Medlife International, India’s leading e-pharmacy company with about 30 per cent market share, announced its acquisition of Medlabz, a Mumbai based digital healthcare platform and ‘Diagnostics at home’ services company. With this acquisition Medlife will consolidate its diagnostics business by integrating its technology platform and logistics strengths of both companies.
Medlife also announced its first state of the art central laboratory in Bangalore. These combined investments are part of Medlife’s plans of offering an enhanced and seamless healthcare experience in diagnostics for Indian customers. Medlife has now become a first of its kind online pharmacy company, providing integrated services catering to all the healthcare needs of the customer - from doctor e-consultations, lab tests, health supplements, to delivery of medicines, said a company here on Thursday.
The Central Lab is spread over 5,000 sq. ft and is fully automated path lab including biochemistry, immunology, hematology, clinical pathology and cytology. The lab will provide a wide range of services ranging from digital x-ray, 3D ultra sound, 2D echo, cardiac tests like ECG and TMT with a capability of processing nearly 10,000 tests in a single shift. With the technology integration from Medlabz, this will empower patients with data insights about their health in easy to understand language and will be made available in their preferred language. Reports can be seen online, via app or WhatsApp. Home sample collection will also be available through in house fleet of medical experts with real time sample tracking.
Speaking on the development, Tushar Kumar, founder & CEO, Medlife said, “The sophisticated diagnostic capabilities offered by Medlabz will help us strengthen our position in the diagnostics segment. In diagnostics alone we have so far served 90,000 unique customers till date with over 1,50,000 deliveries. We will be equipped to now serve more people with our enhanced services through our lab technology platform.”
According to a recent report by Frost & Sullivan on e-pharmacy, the market in India was estimated to be around $512 million (Rs. 3,500 cr) in 2018 and is estimated to grow at a CAGR of 63 per cent to reach $3,657 million (Rs. 25,000 cr) by 2022. The report also said that Medlife was the leading the Indian e-pharmacy market with about 30 per cent market share. Medlife currently has a sales turnover of Rs 100 cr per month and this is expected to double by March 2019 and cross Rs 500 cr by March 2020.
According to Prashant Singh, founder and director, Medlife “Apart from being an e-pharmacy, Medlife also provides various other value added services like online consultation, scheduling appointments with doctors and clinics, app-based healthcare related services, health blogs and tie up with diagnostics and laboratories. Adding this to our recent acquisition of eclinic24/7 it is testament to our commitment to offering immense value addition to customers’ healthcare needs at optimised pricing. We are today the number one e-pharmacy company in India and we will continue to expand through acquisitions and launches to serve our customers evolving needs.”
Commenting on the acquisition Siddharth Bidwan, founder & CEO Medlabz said “We see a great cultural fit with Medlife and the merged entity will be on the accelerated path to build a stronger business and initiate the next big wave in the Indian healthcare ecosystem.”
Nimish Mehta, founder & CTO MedLabz further said, “With the combined strength of serviceability and in-house deep tech capabilities, we look forward to integrating various healthcare verticals and create a truly personalised healthcare and wellness experience for consumers.”