Companies

Mylab acquires majority stake in health-tech start-up Sanskritech

Our Bureau Ahmedabad | Updated on September 20, 2021

Sanskritech is the developer of point of care testing system Swayam

In order take diagnostic testing solutions closer to patients, Mylab Discovery Solutions has picked up a 51 per cent stake in the health-tech start-up Sanskritech, the developer of point of care (POC) testing system, Swayam.

The all-cash deal will strengthen Mylab’s reach for diagnostic solutions to the remote areas across the country. The company did not reveal the financials details of the deal.

Test parameters

Swayam has over 70 test parameters and a telemedicine facility, making it faster and convenient for people living in remote places to access professional medical guidance, as well as accurate diagnosis through the POC testing system.

Mylab plans to establish more than 1,000 POC systems in the next two years. The deployment will start with lab partners as early as November 2021.

Swayam, a portable diagnostic and tele-medicine point-of-care system, can be used to create a small lab anywhere.

Mylab looks to cover doctor offices, nursing homes, community health centers and airports through lab partners. This will enable patients get test results faster, at a lower cost and without waiting for long. Patients can also consult the doctors using telemedicine through the POC and start treatment instantly.

Speaking to BusinessLine, Hasmukh Rawal, Managing Director, Mylab, said: “In diagnostic testing, being closer to the customer will be the real winner.

“The future is right mixture of telemedicine, doctor consultation and the diagnostic testing on the phone. This is the beginning of the game-changing solution that Mylab wants to bring.”

Sankritech has already 40 installations of POC. Pritam Kumawat, Founder of Sanskritech, said: “Through our IoT 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.”

Mylab has an option to hike the stake beyond 51 per cent. “We are also keeping promoters on board with us and they will retain healthy stakes. Both the teams will work together,” said Rawal, adding that the acquisition will make POC testing available everywhere in India including remote villages.

Mylab has investments from Serum Institute of India CEO Adar Poonawalla and Abhijit Pawar, Chairman of APG, and has partnership with Kiran Mazumdar Shaw’s Syngene to secure a steady supply of indigenously made raw materials for testing kits.

Mylab looks to use its expertise in diagnostic solutions development, biosensors, robotics, liquid handling and embed Artificial Intelligence to facilitate faster reporting and consultation with doctors.

The second wave saw testing infrastructure getting overwhelmed, hence a decentralised testing concept is believed to improve access and turnaround time on reports.

POCs to offer following tests

Blood Tests: Blood Glucose, Hemoglobin, Lipid assay, Cardiac Marker assay, Full blood work, Liver function test, Hormonal assay, Thyroid.

Disease tests: Hepatitis B (HBV), Hepatitis C (HCV) and Human Immunodeficiency Virus, (HIV), Malaria, Dengue, Chikungunya, Tuberculosis, Respiratory Diseases etc

Urine tests

Others: ENT, Skin Test, Vision Test, ECG 12 lead, Alcohol Detection

Basic parameters: Height, Weight, BMI, Blood Pressure, Temperature.

Published on September 20, 2021

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