Minister announces major Research and Development investments by Randox

Enterprise Minister Arlene Foster has announced investments totalling £9.2million in research and development (R&D) by global diagnostics firm Randox Laboratories.

Independently-owned Randox, based in Crumlin, Co. Antrim, specialises in the development of sophisticated chemical diagnostic tests and devices, primarily targeted at hospital, clinical and veterinary laboratories worldwide.

The company employs over 500 people in Northern Ireland and a further 190 overseas in a network of sales and distribution offices serving more than 100 countries.

Invest Northern Ireland (Invest NI), through its Grant for R&D programme, has offered £3.1million, with part funding from the European Regional Development Fund, towards the investments by Randox.

The investments will support R&D, across three distinct projects, into the latest diagnostics solutions that will enhance the company’s product offering and develop production efficiencies as it seeks to grow its global market share, particularly in Asia.

Making the announcement during a visit to the company, the Minister said: “Since its establishment in 1982, Randox has developed an internationally renowned reputation for excellence in the high-tech world of clinical diagnostics. This has enabled the company to become a multinational success story, generating revenues in excess of £50million annually.

“These latest investments by Randox, supported by Invest NI, will see the company further develop its already strong research capability and underline its longstanding commitment to seeking out new and improved diagnostic solutions. By recognising the long term commercial value of innovation, Randox is positioning itself well to withstand the challenges of the recession and continue to add significant value to the economy.

“As the global economy continues to challenge even the most resilient businesses, this locally owned company is an inspiration to the wider business community. Dr Fitzgerald’s commitment to research and to world class products has never wavered and the company has gone from strength to strength as a result. Randox is a true example of how innovation can sustain business success and deliver high quality employment opportunities.”

Founder and Managing Director of Randox Dr Peter Fitzgerald said: “More than one third of our staff based here in Northern Ireland are engaged in key R&D activities. This helps us continuously refine and add to our range of diagnostic tools and, crucially, enables us to retain our existing clients and attract new ones.

“Asia, in particular the Far East, currently represents our fastest growing market and we are keen to fully exploit the potential that the area presents. With the support of Invest NI, this investment will enable us to compete, and succeed, there in the medium to long term whilst also maintaining our strong position in Europe and the US.”

Notes to Editors

1. Randox currently employs 542 in Northern Ireland with an additional 190 employed in its network of overseas offices.

2. Additional information on Randox Laboratories:

• Randox is the leading manufacturer of diagnostic products in the UK and one of the fastest growing clinical diagnostic companies in the world
• Exports 94% of its output worldwide (i.e. outside UK and Ireland)
• 30,000 customers worldwide
• Diverse customer base ranging from research labs and hospitals to pharmaceutical companies and veterinary laboratories

Key awards:

• 2009 Invest NI Innovator of the Year
• 2008 Belfast Telegraph Business of the Year
• 2007 CBI International Company of the Year
• 2007 Chamber of Commerce Regional Award for Achievement in International Business
• 5 x Winners of Queen’s Award for Enterprise
• Produces 7% of the world’s clinical chemistry products
• Spends up to £10million a year on research and development
• Every second of every day 75 tests are conducted worldwide using Randox products

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