Mankind Pharma plans to enter diagnostic segment by investing Rs. 305 crore
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Our Bureau, Mumbai
March 29 , 2017
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Mankind Pharma, a US$ 800 million pharmaceutical company, is foraying
into diagnostics space with its new venture Pathkind Diagnostics. In the
coming 4 years, the company has a plan to invest Rs.
305 crore in its new venture, which will start its operation from
August 2017. As a part of the strategy, Pathkind would aim to reach out
to the masses in tier 2/3 cities in India with the direct and clear-cut
approach of providing easily accessible high quality diagnostics
services at affordable prices.
Mankind Pharma’s decision of
launching the new diagnostics chain, Pathkind, is to focus on organic
growth, contrasting with the game plans of its competitors. The company
is planning to open 12 large labs, 20 rapid response labs and 150
collection centres in 12 months and will operate on a three-tier model.
With a reference lab in Gurgaon, it will also have multiple collection
centers in small towns and villages, which will be connected through the
network of labs. Initially, the company will start its operations from
Uttar Pradesh and move to Uttarakhand. To promote this new venture in
the diagnostics space, Mankind has joined hands with Sanjeev Vashishta. Sanjeev
Vashishta has been known for his ability of connecting with people and
for his potential to turn around businesses. Prior to joining Pathkind
Labs, he successfully managed running operations (a cluster of
hospitals) in the Fortis group with whom he was around for 11 years. He
was also responsible for the dramatic transformation of SRL’s business
in just 4 years. Commenting on the same, Sanjeev Vashishta,
managing director & CEO of Pathkind, said,” Diagnostics industry in
India is grossly under-penetrated. Given the fact that diagnosis costs
fraction in comparison to the cost of treatment, and about 20% of the
Indian population has ever got a blood test done due to
inaccessibility/ignorance, the volumes could be taken up significantly
by just educating the prescribers (about new modalities) and the masses.
There is a huge dearth of quality service providers in India, as per
the demand for the healthcare/ diagnostics services. Today, people are
becoming conscious about their health, which results in the need of more
quality diagnostics centres. Venturing into diagnostics is also a
financially prudent decision as diagnostics model is asset light, with
low gestation period and a lucrative ROI. “ He further added;
“At Pathkind, we are strongly committed to serve at the grass root level
so that the masses don’t have to travel miles in order to get
themselves diagnosed. Our aim is in line with the government’s vision to
provide quality diagnostics/ healthcare access at an affordable price.
It will be our endeavour to provide accurate diagnostics in the shortest
possible time. Furthermore, as per the National Health Policy 2017 the
govt of India is committed to give the much needed importance to
Universal Health and the Govt. intends to increase the healthcare spend
from a meagre 1% to 2.5% of GDP in the near future”. In recent
times, several companies have evinced interest in getting into the
diagnostics arena. Mankind has a strong presence in pharmaceutical,
veterinary, OTC & FMCG segments with over 63 brands ranked at No. 1
position in their respective segments. Besides having a strong presence
in the domestic market, Mankind is present across various countries in
Asia & Africa. The company has ventured into a new business of
diagnostics with an aim to emerge as a leading domestic player.
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