The country's risk assessment and risk management act during the H1N1 pandemic crises was another area to laud about. Companies such as Veredus Labs and Rockeby became overnight stars as their diagnostics kits were in great demand to ensure quick tracking.

On the other hand, discoveries and innovations in molecular diagnostics are propelling the advancement of personalised medicine and theranostics and creating new growth opportunities for In-Vitro Diagnostics. "In clinical validity we witness encouraging tie ups between pharmaceutical companies and with local research institutions such as A'Star and local diagnostic companies to develop platforms to promote pharmacogenomic and companion diagnostics.

"Recent discoveries have ignited a great deal of excitement over potential medical applications. Consequently, many companies have been boosting investments in research and development, focusing on pharmacogenomics and theranostics. In the near future, innovative technologies will enable physicians to identify diseases, choose the ideal treatment, and monitor the patient's response to therapy. This concept of personalized medicine is still in its infancy but is expected to create great opportunities for both the pharmaceutical and diagnostic industries," concludes Naik.

SOURCE Frost & Sullivan