Indian healthcare company Mylab Discovery Solutions on Thursday announced that it is planning to launch an entire range of routine diagnostic kits and devices in conventional and point-of-care format.
It will include the devices and kits for three major sub-segments of the market: Immunology, Biochemistry and Haematology.
This will nearly complete the company’s portfolio for diagnostics laboratories which until now included molecular (RT-PCR) test kits and devices and rapid/self-tests. The company, in a statement, said that it will be addressing more than 90 per cent needs of small to medium size laboratories through entry in these new segments.
With this expansion in product lines now the labs can use Mylab’s devices and reagent kits to do all routine tests such as liver panels, cardiac profile, urine panels, hormone panel, fever panels, kidney function tests, cancer markers and much more, the company said.
“We want to become one stop solution for small to big diagnostics labs. They will now be confidently able to buy a Made in India device or reagent kit for their lab at a price point that makes diagnostics affordable for everyone with increased ease of performance,” Hasmukh Rawal, Managing Director of Mylab said.
“Further, we are designing products that have a significant localisation advantage and will have version specifically created for small labs so that they can survive without having to make huge capital investments and can have access to conventional tests through innovative technology platforms,” he added.
For the research and development of these products, the company has earmarked Rs 100 crores and several devices and reagent kits are already in development at its Pune-based innovation centre. The company plans to start rolling out these products in the third quarter and roll out pan India through existing and new distributorships. The company is also building a team to reach to rural and urban customers. Mylab says that it aims to place its products in 1000 labs within the first 6 months from the time of launch and acquire a market share of 10 per cent by the end of 2024 with its reach to more than 20,000 labs.
“There are 60,000 labs in India and most of them have to rely on products that were originally made for western markets and sold to them without adapting them. Labs need solutions that are designed keeping their needs in mind and connected completely to create easy workflows without heavy investments. Mylab wants to provide them with such products.”, said Rahul Patil, CEO, Mylab Discovery Solutions.
The company expects a total of 10 different devices and 120 test parameters to be rolled out in the next financial year under this business segment. The company will use its manufacturing facility at Lonavla and the upcoming facility at AMTZ, Vizag for the production of these devices and kits. Business Today