Quality laboratory testing and home services driven by digital touch points will propel diagnostics forward
The diagnostic industry has always remained in the sidelines even while 70% of medical decisions around the globe are based on laboratory results. Data from laboratory tests also contribute to over 80% of the objective data in clinical records. So while the diagnostic industry only makes up about 5% of the healthcare cost, it influences the remaining 95% expenditure. The industry is a classic example from the era of post liberalization. Market forces have propelled the industry to constantly evolve, upgrade and up skill itself to perform efficiently.
The industry has truly come to the fore during the pandemic and has met the testing needs of a vast population. Pandemic has made the world realize the importance of diagnostics, not just in terms of advances in technology, but more in terms of public perception of diagnostics as a critical vertical in healthcare.
For Agilus it has been a great year; we are in a relentless pursuit of offering the best customer experience both through our collection centers and at-home services, enhancing our digital touch points and improving our quality parameters every single day. Our top most priority for the patient is offering accurate diagnostic insights and enabling a convenient and seamless customer experience.
In Q1 FY 2022 we completed the acquisition of our balance 50% stake in DDRC Agilus Diagnostics Private Limited. This was in line with our strategy to increase our market share in the diagnostics space, especially in the southern part of the country. We also became the official lab diagnostics partner of the Indian Olympic Association for the Tokyo 2020 and Paris 2024 Games. As a part of our collaboration, we conducted pathology tests of all players representing India, coaches, media and government officials travelling to Tokyo for the Olympics.
The COVID-19 pandemic has no doubt accelerated the adoption of digital efforts industry wide, making it essential for healthcare organizations to adopt new technologies. Technology and innovation, however, is not new for Agilus. We have always been early adopters of technology in our category. But now we have seen its adoption has increased significantly across the board and that can be a major growth driver in the coming years. The pandemic has also catalysed the growth of the preventive and wellness segment and this is something that we will see grow significantly in the next few years.
With an Omicron induced surge all across the nation, the year 2022 could again be a challenging one for healthcare workers and frontline workers. With over two years of learning from the pandemic and having built the largest COVID testing capacity for a private chain and also being a true PAN India player with 425+ laboratories, we are confident of meeting the COVID and NON COVID testing needs of our patients and healthcare institutions. We will continue to remain focused on high quality testing and reports, offering the utmost customer convenience and being available for patient testing needs.
Agilus Diagnostics, a subsidiary of Fortis Healthcare Limited
