Covid-19 testing demand surges as cases spike across Asia

[BEIJING] Demand for Covid-19 tests is increasing in Hong Kong as cases surge in recent weeks, according to the top executive of diagnostic kit maker Phase Scientific International.

The Hong Kong-based company, which is a major provider of Covid-19 testing kits in Asia Pacific, has seen business gain because of the Covid-19 wave across Asia, chief executive officer Ricky Chiu said.

Health authorities in densely-populated Hong Kong and Singapore have warned that Covid-19 cases are spiking, while data from the Chinese Center for Disease Control and Prevention showed the Covid-19 wave in China is on track reach last year’s summer peak. Shares of Covid-19 test kit and drug makers in Asia have risen tracking a surge in infections.

“Covid-19 is a seasonal thing,” said Chiu, adding that “definitely there is a spike in the business”.

Phase Scientific has also seen growth in its non-Covid-19 testing business due to the pandemic, which made more people aware of the importance of at-home testing for other diseases, Chiu said.

The company has developed the world’s first urine-based human papillomavirus test, and is planning to expand that business globally.

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The company raised US$34 million in Series A financing this week, the largest such round in Asia’s diagnostic technology sector since 2019. BLOOMBERG