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Mylab to acquire majority stake in Sanskritech

The investment is in line with Mylab’s vision of making diagnostics accessible to all. (Bloomberg)Premium
The investment is in line with Mylab’s vision of making diagnostics accessible to all. (Bloomberg)

  • Mylab will establish point of care testing systems at doctors' offices, nursing homes, community health centres, 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

NEW DELHI : Indian biotech company Mylab Discovery Solutions on Monday announced acquisition of the majority stake in Sanskritech—the developer of Swayam, an Indian Point of Care (PoC) testing system with more than 70 test parameters and telemedicine facility.

Mylab will establish point of care (PoC) testing systems at doctors' offices, nursing homes, community health centres, 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. The investment is in line with Mylab’s vision of making diagnostics accessible to all.

Swayam is a portable diagnostic and telemedicine PoC system that can be used to create a small lab anywhere. This will help people to test for a wide range of diseases within minutes. Patients can also consult doctors using telemedicine facility and start treatment instantly. Mylab will use its expertise in diagnostic solutions development, biosensors, robotics, and liquid handling to further expand the test menu and embed artificial intelligence, which will facilitate faster reporting, and make consultations with doctors an even better experience, the company said in a statement.

“During the second wave, we saw the overburdening of our testing systems. It became evident that decentralized testing would significantly improve access and turnaround times. PoC labs will be game changers in the diagnostics space. This acquisition will enable us to further strengthen our efforts to make PoC testing available everywhere in India, including in remote villages," said Hasmukh Rawal, managing director, Mylab.

As part of the deal, Mylab will acquire the majority stake in Sanskritech in an all-cash deal. Sansktitech team will continue to operate as a separate entity under the aegis of Mylab. Mylab 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.

“Through our IoT-based PoC system, Swayam, we have been striving to leverage technology to create easy access to basic healthcare at an affordable cost. We look forward to working closely with Mylab to make PoC testing available across the country," Pritam Kumawat, founder of Sanskritech, said.

These PoC systems will offer a comprehensive range of tests, including blood tests such as blood glucose, haemoglobin, lipid assay, cardiac marker assay, full blood work, liver function test, hormonal assay, and thyroid; disease tests such as hepatitis B (HBV), hepatitis C (HCV), human immunodeficiency virus (HIV), malaria, dengue, chikungunya, and tuberculosis; respiratory diseases, metabolic diseases, skin diseases, and urine tests such as for creatinine, leukocytes, protein, pH, and calcium. The systems will also offer tests for ENT, skin test, vision test, ECG 12 lead, and alcohol, among others, along with basic tests such as height, weight, BMI, blood pressure, and temperature.

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