The activities of Fast Track Diagnostics, a company specialising in the development of PCR tests, are set to be discontinued by September of this year. Siemens and its medical division bought the start-up seven years ago for €75 million. However, the German parent company has made the decision to close the outpost before the end of 2024. According to Siemens, activities will gradually scale back until September before being shut down completely. 90 jobs are at risk at the company, which is located in the ‘House of Biohealth’ in Esch-sur-Alzette.
Since the peak of the coronavirus pandemic, demand for PCR tests has fallen steadily. This underscores Siemens’ decision to close the small Luxembourg-based entity, which continued to have a turnover of €6 billion in 2022. Fast Track Diagnostics was originally founded in 2006 by Bill Carmann in cooperation with management at ‘Laboratoires Réunis’, before eventually being acquired by Siemens in December 2017.
