‘We are gearing up on the new products under Thermolab brand’

Recently, Thermolab Scientific Equipments received the I -Mark award. What is this award all about and how are the award winners chosen?

Sandip Mhatre

India Design Mark is a global mark for quality products. It is an initiative by India Design Council, an autonomous body by Ministry of Commerce and Industry, Government of India in association with Japan Institute of Design Promotion. I-Mark symbolises excellence in product in terms of form, function, quality, safety, sustainability, innovation and communicates that the product is usable, aesthetically appealing and socially responsible. It was granted after following a careful evaluation process aimed at identifying good design that exceeds the prescribed criteria of evaluation. The entire process of the award started around six months back and the evaluation was done in two stages—online and physical assessment of the product by design experts from India and Japan. The assessment work was carried by a jury member of nine people. Out of the 71 applications, 30 of us received quality recognition of I Mark and it is great to share that our company Thermolab is one of them.

India Design Council is striving to promote environmentally-compatible design processes in the industry. How environment conscious is your product Stability Chamber?

Our products are CFC free R-134a, its environmental hazard free and human safe. Its not only an environmentally conscious product, but an aesthetically appealing and a socially responsible product since it deals with human life.

How did the company bag the I-Mark award and for which product category?

We learnt about this event soon after it was announced. We started preparing for it with our team. It’s a global quality symbol for a product and not for the company. We have received the award for our core product, Stability Chamber, which I believe, we are the first to receive it in this product category.

Which product categories represented by your company are predicted to be the growth drivers in the current financial year and why?

I believe our core product Stability Chamber holds the shows as always. With this award, I am sure we would definitely be able to communicate and position ourselves better to our clients. Moreover, we are gearing up on the new products under Thermolab brand which will give more choices to our customers.

Will the I-Mark award differentiate your company from existing competitors? How will it be beneficial to the company?

Certainly yes. It’s a feather in the cap. It’s the highest design recognition from Government of India through India Design Council. It provides good standing of Thermolab among other
players, in terms of product differentiation. When a customer makes a choice between two similar products, he is more likely to choose a product which assures quality and has a recognition from the government itself. Moreover, our Stability Chamber would have more value in the international market.

Do you think the I-Mark recognition will help Thermolab to accelerate its business in the developed /regulated markets? For instance, will it make a difference after entering the Japanese market, which is considered a major market for the Indian pharma companies, as Japan has a similar award called the G Mark?

Yes. It would play a major role for us after we launch in the Japanese market too, thanks to Japan’s similar design recognition ‘G-Mark’ which is a 54-year-old practice. We would certainly leverage this opportunity to get associated with the Japan market.

In terms of revenue, what was the growth rate of the company last year?

In the last financial earning period, we have managed to clock 30 per cent growth.

What is the company’s target for the current financial year and what strategy are you going to take to achieve this target?

This year we are striving to achieve 50 per cent growth. The focus is on Thermolab Analyticals, which has started its operations this year. Our parent company, Thermolab Scientific Equipments, is launching some new products this year. We hope to receive the same support and trust that our customers have shown all these years.

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