· Plans to invest more than 300 crores in next 5 years
· Coming up with 150 Labs in domestic market and 50 labs in International market in the next 5 years
March 30 2016, 16.54 PM IST || Pocket News Alert
Chandigarh, March 30, 2016: SRL Diagnostics, India’s largest diagnostic chain announces an aggressive expansion plan with an investment of more than Rs. 300 crores in next five years. It has forayed into PPP with three state governments as part of expansion, i.e. Himachal Pradesh, Jharkhand and Uttar Pradesh to establish the labs in the state run government hospitals.
With an annual growth of 16% in the first half (Apr-Sep’15),SRL is expecting a turnover of more than Rs. 900 crores in the FY 2015-16.Five years down the line SRL to become Rs. 2000 crore company, with plans to enhance its presence in African continent which is on their roadmap.
In the domestic market, SRL has entered into PPP with HP Governmentsince 2013 to provide global quality diagnostics services to the people across the state in their Government hospitals. The partnership was very successful as on an average daily accession in Himachal Pradesh government hospital had increased by 41% in comparison to last few years. In HP, SRL now operates via 24 labs and on the similar lines, SRL also partnered with the Jharkhand government whereby SRL established its labs within the Government Hospitals in 12 districts in the current fiscal year.
Taking a leap forward, it has recently entered into a partnership with the Uttar Pradesh government to establish collection centers in 22 Districts to provide over 150 specialized tests.The reason is attributed to the increased awareness in quality diagnosis and advanced specialized tests that can be undertaken in SRL accredited labs.
Commenting on the investment and expansion plans, Mr. Sanjeev Vashishta, CEO, SRL Limited, says“The infrastructure development in Indian diagnostic sector is limited and government has realized the need for PPP model to provide affordable and accessible diagnostics to the masses and to fill this existing vacuum. We, at SRL are aligned with the Government’s objective to initiate right diagnosis and therefore right treatment. We are also looking forward to extend our relationship with other state governments to ensure accurate and quality diagnosis is available to maximum number of people in the country. With plethora of unaccredited labs in these cities, we believe such initiatives will also help raise the benchmark in diagnostic services in tier II and III cities. ”
He further adds that “The Healthcare sector is growing at a tremendous pace in our country.Only 20% of healthcare happens in public sector, giving scope of about 80% to the private sector. Given the opportunity, we are expanding our business model and aiming to open 30-40 labs every year.”
The company is coming up with 150 Labs in domestic market and 50 labs in International market in the next 5 years, which will be an addition to 306 labs that SRL has till now.They have plans to come up in each and every district of the country. The domestic labs will come up in cities such as Delhi Kanpur, Cuttack, Hubli, Faizabad, Goa, Nashik, Allahbad, Karimganj and etc and the international labs will come up in countries such as Congo, Nigeria, Nepal, Sri Lanka, Bangladesh and Myanmar.
About SRL Diagnostics
SRL is the largest Diagnostics Company in India having an impressive ‘Reach’, providing superior quality diagnostics services to its customers through a very efficient network of labs and collection points.
The vision to create SRL diagnostics was driven by the philosophy to provide high quality accurate tests/ outcomes at affordable prices to the masses. SRL is known for high ethical standards synonymous with ‘TRUST’ and each and every constituent of ‘Team SRL’ follows immaculate value system.
SRL Diagnostics has *306 networking laboratories, including *11 Reference Labs, 4 Centres of Excellence, *12 radiology/imaging centres, and a footprint spanning over 6900 collection points. The company has large labs in Dubai, Sri Lanka and Nepal, and also about 60 collection points in various countries outside India.
SRL Diagnostics is the veritable pioneer of medical diagnostics in India. Established in 1995, the diagnostic centre has been imbued with a mission to deliver Gold Standard Diagnostic services, both in the field of Laboratory Medicine and Radiology including high-end Imaging services.
SRL carries out 125,000 tests per day. It is often stated that on the human body about 4000 different types of diagnostics tests could be performed. SRL has over 3800 tests in its repertoire which is the largest menu of tests in India.SRL has the most Accredited Lab Network in India comprising of 39 NABL accredited labs and 4 CAP accredited labs. SRL continues to revolutionize diagnostic services in India by ushering in the most specialized technologies and innovative services.
Its Research &Innovation division is ISO certified and was the first lab in the Private Sector was recognized by the Government of India‘s Department of Scientific and Industrial Research. SRL’s wide range of tests provides quality diagnostic, prognostic and monitoring services to other path labs, hospitals and patients. It also provides services of testing samples for the Multinational and Indian Pharmaceutical companies/ CROs undertaking Phase III/ IV Clinical Trial work, thereby supporting their international regulatory submissions.
