In early 2019, when we decided to launch our own hematology range in India, we anticipated a lot of apprehensions from the market and our customers. But we had a clear goal in mind – to redefine the market through the use of technology. So, we began by sourcing the latest technology from our European subsidiary, and customized it to meet India’s need for quality and affordable diagnostics. Today, exactly a year later, we are proud that we have been able to achieve our goals, and over 3000 of these analyzers are being trusted by laboratories across the length and breadth of the country. This number increased by 800 units compared to what we sold last year with the earlier brand. A 40 percent jump in unit sales will always be considered a remarkable achievement in any industry. Of our total sales in 2019-20, Rs 375 crore worth of sales was contributed by hematology products alone. Incidentally, this may not even be the total turnover of many Indian diagnostic companies in India.
The strategic approach. We set the direction by developing and aligning the hematology business unit toward a common vision that transcends day-to-day operations and communicates a compelling sense of purpose. We also aligned our team by putting the right people in the right positions that play to individual strengths, thus creating a driving sense of personal ownership for the business unit’s success. Since then, our SBU head, an experienced pathologist, has been leading from the front and playing a pivotal role in providing customers and the field force all the necessary scientific and technical support. The sales and service teams too had to undergo in-depth, hands-on training modules. Further, our back-end team of technical experts was on the go for almost two months, travelling across cities and towns to ensure that each of our team members is trained and has the know-how.
Relentless focus on customers and their needs. By now, the market was abuzz with news about Transasia introducing its new range of 3- and 5-part differential hematology analyzers. Some of our good friends had already written us off. However, our customers stood by us. After all, our relationship with them has been an enriching journey of over four decades!
So, when we were ready for a full-fledged launch, it could not have been without our biggest strength – our doctors and lab experts! On the occasion of our 40th anniversary celebrations, we introduced the hematology range to over 7000 customers in 40 cities of India, over 40 days! At each location, we received a welcoming response and that gave us a good start!
Extending our reach to Tier-III and Tier-IV towns. Around 70 percent of our population has never got their blood tested because they have no access to the most essential diagnostic services. And this is where we believe our hematology solutions make the difference. With the new range, we adopted a change in approach. While serving the Tier-I cities, we also ensured that we reached out to the laboratories in Tier-II, III, and IV cities and towns. We targeted new laboratories in the mini-metro areas of larger cities and established laboratories in smaller towns, to fulfill the unmet needs. Interestingly, 60 percent of our sales came from these unserved regions. Our focus was on increasing our customer base, not the turnover. The government e-marketplace (GeM) is another excellent platform that we explored. It gave us an opportunity to reach out to the central and state healthcare machineries. We were able to offer three and five-part differential hematology analyzers at very competitive prices.
Pricing acumen. Pricing is a key differentiator for any purchaser. And, for a new laboratory setup it is no different, as the set-up is keen on purchasing instruments not only for hematology but for other specialties as well. Keeping this in mind, we offered our customers the benefit of purchasing the hematology 3-part analyzers in combination with other instruments necessary for a small and medium sized laboratory. Around 40 percent of the sales came through this strategy, giving customers the price advantage. In all these years, Transasia had not been able to meet the price expectations of the rural markets. Although customers wanted to deal with Transasia in these territories, there was a wide gap because of the pricing. With the new Erba hematology model, we were able to offer both price of the instrument as well as the running cost per test, favorable for the rural market, backed by proven world-class services. This made a very big impact on our sales in the interiors.
Going digital. A year ago, who had ever thought that we will be soon entering the digital era at such a fast pace? I would say, we were just in-time to use the digital platform to our best advantage! The result was an overwhelming response!
Building relationships that last. They say one must always keep the best for the last. And rightfully so! Over the years, the Transasia team of sales and service experts has built a relationship of trust with the customers. This has greatly helped us, since doctors rely on our team to provide them with the best instruments and services. Our reach has made the difference! With the largest team of sales and service personnel, we are able to serve every nook and corner of the country. Our best-in-class instruments, are backed by a strong, well-knit sales-and-service support network, who are always on the move and available for the customers 24×7. And that is what differentiates Transasia from all the others. In fact, our team of 350 engineers continues to service all the hematology instruments sold by us till date!
A year ago, we never thought that our hematology range would soon be creating a new benchmark – that of becoming the fastest-selling range of analyzers in India in such a short time! Today, Transasia is proud to work hand-in-hand with our doctors especially during these challenging times. Our fully automated 3- and 5- part differential hematology analyzers are today preferred for lab indicators used in early detection, prognosis, and severity assessment in COVID-19.
In conclusion, I would like to share our success mantra in three important points, Faith of our customers, their Experience with our team and the Face Value of Transasians!