There is continuous development in the global health care sector as per users’ requirements. Clinical laboratories play a key role in the success of the healthcare industry. As per the reports, over 70% of diagnoses are based on laboratory results. The current covid situation has exposed the Indian healthcare industry and clinical laboratories both.
Thyrocare, the fully automated Indian clinical laboratory, has brought visible changes in the Indian healthcare system due to its advanced diagnosis processes and a huge network in India as well as globally. This article will help you to know about the remarkable journey of Thyrocare.
Beginning of Thyrocare
Founded by Dr. Arokiaswamy Velumani, Thyrocare is the world’s largest preventive healthcare lab and diagnostic center. Quality diagnosis and cost-effective testing make it the popular choice among the masses. Dr. A Velumani is a professional doctor who specialized in Thyroid. Before starting his entrepreneurship journey in 1996, Velumani was a scientist in Bhabha Atomic Research Centre(BARC) in Mumbai.
Initially, Thyrocare was detecting thyroid disorders. Later, it expanded its operations in diagnosing the majority of diseases including diabetes, sexually transmitted diseases(STDs), infertility, and cardiovascular diseases. The lab has the Centralized Processing Laboratory(CPL) in Turbhe, Navi Mumbai, and over five Regional Processing Laboratories(RPL) in major Indian metros.
Founded in 1996, the lab was valued at around Rs 650 crore in 2011. Thyrocare started its IPO in 2016. Its IPO got instant success and was oversubscribed 73 times. After beginning its journey in the Indian stock market, the Thyrocare market cap reached approximately Rs 3370 crore.
Talking about his initial journey, Thyrocare founder said:
“My parents were very poor. They never had the luxury of buying me a pair of chappals (sandals) or trousers. I was born at the bottom of the 10 slices of the pyramid. It wasn’t easy. But today, I am at the top of the very pyramid,”.
Dr. Velumani kept extending the firm’s operations nationally and internationally. Talking about the business journey and his risk-taking habit, he said:
“I’m blessed with a large risk appetite. This will help me to continue to remain the national raja in my field.”
Recent Growth and Thyrocare’s Future
In a recent tweet, Dr. A. Velumani has revealed that Thyrocare has reached a market cap of $1 billion on 23 June 2021. The company has zero debt. As per the founder’s claim, Thyrocare conducts a 4 lakh test a night. Currently, the firm has a presence in 10 countries and is serving over 10,000 pin codes. In its 25 years of journey, Thyrocare has observed a 40% CAGR(compound annual growth rate).
As per the latest report, Thyrocare is in advanced talks with PharmEasy to sell a majority stake. As per the leaked information, PharmEasy will take over the firm in over Rs 7000 crore.
If the deal gets finalized, Velumani may invest in API Holdings, the parent firm of PharmEasy. Currently, PharmEasy is the largest online medicine platform. It also acquired Medlife recently.
At the time of writing this article, Thyrocare share value is trading at Rs 1375. It started the day with Rs 1385/share value. In June 2021, Thyrocare share value surged by Rs 375 to reach Rs 1375. It has over 1211 outlets including small and largest centers. The firm has a strong presence in India, Bangladesh, Nepal, and the Middle East.
