Mylab acquires majority stake in Sanskritech
New Delhi, India: Mylab Discovery Solutions announced on Monday that it has purchased a controlling stake in Sanskritech, a point-of-care startup, for an unknown sum. From November 2021, the business expects to install point-of-care testing systems through lab partners at doctor's offices, nursing homes, community health centers, airports, and other locations to enable patients to receive test results faster and at a reduced cost, according to a statement from Mylab.
Hasmukh Rawal, managing director of Mylab Discovery Solutions, said, "This acquisition would help us to further reinforce our efforts to make point-of-care testing available everywhere in India, including a rural village."
He went on to say that point-of-care labs will be a game-changer in the diagnostics area.
The corporation, on the other hand, did not reveal any financial specifics about the stock purchase.
"We've been attempting to utilize technology to enable easy access to basic healthcare at an inexpensive cost with our IoT-based POC system, Swayam. We look forward to collaborating with Mylab to expand the availability of point-of-care testing across the country "Pritam Kumawat, the founder of Sanskritech, stated.
Under the auspices of Mylab, the Sansktitech team will continue to operate as an independent business. According to the release, Mylab expects to build over 1,000 point-of-care systems over the next two years and begin deploying these systems with lab partners as early as November 2021.