Mylab Discover Solutions has plans to foray into routine lab testing equipment and reagent business. It will include 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.
With this expansion, the company will be addressing more than 90% needs of small to medium-size laboratories.
Hasmukh Rawal, managing director of Mylab, said they were aspiring to become a one-stop solution for small to big diagnostics labs. Labs would now be able to buy a Made-in-India device or reagent kit for their lab at a price points that made diagnostics affordable for everyone, Rawal said.
“We are designing products that have a significant localisation advantage and will have versions specifically created for small labs – so that they can survive without having to make huge capital investments,” he said.
The company has earmarked Rs 100 crore for R&D for devices and reagent kits being developed at its
Pune-based Innovation Centre for Medical Devices. The company plans to start rolling out these products in the third quarter of this year and place its products in 1,000 labs within first six months and 20,000 labs by end of 2024 with a 10% market share.
Rahul Patil, CEO of Mylab Discovery Solutions, said there were 60,000 labs in India and most of them relied on products that were originally made for Western markets and sold to them without adapting to local needs.
Mylab’s devices and reagent kits would be for carrying out 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 expects a total of 10 different devices and 120 test parameters to be rolled out in the next financial year from its manufacturing facility at Lonavla and the upcoming facility at Vizag.