Mylab Discovery Solutions has acquired majority stake in Sanskritech, which is the developer of a point of care testing system, Swayam.
As part of the deal, Mylab will acquire a majority stake in Sanskritech in all-cash deal. Sansktitech team will continue to operate as a separate entity under the aegis of Mylab. The investment is in line with Mylab’s vision of making diagnostics accessible to all. Mylab will establish point of care (POC) testing labs at doctor offices, nursing homes, community health centres, airports, etc. through lab partners to enable patients get test results faster, at a lower cost and without the need to wait for hours.
Swayam is portable diagnostic and tele-medicine point of care system which can be used to create a small lab anywhere. This will help people to test for a wide range of diseases within a few minutes. Patients can also consult doctors using telemedicine facility and start treatment instantly. Mylab will use its expertise in diagnostic solutions development, biosensors, robotics, liquid handling to further expand test menu and embed Artificial Intelligence which will facilitate faster reporting and consultation with doctor an even better experience.
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“During the second wave, we saw overburdening of our testing systems. It became evident that decentralized testing would significantly improve access and turnaround times. 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.” said Hasmukh Rawal, Managing Director, Mylab.
Commenting on the acquisition, Pritam Kumawat, Founder of Sanskritech said, “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 point-of-care testing available across the country.”
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. These POC systems will offer a comprehensive range of tests including, blood tests, disease tests, urine tests, height, weight, BMI, blood pressure checks and others.