IVD business will continue to be one of the company’s core development strategies

Immunoassays have been one of the fast-growing clinical diagnostic segments over the years globally and in India. The technological advancements in immunoassays driven by the need for early detection of diseases have supported their adoption over the years, and hence have supported the immunoassays segment growth.

Scientific and technological innovation is at the heart of the Mindray strategy. It has enabled to extend Mindray’s expertise to the fields of immunology through innovative chemiluminescence technology with development of important clinical markers. We understand the market needs and requirements, and by keeping the vision of better healthcare for all by working with the mission of advanced medical technologies to make healthcare more accessible and with core values of aligning with our customers, are committed to contribute to the improvement of public health through our scientific and technological innovations.

At Mindray, we believe each test that you do is important because each patient is important. With the majority of healthcare decisions being based on laboratory tests, it is even more critical that you trust your results.

Mindray empowers this trust through technology, innovation, and our commitment to the advancement of in-vitro diagnostics science. Our reliable and robust solutions were developed to empower trust, delivering accurate results while meeting increasing demands on efficiency in laboratories worldwide.

The escalating need for inexpensive diagnostic testing, coupled with improving accuracy of advanced rapid diagnostic tests, is are propelling the market. The leading players are continuously focusing on R&D to develop and deliver innovative products to align with the market requirements.

As a recognized manufacturer in the field of in-vitro diagnostics, Mindray is committed to contribute to the improvement of public health. Our recently signed definitive agreement to acquire Finland-based HyTest, a world-renowned, top-notch supplier of upstream IVD raw materials, is testimony to our commitment to continue to deliver the best products and service to our customer base. We expect HyTest to invest additional resources to continuous development of technologies and products as well as advance technological innovation and academic exploration. We will strive to help HyTest serve global IVD customers with products and services of more premium performance and quality. We are determined to support HyTest to keep investing in R&D as well as strengthen and improve its key competitive edge so as to maintain its position as a global leader in the specialty upstream IVD raw material business.

Self-research and self-production of raw materials for testing reagents is an important guarantee of the reagents’ quality. Mindray’s current capacity falls behind the mainstream level of the industry. Through acquisitions, Mindray will increase the proportion of materials made in-house.

Looking back at history, Mindray Medical’s in-vitro diagnostic business has been growing since it went public in 2018. That year, the income of this sector was 4.626 billion yuan. But by 2020, this data has grown to 6.646 billion yuan. At the same time, this business segment has continued to account for approximately 30 percent to 35 percent of the company’s total revenue in recent years. The company had reiterated in the acquisition announcement that in-vitro diagnostic business is one of the company’s core development strategies, and chemiluminescence products are an important branch of the company’s in-vitro diagnostic business.

Regarding the development strategy in the field of IVD, Mindray Medical, through mergers and acquisitions, will increase investment in research and development, strengthen self-developed and self-produced core raw materials, and increase the proportion of core raw materials to ensure controllable quality, optimized cost, and safe supply. In addition, the company is still actively exploring high-quality targets, pursuing business synergy, core technology breakthroughs, and international platform construction.