Apssaht

Print
Home » Featured » Taking Stock of the Lab Safety Industry in Asia

An industry gathering momentum and prominence

 

Laboratory safety may not automatically draw association to the booming economies in Asia but behind the explosive growth is an industry gathering momentum and prominence.

A cautionary glance at news articles tells the story of a growing technology and advanced manufacturing industry: “Asia gears up for its own medtech boom”, “BioPharm Bullish on India”, and “Growing Prospects for the Chinese Food and Agricultural Industry”. As the economy has grown, there has also been increased pressure from workers and Non-Governmental Organisations to increase the level of safety regulation. As governments seek to raise the level of and harmonise safety legislation, companies that supply safety products and services will enjoy growing demand.

In addition, as the number of successful prosecutions of counterfeiters in the pharmaceutical industry rises, confidence rises that that enforcement of patent protection may become business as usual in the coming years in Asia. This will remove one of the current barriers to increased growth in the laboratory industry in Asia, however as patent protection increases and collaboration becomes the norm there will be another positive growth factor.

The Laboratory Safety industry will be a primary beneficiary of both economic growth and increased safety regulation across Asia. There has been an increasing shift towards the outsourcing of laboratory services to Asia, creating a large market for safety services and products. The outsourcing industry itself is worth $21 billion annually and is expected to grow at approximately 14% annually. 13.2% of this is related to Laboratory functions alone; however laboratory safety extends into all areas of clinical research and will grow in line with the industry it services.

In China improved quality and capacity are also resulting from a commitment by the government to support infrastructure development.  New biotech parks in Beijing (e.g., China Bio-Tech Research Center) is designed to meet FDA standards and to create the infrastructure to support the full continuum of growth needs for the industry, providing housing for start-ups, research centres, and venture capital firms. Collaboration with Western firms will lead to higher standards of laboratory safety being demanded and ensured across the industry.

This article has focused mainly on the growth in outsourcing of clinical research functions to Asia and the impact that it will have on the laboratory safety industry, however it is clear that other sectors such as technology, advanced manufacturing and the resources and energy industry will also provide a significant opportunity for those in the laboratory safety services and products sector. This growth is also supplemented by enhanced provision of varied health services to citizens across Asia, with organic growth in the laboratory services sector driven by increased domestic demand.

If you would like any more information about the laboratory safety industry in Asia and current opportunities to break into the market please contact Todd Soulas at tsoulas@industrygrowth.net

developed by Cenzion