Diagnostic kit maker Mylab Discovery Solutions acquired a majority stake in health tech company Sanskritech in an all-cash deal. The financial details of the deal were not disclosed.
Sanskitech would continue to operate as a separate entity under Mylab.
“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.
The Pune-based diagnostic kit maker said it plans to establish more than 1000 Point-of-Care systems in the next two years. Further deployment of these systems with lab partners would begin as early as November 2021.
Backed by Adar Poonawalla, Mylab was amongst the first makers of the COVID-19 diagnostic kits. With this acquistion, it aspires to establish point-of-care testing labs at doctor offices, nursing homes, community health centres, airports, etc. with help from lab partners.