Medlife, an e-pharmacy chain in the country, has launched its first diagnostic lab in Bengaluru, as part of an aggressive plan to expand its offline footprint in India. The company will gradually ramp up to other metro cities in the country.
As an e-pharmacy player, Medlife offers customers both medicines, diagnostics and other healthcare facilities through its online portal, mobile application and customer care centres. The company expects revenue of Rs. 20 crore by the end of this financial year from the diagnostic vertical. It has already invested Rs. 0.6 crore and is planning to invest another Rs. 4.3 crore within the next year, to set up 6 satellite labs in addition to the centralised lab launched in Bengaluru.
The lab is undergoing ISO certification and will receive it’s NABH and NABL certification by FY 19-20. The diagnostic lab will operate under the name ‘Medlife Labs’ which has indicated same day report delivery and free home sample collection to all its customers.
“Our focus is to build a world–class infrastructure for healthcare. W, have constantly endeavored to ensure quality healthcare services with affordable rates reach the maximum number of people in India. Through our innovative tech-enabled platform, we are building customer touch points across online and offline platforms that can seamlessly integrate to provide a high-quality healthcare experience for our end-users. The launch of lab services is in line with this commitment and endeavor,” said Tushar Kumar, CEO, Medlife.
“Around 70 per cent of treatment decisions in India are based on lab results. Needless to say then, diagnostic services constitute one of the most critical components of medical care in India. It also helps in building a preventive care ecosystem and better diagnosis of health problems. Thus, creating substantial impact on the continuum of care,” he added.
The diagnostic laboratories industry in India is poised for strong growth because of rising demand for healthcare but lack of regulation remains a major concern, considering the risks it poses to patients. The diagnostic laboratories sector in India is highly fragmented with standalone centres accounting for ~ 70% of the market and organised ones having ~ 30% shares. India has around 100,000 diagnostic laboratories, which include pathology laboratories and radiology centres.
Since its inception as an e-pharmacy company in 2014, Medlife has diversified into 24X7 e-consultation, laboratory services, and app-based healthcare-related services. In a short span of just over two years post-launch, Medlife went on to create a customer base of one million customers. The company recently launched it’s own line of generic drugs in line with the Government of India’s recent efforts to encourage the use of affordable generic drugs in India. Apart from diagnostic labs, Medlife will also be launching offline stores across 50 cities this financial year.