DiabetOmics, a US based medical diagnostic major, is planning to invest $5 million in the next 4 years to commercialize its non invasive patented technology for diagnosis of diabetics in the country.
In an interaction with Pharmabiz, Srinivasa Nagalla, managing director, president and chief executive officer of DiabetOmics said, “We are partnering with Ventureast in India and looking to invest about $5 millions in the next 4 years to establish a manufacturing unit for our patented technology. With this new patented technology we want to commercialize our product and looking to expand our markets here in India. Our effort is to bring more affordable and simple technology for diagnosing diabetics”.
Giving his perspective about the Indian pharmaceuticals and medical devices manufacturing segment in the country Srinivas felt that though the price control of certain essential drugs by the government may have some negative impact on investors in the pharma manufacturing sector, but the recent modifications in the medical devices regulations and allowing 100 per cent Foreign Direct Investment (FDI) is definitely a positive indication for investors in the medical devices and diagnostic equipment segment. “Definitely, a more profound regulatory system is important for any country to ensure people’s safety, but at the same time it should be dynamic and be in line with our real requirements while at the same time not compromising on standards and safety. We are hopeful that the Prime Minister’s ‘Make In India’ rhetoric will benefit investors like us,” said Srinivasa.
Due to unhealthy food habits and lack of physical activity, more than 60 per cent of Indian population is fast becoming diabetic. More over changes in working habits added with sedentary lifestyle are fast making India as global diabetic capital. “Consuming more calories with no physical exercise will lead to diabetics. Particularly, early diagnosis of type 2 diabetes in pregnant women and diabetes patients is very important. For this a simple and cost effective testing procedure is important. Diabetes can be prevented if people are informed properly about the bad effects of excess calories. As India has the largest mobile phone user population in the world, the information can be discriminated using information technology through mobile phones. The governments should think in this direction to ensure a diabetic free country in the world, added the MD.