Covid testing demand surges as cases spike across Asia

Demand for Covid 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 testing kits in Asia Pacific, has seen business gain because of the Covid wave across Asia, Chief Executive Officer Ricky Chiu said in an interview with Bloomberg TV.

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 wave in China is on track reach last year’s summer peak. Shares of Covid test kit and drug makers in Asia have risen tracking a surge in infections.

“Covid 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 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.

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

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