Pune-based Mylab acquires majority stake in point-of-care startup Sanskritech
Pune-based molecular diagnostics startupon Monday said it acquired a majority stake in point-of-care startup Sanskritech in an all-cash deal for an undisclosed amount.
The company plans to deploy point of care testing systems at doctor offices, nursing homes, community health centres, airports, etc., through lab partners from November 2021 to enable patients to get test results faster and at a lower cost, Mylab said in a statement.
Swayam by Sanskritech [Image Credit: Mylab]
"During the second wave, we saw overburdening of our testing systems. It became evident that decentralised 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," Mylab Discovery Solutions Managing Director Hasmukh Rawal said.
The company, however, did not share any financial details of the stake acquisition.
"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," Sanskritech Founder Pritam Kumawat said.
Sanskritech's Swayam is a portable diagnostic and telemedicine point-of-care system, which can be used to create a small lab anywhere. It can help people to test for a wide range of diseases within a few minutes. Patients can also consult doctors using a telemedicine facility and start treatment instantly.
Sansktitech team will continue to operate as a separate entity under the aegis of Mylab, which plans to establish more than 1,000 points of care systems in the next two years and start deployment of these systems with lab partners as early as November 2021, the statement said.
This development comes after Mylab recently announced the commercial launch of its COVID-19 self-test kit, CoviSelfTM, in June this year. The self-use rapid antigen COVID-19 test had received Indian Council of Medical Research (ICMR) approval in May.
According to an official statement, Mylab is leveraging its expertise in diagnostic solutions development, biosensors, robotics, liquid handling to further expand the test menu and embed artificial intelligence to facilitate faster reporting and consultation with doctors an even better experience.
[Additional information has been added to the story for context]