Sisco Research Laboratories Pvt. Ltd, also known as SRL, was founded by Mr. S.K. Agarwal and his brothers, marking the beginning of a pioneering journey in the Indian research and laboratory sector since 1975. SRL has been at the forefront of manufacturing highly complex and internationally acclaimed reagents and biochemicals in India for over 36 years. Initially established in Mumbai, their manufacturing lab was the first in the nation to produce Molecular Biology grade products at significantly lower costs compared to imported equivalents, revolutionizing research accessibility for cash-strapped Indian scientists.
Today, SRL operates in 60 countries, offering a portfolio of over 7000 products to thousands of global scientists. Their steadfast commitment to empowering researchers with high-quality yet affordable solutions remains unwavering. Under the exemplary leadership of Mr. Surendra Kumar Agarwal, MD, Mr. Akash Agarwal, Director, and Mr. Vikas Agarwal, Director, SRL continues to drive innovation and excellence in the laboratory landscape.
During a conversation with Mr. Akash Agarwal, we delved into the prevailing industry landscape and Sisco Research Laboratories’ transformative role in the global biochemical sector.
What were the initial hurdles you encountered?
In our targeted markets, there has long existed a prevalent global perception that products originating from the West hold superiority. Until the year 2000, there was significant skepticism among scientists regarding the possibility of manufacturing advanced chemical molecules outside of the USA or Europe. It took us decades of painstaking effort to educate the industry about Asia’s status as the true manufacturing hub for specialized chemicals. Initiatives such as Make-In-India, BIRAC, National Biopharma Vision, among others, arrived relatively late in our country’s growth narrative. Nonetheless, the next 5-10 years carry immense significance.
The growth of Sisco Research Laboratories was catalyzed by a pivotal moment in 1986 when the Rajiv Gandhi government established the Department of Biotechnology (DBT) under the Ministry of Science & Technology, making India one of the pioneering nations with a dedicated biotechnology department. Subsequently, from 1986 to 1994, a surge of new institutions emerged, focusing on various research areas such as plant genome, tissue culture, DNA fingerprinting, and medical biotechnology, marking the onset of India’s biotechnology narrative.
During this transformative period, government-backed scientific funding witnessed a significant increase, providing Indian scientists with access to advanced scientific streams and infrastructure. Initially, there was reluctance among scientists to adopt Indian products, favoring those from Germany or the USA. However, armed with a steadfast commitment to quality, Sisco Research Laboratories emerged as the preferred brand, establishing itself as a leader in the industry.
By 2003, Sisco Research Laboratories had expanded its presence to 25 countries and had independently developed dehydrated culture media for microbiology and fermentation sciences. This division of Sisco Research Laboratories was inspired and strategically planned by our father, Mr. Ramesh Agarwal, positioning us among only a handful of global companies to achieve such a feat.
Around 2006, recognizing the burgeoning potential in biotechnology spurred by the rise of biotech start-ups and increased funding for biotech projects by various government bodies, we embarked on a quest for a stronger foothold in this sector. This led to our inaugural 100% acquisition of a Chennai-based biotech company, enabling us to offer a comprehensive range of DNA, RNA, and protein tools while establishing yet another business vertical for core biotech products. In 2009, we pioneered the production of nanopowder and carbon nanotubes in India, at a time when terms like ‘Nanotech’ were just beginning to gain traction worldwide. Today, our diverse portfolio distinguishes us as the sole indigenous Indian company with such an extensive product range.
It fills us with immense pride to witness the growing cohort of Indian microbiologists, biotechnologists, and nanoscientists opting for our world-class products based on their research and quality control merits.
We take immense pride in witnessing the increasing number of Indian Microbiologists, Biotechnologists, and Nanoscientists opting for our top-notch products based on their research and quality standards. Over the past decade, we have strategically directed our efforts and investments towards Renewable Energy products, Hydroponics (the cultivation of plants without soil), and Aquaponics (the symbiotic cultivation of fish and plants) by leveraging our line of Tissue Culture chemicals.
This narrative encapsulates our journey and pivotal moments in our history.
How have the company graphs changed since the foundation?
The growth trajectory of Sisco Research Laboratories over the past five years has been highly promising. During this period, we have significantly augmented our capital expenditure to enhance our scientific laboratories and refine our logistics and operational capabilities. Our central warehouse, equipped with a capacity exceeding 10 million SKUs, features cutting-edge storage infrastructure for cold-storage products and facilitates same-day dispatches to over 400 distributors and customers nationwide.
Moreover, we have consistently expanded our workforce and diversified our product portfolio. Sisco Research Laboratories has achieved a commendable Compound Annual Growth Rate (CAGR) of 21% over the last five fiscal years. While the onset of the COVID-19 pandemic in January 2020 initially posed challenges, we anticipate robust revenue growth in the years 2021-2024.
What is the reason for the company’s long-standing success?
Sisco Research Laboratories attributes its enduring success to meticulous attention to every aspect of its operations, providing a competitive edge over rivals. We believe that training, coaching, and sustained motivation foster collaborative work environments, which are crucial factors for the success of any company, particularly as a third-generation entrepreneur.
Our dedication has been recognized through numerous accolades bestowed upon us by industry leaders, various publications, and prestigious institutional awards. Among these honors, a few stand out as particularly meaningful to us. One such instance was when our Founder and Managing Director, Mr. S.K Agarwal, received the ‘Indian Achievers Award’ in 2014 for Industry Development in the realm of CSR and Sustainable Development. Another significant recognition was when we were honored with the esteemed ‘SME of the Year 2020’ award, presented by Shri R.M. Mishra, Special Secretary and Development Commissioner, Ministry of MSME, Government of India, at the SME Chamber of India Conclave.
What are the products/services Sisco Research Laboratories focuses on? How are your services different from those in the market?
Sisco Research Laboratories specializes in Laboratory Fine Chemicals, catering to diverse industries such as education, pharmaceuticals, food, and cosmetics, where quality testing and product validation are paramount. Our extensive range of ‘Knowledge Chemicals’, including biochemicals, biotech reagents, nano chemicals, and microbiology solutions, comprises approximately 18,000 SKUs, serving to advance scientific research and enhance quality control across various sectors.
Our distinctive expertise lies in innovating rare and hard-to-find products and introducing them to the market. Leveraging proprietary technologies developed in-house, our products surpass those offered by competitors in terms of quality and performance. This unparalleled commitment to excellence has earned us recognition in over 1 million journal publications, including prestigious platforms like the Royal Society of Chemistry (RSC), Accounts of Chemical Research, ACS, Science Direct, Elsevier, among others.
How does Sisco Research Laboratories decide to advance its products and services?
The next phase involves striving for greater excellence, whether it’s enhancing service levels or ensuring product availability. Sisco Research Laboratories also continually adapts to improve testing methods to meet the latest industry standards. Whether it’s pharmacopoeial or endotoxin-tested materials, thorough testing remains vital to industry needs.
Sisco Research Laboratories identifies numerous opportunities in nanotechnology and life sciences, particularly in virology, as a potentially significant growth area. The company has recently introduced a range of antibodies (monoclonal and polyclonal) and is actively expanding its manufacturing capabilities for cell culture reagents.
Can you please brief us about your professional experience?
Sisco Research Laboratories operates as a professionally managed family enterprise. Mr. S.K. Agarwal and Mr. Ramesh Agarwal lead the board, while my brother, Mr. Vikas Agarwal, and I oversee various aspects of the company and its projects as Directors.
I pursued my B.E. in Chemical Engineering from D.J Sanghvi College of Engineering in Mumbai, followed by an MBA from Case Western Reserve University in Cleveland, Ohio. During my time at BioEnterprise Corp., a Biotech incubator based in Ohio, I gained valuable entrepreneurial and business insights. Returning to SRL in 2008, I’ve been actively involved in both technical and commercial operations.
My brother, Mr. Vikas Agarwal, earned his Bachelor’s degree in Management Studies (BMS) from Mumbai University before joining Sisco Research Laboratories as a Director. After three years with SRL, he recognized the importance of gaining international exposure and pursued his MBA at The University of Nottingham Business School (NUBS) in the UK, specializing in Entrepreneurship.
How does Sisco Research Laboratories look after its employees? What makes the team unique?
Our current focus is on enhancing our services by elevating the quality of our workforce, which we refer to as our “People Capital”. Our team comprises a blend of seasoned industry professionals and enthusiastic young talent. While this mix is not entirely unique, it provides us with a well-rounded approach to any task we undertake. Moreover, we strongly believe in nurturing the culture and implementing effective training strategies within Sisco Research Laboratories.
Is there any noteworthy client experience you would like to highlight?
The diversity among our clients makes it impossible for us to adopt a one-size-fits-all approach. Our clientele ranges from research scholars at IIT to QC scientists at Unilever, and even R&D scientists at institutions like the Serum Institute of India (SII) and Bharat Biotech.
Even during the pandemic, we contributed to the diagnostic and vaccine industries, particularly in the production of Covaxin and various COVID test kits. These accomplishments were made possible by the dedicated members of the SRL team who ensured that our facilities remained operational even during the peak of the pandemic.
Kindly brief us about your views on the current Biotechnology and Healthcare sector scenario.
Sisco Research Laboratories holds a positive outlook on the potential of the Biotech industry. According to the Indian Brand Equity Foundation (IBEF), the Indian Biotech industry was valued at around USD 64 billion in 2019, with an estimated 10% Compound Annual Growth Rate (CAGR) projected until 2025, reaching USD 102 billion. This growth is attributed to various government initiatives such as Biotech Parks establishment and Special Economic Zones (SEZs) in high-growth regions. In India alone, there are approximately 2500 biotech companies and over 2700 biotech start-ups. Similar trends are observed in several other countries including Vietnam, Malaysia, Turkey, UAE, South Africa, and Brazil.
As the emphasis on growth in Life Sciences, Healthcare, and Biotech intensifies, global testing regulations are becoming more stringent and comprehensive. Sisco Research Laboratories is well-equipped to navigate these regulations, further reinforcing our optimistic outlook for robust growth ahead.
Constant vigilance – a need or a strategy? Please share your views.
Amidst challenging times, the ability to adapt proves paramount.
For instance, maintaining a clear strategy has enabled us to shine in our COVID-related offerings. Serving as critical Key Starting Material vendors for over 12 COVID-VTM, RT-PCR, and RNA Purification Kit manufacturers, we have sustained growth by fortifying our core products and emphasizing quality. Resisting the urge to divert our focus solely to COVID-centric offerings has allowed us to make significant contributions to India’s needs during this period.
My advice to fellow entrepreneurs is to have a solid strategy while also recognizing the importance of perseverance.
