First published by Turku Business Region on July 12, 2021
Labmaster and Randox Laboratories to Start Broad Cooperation
The diagnostics company from Kaarina, Labmaster, made a historical R&D agreement with Randox Laboratories this spring, securing Labmaster’s successful long-term growth.
The diagnostics company from Kaarina, Labmaster Ltd, and Randox Laboratories Ltd., a world leader in the in-vitro diagnostics industry, signed an original equipment manufacturing (OEM) agreement covering the European and US markets and a co-development agreement for the joint development of new tests.
In practice, the agreements guarantee the sale of several hundred instruments as well as the sale of hundreds of thousands of tests and enable faster product development as well as simultaneous production of several tests.
Labmaster’s product portfolio covers human and veterinary diagnostics, including the LUCIA™ Analyser for point-of-care diagnostics and in-vitro diagnostic tests, with a fair number of tests in the pipeline.
“Labmaster is now growing rapidly and has invested heavily in increasing production capacity and opening up new markets. Large distribution agreements have been concluded with Brazil and South Korea,” tells Tony Wahlroos, CEO at Labmaster Ltd.
Labmaster’s product portfolio covers human and veterinary diagnostics with a fair number of tests in the pipeline.
Headquartered in Northern Ireland, Randox Laboratories is a global company with offices and distribution in over 145 countries and over 100 000 end-user clients. Interestingly, Randox always reinvests a substantial amount of the turnover back to product development, which will enable Labmaster to speed up product development.
Increasing production capacity is paramount to successful growth. “This collaboration will bring more jobs to production and enable Labmaster to grow in the long run,” concludes Tony Wahlroos.