May 3 2010
BioMedica Diagnostics Inc, a company that uses innovative technology to link the medical needs of developed countries with those of less advantaged populations is growing.
Its flagship product QuikCoag is being exported to over 30 countries around the world for monitoring the growing prevalence of heart disease.
Award winning Doctor Abdullah Kirumira founded BioMedica Diagnostics Inc. in 1999 as a research and development company. In 2007, he was awarded a Bioscience Innovation Award from The Economist magazine for his 1993 invention of a rapid HIV test that is sold internationally, and the Technology Pioneer award from the World Economic Forum in early 2009.
"The revenue base from our existing markets is being applied to leverage the
introduction of affordable medical solutions in emerging economies," said Dr. Kirumira.
What distinguishes BioMedica from a larger medical services company is the latest diagnostic technologies, which are provided at a cost appropriate to smaller health budgets.
Through successful marketing, demand for its products has increased and the company is undertaking a $500,000 expansion project to increase production capacity.
The province, through Nova Scotia Business Inc. (NSBI), is supporting the investment with a five-year payroll rebate to a maximum of $250,000. The rebate allows BioMedica to retain 15 current employees and create up to 25 new full-time, lab technician positions.
"BioMedica has taken its technology from the lab to new markets around the world," said Stephen Lund, president and CEO of NSBI Nova Scotia Business Inc. "We want more companies to follow in BioMedica's footsteps and explore their own business opportunities globally."
Source: Nova Scotia Business Inc.
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