Aalto Bio Reagents signs first distribution partner agreement in Japan with Veritas Corporation
Aalto Bio Reagents Ltd. signed their first distribution agreement with a Japanese partner, Veritas Corporation. This took place as part of a major Enterprise Ireland trade mission to Japan led by Heather Humphries, Irish Minister for Business, Enterprise, and Innovation.
The Japanese in-vitro diagnostic market has been forecasted to grow to $4.3 billion by 2025 and more than 28 of the world’s leading diagnostic companies, in addition to many of the major pharmaceutical manufacturers, have an established market presence in the country. Having recently expanded into Brazil, China and Korea, Japan has been identified as a key market for Aalto Bio Reagents, and the partnership with Veritas offers an opportunity to further develop links with existing and potential customers based in the country.
Founded in 1972, Veritas is a strategic partner to over 70 suppliers in the life sciences, diagnostics and reagent sectors, and works with a large network of over 150 distributors throughout Japan supplying products and services to life scientists based at both hospitals and research laboratories, as well as IVD manufacturers and pharmaceutical companies.
Philip Noone, CEO of Aalto Bio Reagents, said “We are excited to be collaborating with such an esteemed partner in Japan, allowing us to target a fifth new market this year identified under our strategic growth plan. Our industry has an unrelenting requirement for access to the most scientifically proven raw materials and broader range of flexible controls to aid faster diagnostics and the Japanese market is accelerating in this field. We will continue to focus on the expansion of our infectious disease and clinical chemistry products throughout 2019 and 2020 to enable our customers to bring superior, best-in-class diagnostic products to market faster, and aid in the development of life-saving vaccines.”
Welcoming this announcement, Julie Sinnamon, CEO of Enterprise Ireland said “Ireland is one of the world’s most exciting life science hubs in world, fueled by Ireland’s world class innovation and research ecosystem. Aalto Bio is an exemplary Irish company, making an impact around the world and is reflective of the leading innovation that emerges from Ireland. I’d like to congratulate Aalto Bio and their Japanese partners Veritas Corporation on their new partnership.”