SRL Diagnostics, part of the Fortis group, plans to expand in a big way to neighbouring countries and Africa.
Although 97 per cent of its business is India-centric, it has chalked out an aggressive overseas foray and is setting up a large laboratory each in Dubai, Kathmandu and Colombo. “We are setting up a pan-Sri Lanka network of laboratories,” said Sanjeev Vashishta, CEO, SRL Diagnostics.
With 258 labs of which 12 are high-end laboratories and 6,300 collection points, SRL has the second largest network in Asia. It is foraying into the African continent with pathological and radiology labs. “In Nigeria over three years, we plan to set up 40 labs. In phase one, nine labs will come up starting June 2015.”
It will set up five labs in Congo with two coming up this year and will next enter Ghana and eventually Kenya, Mozambique and Tanzania. “We will follow and asset-light model receiving our fees while investment will be by local partners.”
Growing at 16-17 per cent, diagnostics is the fastest growing segment in the healthcare industry though it is fragmented with over 100,000 laboratories.
“Of this, only 536 are accredited by NABL (National Accreditation Board for Testing and Calibration Laboratories). We have 42 accredited labs giving us an 8 per cent share,” Mr. Vashishta said, adding, “there is a need to make accreditation compulsory in India as there is no entry barrier and the quality of testing is suspect.”
The company expects to end FY2015 with a turnover of Rs.850 crore.
