Introducing Innova Medical Group
Innova Medical Group is a wholly owned subsidiary of Pasaca Capital Inc, a United States corporation based in Pasadena, California, whose primary business is in equity investments.
As part of Pasaca’s ongoing investment strategy, it had already been pursuing several opportunities in the medical technology sector, including several medical device manufacturers (especially in the home testing sector). The Pasaca plan has always been to put Innova at the center of these technologies with a vision of bringing more home tests to people, particularly those who live in remote areas or in under developed countries where healthcare may not be not easily accessible. In March 2020, Pasaca formally launched Innova.
Pivoting Towards COVID
In early 2020, as COVID hit the US and the world, Pasaca’s founder, Dr. Charles Huang, and the team of seasoned scientists, top analysts, and sales and marketing experts foresaw that the fight in stemming the spread of the virus necessarily must revolve around repeated mass testing. To break the chain of transmission, governments and businesses must have access to rapid, convenient, and affordable testing products.
With existing relationships with several in vitro test kit manufacturers, Pasaca was well-positioned to leverage its existing relationships to develop proprietary products that are fast, accurate, affordable, designed to detect the presence of the novel coronavirus to assist the world in combatting the unprecedented pandemic.
The Innova Impact
The Innova team, together with its primary contract manufacturer, Xiamen Biotime Biotechnology Co., Ltd., based in Fujian, China, spent several months designing a highly accurate rapid antigen test for COVID-19. The simple test takes less than 5 minutes to administer and generates results in as little as 20 minutes without the need for a machine. Equally important, Innova and its partner have been able to manufacture the product at scale, presently in excess of ten million kits per day.
In October 2020, as the world started to get a better understanding of the virus, the stellar team at Innova secured a significant order from the United Kingdom as it launched Project Moonshot- the British government’s ambitious mass testing program. In a highly competitive and heavily scrutinized process led by scientific analysis conducted by the renowned experts at Porton Down and Public Health England, Innova won the contract due to the superior performance of its antigen tests and Innova’s unparalleled capacity to supply.
By the end of 2020, Innova had supplied more than 500 million rapid antigen test kits to more than 20 countries and generated over $2 billion US in revenue. In 12 months, Pasaca had transformed Innova from a small start up to a multi-billion-dollar company, becoming the world’s leading manufacturer and distributor of COVID-19 rapid antigen test kits.
Innova Medical Group Now
Innova is committed to supporting customers in the fight against COVID-19. The UK government recently announced its plan to use rapid antigen testing to help reopen schools in the country and get its citizens back again to a relatively normal life. Innova is proud to be a partner for the UK government in this endeavor.
From the corporate office in Pasadena, CA, the Innova team has expanded its operations in mainland Europe, Asia, and the Middle East, and is ramping up its manufacturing capabilities at its 3 locations in California and through its partner in China. Innova continues to explore additional manufacturing opportunities in the United Kingdom, Europe, and Asia, with a goal of producing in excess of 50 million test kits per day by the end of 2021.
Innova, in connection with another Pasaca subsidiary, Quantum Material Corporation, have created a state-of-the-art test assistance and data logging app named QMC Health ID. True to its name, Innova continues to innovate and has developed a chatbot help line for users to ask questions in real time with respect to the proper administration of the testing protocol and is developing an assortment of medical devices that focuses on benefiting society as a whole, improving overall health, well-being, and quality of life.
Growing at an unprecedented rate, Innova continues to expand its operations, supplying rapid antigen test kits to major banking and event organizations, and will soon sell its product on the consumer market in many more territories including the United States. The company aims to supply test kits to those who normally wouldn’t have access to them and help governments and authorities distribute the tests to the local population.
As COVID-19 grows into an endemic, Innova continues to innovate with its rapid antigen test. The company is working on the next generation of Innova rapid antigen test with higher sensitivity and an anti-counterfeiting feature, while still keeping its products affordable.
Looking beyond the pandemic, Innova has multiple non-COVID related products on the horizon, ranging from stroke and cancer diagnostics to cardiovascular and pulmonary aid devices. With the help of Pasaca Capital, Innova has in record time grown into one of the preeminent market leaders in the medical field and has become a beacon of hope to those suffering from the pandemic and other illnesses.