable COVID-19 RT-PCR test kit at a price of INR 199 approved by both the French Ministry of Health and ICMR.
Prior to the launch of the GeneStore France ‘Detection Expert RT-PCR’ kit for COVID-19, the pricing within the diagnostics industry globally was controlled primarily by large companies based out of North America and Europe. Furthermore, during the initial days of the outbreak, RT-PCR test kits in India were retailed at a price point of INR 500 to INR 1000.
“As a company, GeneStore faced one major challenge, primarily of demonstrating to the leading laboratories in India that delivering consistent quality was in fact possible at the affordable price of GeneStore’s RT- PCR kit. However, the company smoothly sailed through the stringent validation processes of these laboratories, many of which are CAP (College of American Pathology) accredited, due to the fact that GeneStore has an end-to-end manufacturing set-up for all raw materials in Europe and India that allows us to pass on the cost benefit directly to the market, “ said Anubhav Anusha, Global CEO, GeneStore France.
“My laboratory has used GeneStore’s RT-PCR kit for COVID-19 since its launch and I am fully satisfied with its consistent quality and performance”, said Dr. Y. P. Singh, Head of Department, Molecular Biology and HLA, for India’s largest diagnostic testing company.
The tremendous advances made by GeneStore’s Atmanirbhar and Make-in-India initiative, allowed the company to capture 40% of the RT-PCR market in India within a period of 60 days. Furthermore, GeneStore was been able to prove a point critical to Atmanirbharta and Make-in-India, that high-tech RT-PCR kits can be manufactured at a price point affordable to the Indian masses at a European quality standard.
About GeneStore India
GeneStore India is a part of the France based multinational GeneStore. GeneStore presently manages a global network of IVD manufacturing units and genetic testing laboratories across Europe, Latin America, Middle-East and South Asia. GeneStore is on a global mission to support infectious disease eradication by making available affordable molecular diagnostics and mRNA based therapeutics.
Anubhav Anusha
Founder, Global CEO and R&D Head
Anubhav Anusha is the driving force behind a global leader in the healthcare diagnostic and research sector, GeneStore. At GeneStore, Anubhav leads corporate strategy, planning and overall execution on behalf of the brand. The thrust of his mandate is to enact his vision embedded in both bench-to-bedside translational medicine, and mass-scale distribution of genetic data for personalised medicine and the eradication of infectious diseases. Subsequent to founding GeneStore in 2011, Anubhav has been instrumental in leading GeneStore’s market disruption in the field of genetic testing by undertaking large-scale population screening to promote preventive healthcare and wellness. Since its inception, GeneStore has screened over 600,000 individuals across 10 countries and now owns and operates clinical testing laboratories, and manufacturing facilities across Europe (Gemenos, France), South Asia (Delhi-NCR, India), Middle – East (Dubai, UAE) and Latin America (Montevideo, Uruguay) Demonstrating a fine balance of a mature business mindset, tempered by a deep exposure to the biotechnology sector Anubhav draws inspiration from past careers in cancer immunology research, and corporate finance & investment banking for healthcare, pharmaceutical & biotechnology companies. While working with US based investment banks, Anubhav has helped in Capital Raising and M&A deals upwards of USD 250 million for healthcare, pharmaceutical & biotechnology companies with a collective market capitalisation of over USD 1 billion. A testament towards his knowledge and passion for the healthcare sector Anubhav holds a B.S. in Biotechnology from The State University of New York at Buffalo and an M.S. in Biotechnology from Georgetown University, Washington D.C., USA, where he graduated Magna Cum Laude.