The “Trade Heroes” series highlights Edmonton Region companies who have ‘exportitude’ — the mindset and commitment to think globally when it comes to their business.
NanoSpeed Diagnostics is revolutionizing how healthcare providers test for essential vitamins. Since its founding in 2009, NanoSpeed Diagnostics has carved out a niche in the field of point-of-care diagnostics, specializing in rapid tests and selling more than $7 million worth of kits globally.
“We developed the world’s first point-of-care diagnostic test for vitamin D in a drop of blood,” founder Rajan Gupta said. “We marketed it in Europe, India, China, the Middle East, and so on.”
NanoSpeed has also expanded its product line and today makes tests for vitamin A, B12, and ferritin, in addition to vitamin D.
Detecting vitamin deficiencies early can prevent serious health complications. NanoSpeed’s diagnostic kits target common yet impactful deficiencies — including vitamin D for bone health, vitamin A for eye health and the immune system, as well as ferritin to aid in anemia prevention.
In 2019, sales for NanoSpeed ramped up. Following the increase in sales, NanoSpeed decided to build an R&D and manufacturing facility in the Edmonton Region. Despite difficulties arising during the COVID-19 pandemic, the facility is now up and running in the Edmonton Research Park.
When discussing being based in the Edmonton Region, Gupta said there are many advantages to being based in the Edmonton Region, setting it apart from bigger hubs like Toronto, Vancouver, or Montreal.
“The Edmonton Region has an appetite for biotech,” he said. “In addition to Federal programs, NRC’s IRAP and Prairiescan (Prairies Economic Development Canada), we have places like Alberta Innovates, and it has certain programs that are not available in other parts of the country.”
Other advantages Gupta mentioned include being a good-sized city with an easy commute, and economical real estate and infrastructure costs than other major cities in Canada.
NanoSpeed started exporting in 2013, and today all of its business comes from outside Canada. The company works with distributors to get its products to hospitals, clinics, pharmacies, naturopaths, and supplement companies. Finding those distributors was key, and NanoSpeed attended trade shows and worked with Canada’s Trade Commissioner Service to help identify potential partners.
NanoSpeed faced several challenges along its export journey, especially in receiving full payments for its shipments. The company initially offered for payments of 50% upfront and 50% in 60 days, but ultimately switched to 100% upfront. “Distributors or businesses who didn’t have any inclination to pay backed out, but those who are serious about our products continued to work with us,” Gupta said.
As each country has its own complex and unique regulations, dealing with customs presented a significant challenge for NanoSpeed. Initially, the company attempted to navigate these on its own, but soon realized the value of relying on its distributors for guidance and expertise in overcoming these hurdles.
By May 2023, all the company’s products were certified in the European Union and United Kingdom. NanoSpeed has recently completed a ISO 13485 MDSAP certification and hope to have Health Canada and FDA approvals in 2025.
In addition to expanding its market reach, NanoSpeed has been expanding into new product markets. The company has recently developed a roadside test for detecting marijuana in saliva. Gupta hinted that this new test is just one of the many to come.
“For any biotech company, pipeline products are a must,” Gupta said. “Take whatever help from whatever source you get, and minimize your financial risk as much as possible.”
Gupta emphasizes that a strategic approach, coupled with resourcefulness, is key to thriving in the biotech industry. But Gupta’s most important advice for people who want to start exporting is simple: “Never give up. That’s all.”
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