SII CEO Adar Poonwalla-backed Mylab Discovery Solutions on September 20 announced acquiring a majority stake in Sanskritech, the developer of Swayam which is India’s most advanced point of care (POC) testing system and telemedicine facility in an all-cash deal.
The financial details of the deal were not disclosed but Sanskritech team will continue to operate as a separate entity under the aegis of the Pune-based biotech company.
“During the second wave, we saw overburdening of our testing systems. It became evident that decentralised testing would significantly improve access and turnaround times,” Mylab Managing Director Hasmukh Rawal said.
The company plans to establish more than 1,000 POC systems in the next two years and start deployment of these systems with lab partners as early as November 2021.
Swayam is a portable diagnostic and telemedicine point-of-care system that can be used to create a small lab anywhere. It will offer tests for a wide range of diseases with results delivered within a few minutes.
“Through our IoT (internet of things) based POC system, Swayam, we have been striving to leverage technology to create an easy access to basic healthcare at an affordable cost. We look forward to working closely with Mylab to make point-of-care testing available across the country,” said Pritam Kumawat, Founder of Sanskritech said.
Mylab said it will establish POC testing systems at doctor offices, nursing homes, community health centers, airports, etc. through lab partners to enable patients to get test results faster, at a lower cost and without the need to wait for hours.
Patients can also consult doctors using telemedicine facility and start treatment instantly.
Mylab said it will use its expertise in diagnostic solutions development, biosensors, robotics, liquid handling to further expand the test menu and embed artificial intelligence, which will facilitate faster reporting and consultation with doctors an even better experience.
“Point-of-Care labs will be a game-changer in the diagnostics space. This acquisition will enable us to further strengthen our efforts to make point-of-care testing available everywhere in India including a remote village,” Rawal said.
These POC systems will offer a comprehensive range of tests including blood glucose, cardiac marker assay, liver function, HIV, respiratory metabolic and skin diseases.
The POC sytems can also perform urine tests, eye examination and alcohol detection tests along with other basic examinations.Internet Explorer Channel Network