Randox Award Recognises Exports and Innovation
A 60 per cent growth in exports to customers in more than 100 countries over the past three years helped Randox Laboratories win the Queen’s Award for Enterprise, Leslie Morrison, Invest Northern Ireland Chief Executive, said today.
Praising Randox Laboratories, which is based near Crumlin, Co Antrim, for its focus on innovation and international sales, Mr Morrison said: “While the company, now one of our most successful biotech businesses, has experienced significant growth in all its overseas markets its most impressive increase in sales has been in the US, the most challenging and demanding marketplace for bio products and services.
“A key factor contributing to its growth in the US is the development of its leading-edge ‘Evidence’ clinical diagnostic system using biochips, a technology the company has pioneered and in which it has developed a world leading position.
“As a direct result of its heavy investment in R&D, Randox has seen sales of new technology products, principally the Evidence system and its derivatives, rise by an impressive 300 per cent.
“Randox Laboratories is achieving outstanding success through its commitment to enterprise, innovation and international sales which underpin Invest NI’s strategic focus,” he added.
Dr Peter Fitzgerald, Managing Director of Randox Laboratories, described the Queen’s Award – the company’s fifth – as “an immensely encouraging boost” for its drive to develop new products that help in diagnosing a range of conditions.
“We have an extensive pipeline of new products that will help to ensure further growth in both the short and long-term. These include a radically new biochip for the faster diagnosis of potentially fatal cardiovascular conditions. Currently at clinical test stage, we also have biochips that will help medical staff pinpoint other life-threatening conditions such as colorectal cancer and cerebral strokes.
“While we’ve experienced substantial growth from new products, sales of our established diagnostic kits and chemical reagents have also continued to grow strongly over the past three years. Encouragingly, sales of existing and new technology products grew by 20 per cent during the first quarter of 2007. As a result, we’re very bullish about our future prospects,” he added.
Randox Laboratories, a private company, currently employs over 700 people worldwide including 500 at its state-of-the-art manufacturing and new product development operations near Crumlin.
Sales growth over the past two years has averaged 18 per cent annually.
The Queen’s Award for Enterprise is the UK’s most prestigious and coveted business award. It recognises outstanding achievements in exports and innovation on the basis of performance over a three-year period.