Credence Genomics and India’s Apollo Hospitals invest in biotechnology platform

By Zahara Zuhair

With an initial investment of US $ 3 million from both sides (on equipment and infrastructure), Sri Lanka’s Credence Genomics and India’s Apollo Hospitals Group initiated a platform that would bring the areas of healthcare, biotechnology and research together in the medical sector.

To this end, ‘Beyond Biotec 2018’ was launched yesterday, which is said to be the first ever medical industry event highlighting successful commercial innovations in the private sector biotechnology space, along with opportunities in the research arena.

The event which took place in Colombo yesterday was declared open by President Maithripala Sirisena. 

“This event is about creating a platform for innovation. We are going to keep developing products (including medical tourism products), and are planning to go in to different countries to offer our services,” Credence Genomics (Pvt.) Ltd. Director/ CEO Dr. Vaz Santosh Gnanam told Mirror Business. 

“We are a 100 percent Sri Lankan team and we are happy to be able to highlight our capabilities along with our representation of the country,” he said. Beyond Biotec 2018 expects to cater to new breakthrough innovations in the biotechnology space and the healthcare vertical. 

Apollo Hospitals Group Vice Chairperson Dr. Preetha Reddy said this initiative would help to transform Sri Lanka in to a healthcare destination as the country is brilliantly poised for that. 

“Healthcare tourism definitely helps the economic prosperity of a country. For example, what happened in Bangkok, they didn’t have fantastic doctors and researchers that you have. But they became the first country in the world to be talked about healthcare tourism.

 The rest of the Asian nations saw Bangkok as an example such as Singapore, South Korea and they have become favourite destinations for medical services. The number of people looking for healthcare is only going to grow, that is not going to diminish. If we are going to be a part of this is for us to decide,” she said. 

She further said that they stand committed for working with Sri Lanka in the future as well. 

The event also marked the collaboration of the two parties in to a milestone venture whereby a portfolio of cutting-edge diagnostic services for infectious diseases will be offered to patients in India starting with Chennai, Tamil Nadu.

Beyond Biotec 2018 is sponsored by Credence Genomics, Sri Lanka’s pioneering clinical genomics company and its Indian subsidiary Micro Genomics (India) along with Thermo Fisher Scientific.