Do you know the diagnostic industry of our country is worth $9 billion? It had a growth rate of a mere 6% in 2018 to having 20-25% in 2021. Within this, the high-end services constitute 9%.

In 2015 the Government of India under the aegis of National Health Mission launched the Free Diagnostic Service Initiative. This pushed all states and UTs to provide free cost essential diagnostics. In 2019, India became the first country where the government took the initiative to compile the National Essential Diagnostic List which mandates certain tests be available at the remotest of the village. The Union Budget 2020, kept ₹759 crores aside to make sure all Indian states can administer free diagnostic services. 

One such leading Indian pathology chain is Mumbai-based iGenetic Diagnostics. Launched in 2013 by Arunima Patel, Homer Paneri and Siddharth Patodia, it provides 1400 + general and advanced molecular diagnostics, genetic sequencing and cytogenetics tests.

The three founders were part of the healthcare sector and wanted to build a venture that used molecular biology in testing to create better and quicker lab results. For this, they build a dedicated team of scientists and researchers and launched their operations in 2015. Initially, they started with a seed fund worth ₹10 crores that was gained by numerous sources including the founders adding their own money. Later in 2015, they received ₹9 crores from an angel investor.

 Their biggest breakthrough was when the UK government’s financial institution, CDC Group Plc and Manipal Education and Medical Group (MEMG) invested ₹130 crores. With the funds, they plan to expand their operations from the current 4 locations in India. As of 2017, they had their headquarters in Mumbai and five satellite laboratories spread in Mumbai, Nagpur, Hyderabad and Ahmedabad. 

In 2018, iGenetic Diagnostics made a collaboration with Lucence Diagnostics. The latter is a Singapore-based genomic medicine company. The deal between these two allows Lucence Diagnostics’s liquid biopsy test to be available in India. Diagnostics is not only a great addition to preventive healthcare but also to the Indian economy. They save the lives of many by pre-screening major illnesses. This increases the overall productivity of our country’s citizens. Do you agree?