'We want to build a global medical products brand'
Axio Biosolutions is going great guns with its product -- Axiostat, a patented sponge-like dressing that stops bleeding within minutes, which is used extensively by the Indian Armed forces, BSF, CRPF, and the NSG. Funded by marquee investors including Accel Partners, IDG Ventures and GVFL, the company is now chalking out plans to enter new markets while consolidating its presence in India. Leo Mavely, founder and CEO, Axis Biosolutions, spoke to Priyanka G, about his plans in the global haemostat market.
How is the global wound care market evolving?
Haemostat is a large chunk of the wound-care market, and is around $7.7 billion globally. It is predominantly focused on regulated markets like the EU, US, Japan, and Germany. In India, the haemostat market is less than $100 million and the advanced wound care market is almost non-existent. We are focused on a very new segment. I started with road accidents as a focus area and realised the market is almost non-existent, and it was difficult for a start-up per se to create awareness. So, then we found that the Indian military had immediate requirements and the segment there is quite mature.Apart from the military, which other segments is Axiostat used for?We ventured into emergency care since that has a sizeable demand. We have now ventured into cardio vascular and dental and are looking out for more indications. Axiostat uses chitosan, which is a biomaterial in the base platform, is versatile and can be customised to suit cardiac care, dental, emergency care and for the military. For instance, we have a haemostatic plug for dental extractions that has been designed specifically for dental procedures.How are you looking at taking Axiostat ahead in the Indian market?We are keen on entering the B2C (business to consumer) segment. We already supply to groups which are into adventure, trekking and biking. But we are not really there out in the market through pharmacies as yet. The price points are different in India, especially for a wound-care product. So, once the market is mature enough, we intend to enter that market. Kidney dialysis and the surgical market are other two segments we could look at when the time is right.What sort of a presence do you have abroad and where does India stand?India is a major market for us. From an international perspective, we are focused on building a brand which is from India but delivers a global product. We are present in 12 countries across the Middle East, Africa and Europe, where we have either our team or distributors. We recently launched in the UK and are focused on investing in marketing and building our brand in these geographies. Next year, we intend to enter the US and Canada and that will come along with Latin America.How is your new manufacturing plant in Ahmedabad shaping up?Yes, we invested in this plant earlier in the year and it went operational last month. It has a capacity to produce 2.5 lakh units per annum, expandable up to 5 million units. This is our own facility and we have full control.What is the road ahead like for Axio?For us, it is all about brand building. We are looking at other segments in the wound-care market, more specifically towards chronic care, focused around major indications like diabetic wounds or burns. We look towards building novel offerings and innovative solutions.