India, February 5, 2024: In a significant stride towards fortifying its position in India’s healthcare landscape, Thyrocare, a leading diagnostic and preventive healthcare service provider in India, will be acquiring 100% stake in Chennai-based Think Health Diagnostics and a related entity. In this regard, Thyrocare has entered into a Share Purchase Agreement with Think Health Diagnostics and their existing shareholders on February 1, 2024. With this acquisition, Thyrocare becomes India’s one of the largest diagnostics at home healthcare service providers. This strategic acquisition helps Thyrocare provide ECG services at home. This acquisition paves the way for Thyrocare to tap additionally into the insurance segment.
Mr. Rahul Guha, MD & CEO of Thyrocare Technologies Ltd., expressed, ” With the strategic acquisition of Think Health Diagnostics, we are well-positioned to expand our footprint in pre-policy medical checkups for the insurance segment. This will allow us to give our insurance partners a one stop solution for blood and ECG testing and further deepen our presence in the Pre Policy Medical Checkup and Annual Health Checkup market. Our vision is to scale these services nationwide, leveraging our robust at-home service network and spearheading advancements in comprehensive healthcare accessibility for all across India.”
This merger enhances Thyrocare’s partnership business with the existing Think Health operational presence in 10 cities namely Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kanpur, Mumbai, Pune, Surat and Jaipur. With such presence, it sets the stage for a nationwide expansion.
Mr. Piyush Singh, Head of Partnerships at Thyrocare Technologies Ltd., mentioned “Think Health Diagnostics’ great work in doing ECGs at home fits perfectly with our plans for the Pre-Policy Medical Checkup market. We’re looking to expand these services to more than 100 cities in the next year, making it easier for people to get the healthcare they need.”
The synergy between Thyrocare and Think Health Diagnostics is poised to create India’s largest home phlebotomy network with 100+ phlebotomists trained to provide ECG services at home in addition to Thyrocare’s existing network of 900+ blood-collection phlebotomists. Think Health Diagnostics’ expertise in home healthcare technology, combined with Thyrocare’s robust infrastructure, promises enhanced service delivery and an unparalleled patient experience. The merger underscores the commitment to provide improved service delivery, faster turnaround times and unmatched patient convenience.
“This acquisition marks a pivotal moment in our growth trajectory,” says Karkavel, CEO & Director, Think Health Diagnostics. “Thyrocare’s strategic alignment with Think Health’s home diagnostics expertise is undeniable. Together, we will leverage our extensive network and expertise to create an unparalleled offering, delivering seamless healthcare directly to patients’ doorsteps.”
“Our heartfelt gratitude goes out to our teams and stakeholders for their unwavering support. United, we look forward to a future of expansion and growth, committed to serving a wider patient base and delivering the best possible healthcare experience,” he adds.
About Thyrocare:
Thyrocare Technologies Limited (BSE: 539871, NSE: THYROCARE) is India’s first and foremost advanced fully automated laboratory chain with strong presence in 2000+ cities/towns nationally and internationally. Thyrocare focuses on providing quality at an affordable cost to laboratories and hospitals and cost-effective and convenient diagnostic services to every doorstep. Many laboratories and hospital brands all over India use the comprehensive test profile menu offered by Thyrocare.
Thyrocare has an extensive network of authorised, fully trained and well-equipped collection centres that stay connected through a combination of air-cargo logistics and IT-enabled barcoded bi-directional systems for a turnaround time of 4 to 8 hours for processing of samples for 90% of the tests that arrive at any time of the day or night.
Thyrocare network of advanced diagnostic labs includes a Centralised Processing Laboratory at Navi Mumbai, India, with an IT-enabled, 24*7, fully automated diagnostic laboratory set-up covering 200,000+ sq. ft. area for error-free processing of 75,000+ specimens and 375,000+ diagnostic and screening investigations each night. This is supported by Zonal Processing Laboratories in major metro cities and Regional Processing Laboratories in Tier 2 & 3 cities across India.
Thyrocare is one of the first Indian diagnostic laboratories to obtain internationally renowned quality accreditations including ISO 9001-2000 rating as early as 2001, which was upgraded to ISO 9001:2015 and National Accreditation Board for Testing and Calibration Laboratories (NABL) and College of American Pathologists (CAP) accreditations in 2005.
