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BSE-listed Genpharmasec Ltd's share price was trading up 3 per cent on Monday after the company announced that it will buy diagnostic equipment -- i-STAT Analysers and its cartridges -- directly from Abbott Point of Care, USA, instead of going through a distributor.
In May 2021, Genpharmasec had entered into a distribution agreement with Abbott Point of Care (APOC) Inc, the medical and diagnostics division of Abbott, to sell their niche diagnostic equipment exclusively used in ICUs and ICCUs all over India. "The company began operations with one such diagnostic equipment, i-STAT Analysers and its cartridges, by purchasing the same from another distributor in India, which was affecting its profitability," the company said in a stock exchange filing.
Now the company has taken a major step towards improving profitability by acquiring the same directly from Abbott Point of Care, USA. "The first direct import consignment has been successfully concluded, which will open new opportunities for the company and at the same time will improve its bottom line. The company is in the process of obtaining an import licence for the import of cartridges required for i-STAT Analysers, which is expected shortly. With these developments, the company is confident of increasing its sales by more than 50 per cent in FY 2021-22 over the previous year," it added.
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