Cipla signs deal with Genes2Me to launch COVID-19 Reverse Transcription PCR test kit

INDIA – Drug major, Cipla announced that it has launched a COVID-19 reverse transcription polymerase chain reaction (RT PCR) testing kit in the country in collaboration with diagnostics firm Genes2Me.

The Mumbai-based pharmaceutical company is expanding its diagnostics offerings with the release of the “RT-Direct multiplex COVID-19 RT PCR” test kit, according to a regulatory filing.

Cipla will be in charge of distributing RT Direct kits in India, and it has already begun supplying them.

According to the drug company, the kit has been validated by the Indian Council of Medical Research (ICMR) and is far more advanced than other RT PCR tests.

The RT-Direct test protocol does not require any RNA extraction, making it faster and allowing for results in as little as 45 minutes, according to the company.

It will also triple the throughput of any testing lab when compared to the standard RT PCR test protocol time of 120-150 minutes, according to Cipla.

The pharma company will be in charge of distributing the RT Direct kits, and production has already begun.

The company intends to expand its diagnostics offerings in order to launch more advanced and innovative products.

The global pharma giant, which was founded in 1935 and has home markets in India, South Africa, and North America, has 46 manufacturing sites around the world that produce over 1,500 products.

On financial matters, Cipla Ltd, has reported a consolidated profit after tax (PAT) of Rs 362 crore (US$46.9 million) for the quarter ended March 2022, a 12% decrease from the previous year’s figure of Rs 413 crore (US$53.5 million).

Sequentially, the profit decline is more pronounced, falling by 50% from the previous quarter’s profit of Rs 729 crore (US$94.4 million).

Consolidated revenues for the Mumbai-based company were Rs 5,260 crore (US$685.5 million), up 14 percent from Rs 4,606 crore (US$596.7 million) reported in the previous year’s corresponding quarter.

The drop during the quarter was caused by an increase in employee costs, other expenses, and a rise in inventory.

However, the company’s profit for the full year increased by 63 percent to Rs 2,517 crore (US$326.1 million), up from Rs 1,547 crore (US$200.4 million) in the previous fiscal year.

Consolidated revenues for the current fiscal year increased by 27% to Rs 21,763 crore (US$2.8 billion) from Rs 17,132 crore (US$2.2 billion) the previous year.

Noteworthy, the company stated that all its business divisions registered healthy growth in revenues during the quarter and the year.

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