– GeneStore, an Indian-origin French Diagnostics MNC awarded as the Best Indian Investment in France
Mumbai, July 21, 2021: This is yet another story of Atmanirbharta flourishing in India’s biotechnology sector, even as the Covid 19 pandemic brought the traditional supply chains from East-Asia to a grinding halt. Genestore, a biotechnology company focused on infectious disease eradication, was recently awarded the ‘Best Investment in France’ laurel by the Business France department of the French Embassy in India at the Indo-France awards held in New Delhi’. The announcement was made at an award ceremony in New Delhi in the presence of his excellency Emmanuel Lenain, the French ambassador to India, and Mr. Eric Fajole, Trade Commissioner – Embassy of France.
The recognition boosts the scope of Indo-French business ties, wherein the Indian-origin diagnostics company, GeneStore has been critical in bringing about a market correction in terms of affordability of COVID-19 RT-PCR kits manufacturing and testing to both the Indian and French markets by undertaking a joint technology development and local manufacturing program in both countries.
GeneStore, which is now headed out of Provence, France, bootstrapped its global expansion out of India, and has made a significant health impact in terms of controlling the COVID-19 pandemic Pan Europe and Asia, at a time when the big diagnostics conglomerates of the world are putting heads together on strategies to effective combat and control COVID-19.
GeneStore has been highly successful in establishing its strategy of enhancing population access to high-tech RT-PCR based diagnostic solutions for COVID-19 by enabling a business model of delivering affordability by manufacturing at economies of scale enabled by merging its research and manufacturing talents and infrastructure based out of France and India.
“The local and end-to-end integration of GeneStore’s manufacturing has realigned traditional supply chains away from East-Asia while still maintaining market competitiveness,” remarks the company’s Global CEO, Anubhav Anusha.
“This recognition heralds a new growth era in the Indian biotech sector where mid-sized Indian corporates are expanding globally and enhancing their access to technology and manufacturing know-how,” added Anubhav Anusha. Furthermore, GeneStore showcases how the key USPs of the European and Indian business and technology mindsets synergise to build a global vision of high quality and affordability in healthcare diagnostics.
GeneStore, is now investing over 10 million euros (INR 80 crores) over the next 18 months across enhancing research and manufacturing capabilities in France, India, Latin America, and Africa to work towards managing and eradicating infectious diseases globally. Furthermore, GeneStore is also investing in a biotech and healthcare technology incubator in India to provide Indian research talent the framework to develop strong business models and access the global market.
“I am especially thankful to the support extended to me by Business France and Provence Promotion in providing GeneStore a soft landing in its integration into the French economy,” concludes Anusha.