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Abdos life sciences was started with a sense of purpose for “Creating Products and Services for Life sciences”. We expect to grow every year by 25% in the Indian market and 40% in the International market in the next 3-5 years – An interview with Shrey Agarwal, Director & CEO at Abdos Labtech Pvt Ltd.
Our 50 years of manufacturing background in different fields and growing demand for life science tools influenced us to venture into the life sciences space.
Can you tell me a little about yourself?
My name is Shrey Agarwal and I am the Director & CEO of Abdos Life Sciences. I hail from Kolkata, India, and moved to New Delhi about 10 years ago. My educational background is Accounts & Finance and Post-graduation is in Marketing & Strategy from Warwick Business School, UK. I am passionate about sports, particularly Cricket & Squash. Having played Cricket at school, college & division level, I still give time for practice and matches during weekends. I also participate in few Squash tournaments from time to time. My family consists of my spouse Shalini Agarwal and 2 school going children Saanvi & Advay Agarwal aged 8.5 years and 7 years respectively. I am the 3rd generation entrepreneur at Abdos group heading the life science division. Abdos group is 54 years old family run business. The Life Science division is 11 years and its long-term vision is “To be the first choice of customers by building long term relationships with them through our product range, service levels, innovations and sustainable endeavours”. My management style is to empower young and experienced people to handle their domain expertise and ensure timely execution of assigned tasks on a routing basis so that business is always on a stable, reliable and fast track.
What have been the main accomplishments of the Abdos Labtech Pvt Ltd during the last five years?
Our 50 years of manufacturing background in different fields and growing demand for life science tools influenced us to venture into the life sciences space. We are very thankful to the life sciences community for making Abdos journey a great success. We started our manufacturing unit in Roorkee with our corporate office in New Delhi in 2009 with just 3 products and a handful of people. The last 5 years has seen ABDOS Life Science grow in size from 100 to 400 products. Abdos life sciences was started with a sense of purpose for “Creating Products and Services for Life sciences” but that has expanded to “Ensuring, Empowering Health & Hygiene for People” in the recent past.
We were supplying in few cities in India and now we have customer coverage in over 70 countries together with our logistics subsidiary in Europe based out of Netherlands. From few machines to South East Asia’s largest cleanroom facility for plastic laboratory products; from a few people to about 250 people now in our company with varied experiences.
We launched 25 new products with three new product lines in 2021. Some key products that we added are Trace metal-free (TMF) Centrifuge tubes, Screw cap tubes, Bio-filtration products and new range of Bio-pharma related lab consumables to cope up with huge increase in demand for diagnostics and vaccine manufacturing globally.
Our growth has been stable and we have doubled our revenue every 3 years till 2019 and from the past 2 ½ years we are doubling our revenue every 2 years. We will be amongst top 5 Indian manufacturers in plastic life science space and contributing richly in reducing the dependency on imported goods in making India self-reliant and Atma-nirbhar.
What is your opinion on COVID-19 situation in Life Science, Pharma and Biotech Industry? Does it give opportunity for Bio-Pharmaceutical and Life Science industry to showcase its importance?
The Covid-19 pandemic though it affected the economy of the world on the whole, it opened the doors to the BT industry (Biotechnology industry consisting of Bio-pharma & Life Science) such as Diagnostic reagents & Kits, Hygiene products, Life Science reagents instruments & consumables and Vaccines. Many Life Science companies who had the infrastructure to produce PCR reagents and lateral membranes-based testing products jumped in to the fray to produce testing kits for Covid-19. Many others produced hygiene products such as masks, hand sanitizers, PPE kits, UV based sterilizers and Microwave hospital waste disinfection systems etc.
The world has realized the importance of the Biotech & Life Science industry which makes the world healthy. We at ABDOS Life Science expanded the market share in diagnostics and healthcare space majorly through our Liquid handling products. We also won some WHO (World Health Organization) contracts for few of our products and services.
The outbreak of the Coronavirus is posing a challenge to many businesses, how Abdos Labtech is affected with this pandemic?
It’s been nearly 2 years since Covid-19 outbreak took the world by storm and affected millions of people across the world.
We the ABDOS Team are in solidarity with all the people who were affected by the pandemic and the families that were badly affected and also with people who lost their dear ones. At ABDOS Life Science, we did a lot of CSR activities in terms of distribution of PPE kits to medical centres and hospitals, distributing food packets and contributing large sums in the PMCARE fund. Abdos fully recognizes the vision of our honorable Prime Minister Mr. Narendra Modi in “Make in INDIA” & “Atma-nirbhar Bharat” and through our manufacturing infrastructure we reduce the dependency on imported goods. During the pandemic in 2020 no team member of Abdos were laid off or fired. We supported our team in the pandemic, additionally we hired over 150 more team members in our company. We built more than 900 million Filter Tips for COVID-19 testing and grew by 100 % in the past 2 years. We supported leading manufacturers in their endeavours of Vaccine R&D, Testing kits and VTM Kits. Abdos Life Sciences products reached most parts of the world through its distribution network in spite of the supply chain disruption of most leading manufacturers and stable supply of Abdos range.
Our marketing reach both conventional and digital made us a known and reliable brand for our customers, suppliers and stake holders.
How would you describe the growth of global laboratory consumables industry and the role of Abdos Labtech?
It was estimated that the global market for laboratory consumables supplies by the year 2020 would be USD 30.6 billion. The market is projected to grow at a compound annual of (CAGR) in the range of 7.5 percent from 2021 until 2028. The market is primarily driven by an increase in the amount of money and investments in research and development activities within the areas of biotechnology, pharmaceutical & diagnostic industry and is predicted to expand with a steady pace in the next few years due to the steady supply of lab consumables. As you may be aware that the Covid-19 pandemic expedited the development of research related to infectious diseases. However, laboratories that were conducting research on other diseases that were pre-pandemic were closed as the primary reason for this lockdown was to prevent the close contact amongst people, which in general resulted in lower demand for regularly used laboratory equipment and consumables. Abdos Labtech division has steadily grown at a pace of 25% per annum prior to March 2020. After the advent of Covid-19 though many of our regular lab supplies were decreased, we were able to support supplies especially to the RT-PCR test for covid 19, vaccine R&D’s & Pharmaceutical QC’s. In 2021 we increased our production capacity of the Covid-19 related supplies more than 50% from the previous year due to the increase in demand and to cater to the immediate cause. Due to the nature of this pandemic and with the appearance of newer variants of the SARS-CoV-2 strains every few months, the world must come together as one to fight against the virus and we are hopeful that we will be able to continue our service to the nation in such troubled times in future too, if the need arise. We will continue our journey towards manufacturing & supply of innovative & world-class laboratory consumables & instruments in the times ahead.
Could you brief some recent innovation and product developed by ABDOS LABTECH for easy and accurate laboratory workflow?
We are happy to announce our first patent in the pipette tip category with our Gen 2 product with anti-shrink & anti warp technology. The end users will enjoy the extra benefit they get from the new feature loaded products. We also have some innovative freezer range racks, Frosty-MateTM. For seeing our complete range of products please download our product catalogue.
What are the key objectives that ABDOS LABTECH would like to achieve in the upcoming three years?
I am glad to say that even during this pandemic situation, we have been relevant and important to our employees, their families and all other stake holders. In the next 3 -5 years we are undertaking massive expansion at our current plant and our production capacities will be 2.5 times of current capacities. Our warehousing capabilities will also be double to ensure supply chain is not disturbed. In the past 2 years even with the disruption in supply chain I am happy to say over 85% of our orders were delivered as per our schedule and would improve it to over 90% in the next 3-5 years. Our European logistics hub is playing a great role in establishing our brand in the EU market and in the same way we plan to open subsidiary and logistics center in South and North America over the next 3-5 years. On the product front we would want to be the largest company in pipette tips, centrifuge tubes, PCR products, Cryoware and Petri dishes out of India and South Asia both in production and Sales.
Sustainability is one key part in our vision statement and we are working on various projects in Green & Clean manufacturing and Biodegradable product lines. Marketing, especially digital is our strength and we would further expand and enrich our content and reach. We would set up a goal of doubling our subscriber and follower base every year on all digital platforms. We expect to grow every year by 25% in the Indian market and 40% in the International market in the next 3-5 years through our routine business in Academic, Pharmaceutical, Health care and Applied Sciences. Our value system, Vision, Mission and purpose will guide us in our endeavour and my team and I at Abdos Life Sciences are confident in achieving our goals for the next 3-5 years.