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Mylab to foray into routine lab testing equipment and reagent business

Most diagnostic labs rely on products tailor-made for western markets, says the company, adding that it will provide them with products designed with their requirements in mind.

Mylab ShilpaMylab discovering solutions. (Photo/Mylab)

Mylab Discovery Solutions announced plans to launch a range of routine diagnostic kits and devices in conventional and point-of-care testing formats. It will include devices and kits for three major subsegments of the market—immunology, biochemistry and haematology.

“This will nearly complete the company’s portfolio for diagnostic laboratories, which until now included molecular (RT-PCR) test kits and devices and rapid or self-tests. The company will be addressing more than 90 per cent needs of small-medium size laboratories through its entry in these new segments. Now the labs can use Mylab’s devices and reagent kits for all routine tests such as liver panels, cardiac profiles, urine panels, hormone panels, fever panels, kidney function tests, cancer markers and others,” said Hasmukh Rawal, managing director of Mylab. “We want to become a one-stop solution for small to big diagnostic labs,” he added.

For the research and development of these products, the company has earmarked Rs100 crore, and several devices and reagent kits are already in development at its Pune-based innovation centre, according to the healthcare company.

The company plans to start rolling out the products in the third quarter of the financial year, targets a clientele of 1,000 labs within the first six months and aims to have a 10 per cent market share (covering more than 20,000 labs) by the end of 2024.

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“There are 60,000 labs in India and most of them have to rely on products originally made for western markets. Labs need solutions that are designed with their needs in mind and connected completely to create easy workflows without heavy investments. Mylab wants to provide them with such products,” said Rahul Patil, chief executive officer of Mylab Discovery Solutions.

First published on: 31-03-2022 at 18:02 IST
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