Full list of Australia’s RAT kingpins cashing in on the billion dollar industry
These are the CEOs behind the companies selling rapid antigen tests across Australia and the rest of the world are raking in millions of dollars. SEE THE FULL LIST.
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A small network of medical wholesalers are cashing in on the nation’s mega rapid antigen test buy up.
Only 20 companies are registered with the Therapeutic Goods Administration to bring the tests into Australia.
The industry will be worth more than $2.1 billion in January and February alone, as Australians stick 210 million swabs up their noses to get back to school and work.
The Federal Government ordered 80 million tests, while state and territory governments put in purchase orders for 130 million RATs at the start of this year.
Sydney entrepreneur Austyn Campbell, who previously worked at fitness brand Bala, and Julie Bishop’s “stepdaughters” Sally and Laura Panton, have benefited from the testing boom.
Ms Campbell’s company Motion One is among the registered importers of RATs into Australia.
Ms Campbell, who lives in the exclusive Sydney suburb Elizabeth Bay, said she was disappointed with some reports that she was an overnight operator cashing in on the pandemic.
“We have been importing RATs to Australia since November and these have been approved by the TGA,” she said.
“My background is finance/venture Capital and it was a business that was set up to help with the sourcing and manufacturing of products for start-ups that I was involved in.”
And she dismissed claims that she was running the business from her apartment.
“I do not run the business from my apartment. I have two offices and 11 staff,” she said.
Ms Campbell said wholesalers were not price gouging and had no control over the retail price.
“We are an importer, not a retailer, and have supplied medical consumables in Australia for two years,” she said.
Importers have been forced to meet strict standards to get the green light for lucrative contracts.
And with school children forced to take up to two tests a week in some parts of Australia, the demand for RATs would continue to soar.
The tests must reach a minimum of 80 per cent sensitivity to be approved by the TGA, but some were as high as 95 per cent accurate.
A test imported by Roche Diagnostics made by SD Biosensor in Korea, an Innovation Scientific test made in Australia, an Azure Tech test made in China but imported by Emergence Technology and the Access Bio tests imported by Pantonic, were the only registered tests with “acceptable sensitivity”.
Ms Campbell’s company imported Jiangsu Well Biotech Co Ltd tests, which have a high sensitivity.
The Health Department said that all tests entering Australia met minimum standards when asked if consumers should shop around for more sensitive tests.
“All Covid-19 rapid antigen self tests must meet the minimum requirements to be approved by the TGA,” the department said in a statement.
“Each manufacturer is required to submit data that demonstrates their test meets the regulatory requirements, including minimum performance (and sensitivity) criteria, as well as providing information on labelling and instructions for use that can be easily understood by consumers.”
WHO’S STILL WAITING FOR TGA APPROVAL
*Derek Thomson, chief executive of Brisbane biotech company AnteoTech, has said his company has capacity to make 12 million rapid antigen tests a year but is yet to receive TGA approval. Thomson has 21.58 million shares in AnteoTech, which comes to 33c a share or $7.12 million.
*John Kelly, CEO and founder of Atomo Diagnostics has a $1.474 million stake in his business. Atomo, develops and commercialises antigen-based tests, but has failed to get interest from the Australian Government.
*Ellume Founder, CEO and Managing Director Dr Sean Parsons, a critical care doctor, leads a company expected to have a valuation in the lower end of a range of $600-$800 million on the stockmarket.
Mr Parsons’ company which is based in Brisbane, has recruited Joe Hockey’s Bondi Partners as an adviser.
Ellume has perviously signed a $303 million deal with the US government to manufacture and supply 8.5 million home Covid-19 home tests.
AUSTRALIA’S RAPID TEST KINGPINS
AM Diagnostics
Pantonic Pty Ltd
Australia Health Products Central
APAC Security
Emergence Technology
AusDiagnostics
Orvato Healthcare
Eurofins Technologies Australia
Hough Pharma
Innovation Scientific
Compliance Management Solutions
2San Pty Ltd
MD Solutions Australasia
Motion One
Abbott Rapid Diagnostics
MP Biomedicals Australasia
Medsupply Australia
Roche Diagnostics Australia
Pharma Soul
Cole Workwear
Source: Therapeutic Goods Administration
stephen.drill@news.com.au
Originally published as Full list of Australia’s RAT kingpins cashing in on the billion dollar industry
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