The new partnership between CDC Group Plc, the UK's Development Finance Institution and the Dr Ranjan Pai-led, Manipal Education and Medical Group (MEMG), to establish alternate formats to deliver "Health Care Beyond Hospitals" announced its maiden investment in iGenetic Diagnostics Private Limited, a rapidly growing pathology company with a wide range of offerings across molecular pathology, genetic investigations as well routine testing.
iGenetic, was conceived in 2013 by a budding set of young private equity professionals turned entrepreneurs, (Arunima Patel, Siddharth Patodia and Homer Paneri) ably guided by a team of strong clinical researchers and scientists. "The company is focussed on developing pioneering investigation techniques in the areas of fertility , cancer and infectious diseases- the prime objective being to make the cost affordable, deliver authentic investigations and create a new benchmark in turn-around times" says Arunima Patel, Founder and CEO. "With the back-up of strong clinical partners and research-driven approach, we believe we will be able to create a robust pipeline of new modalities".
The MEMG CDC partnership's initial investment will be used by iGenetic to create a pan India footprint with a focus on deepening its presence in Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh and Telangana, and expanding into central India over time.
There will be an additional emphasis on building scale through acquisitions and partnering with firms /regionally well reputed networks that are currently constrained to grow beyond a certain level due to management and financial limitations. Another key focus area for iGenetic will be to become the preferred investigation partner for pharmaceutical companies and clinical research organizations.
"We need to make significant changes in some of the business practices in the diagnostic space. This requires professional management and patient investors who are willing to weather the time required to change the established practices. The three founders have left very successful careers to set this up this platform. This spirit of risk taking and enterprise to make a lasting difference is very overwhelming. We have great confidence in the Founders and management team. Highest standards of quality, participation in cutting edge research and fair pricing- Manipal's core principles will govern the manner in which this business will be managed" says Dr Ranjan Pai.
"We need to create a cost efficient access network for advanced diagnostics, so that people in smaller towns and cities, who are currently deprived of such capability or cannot access it in time, can benefit" says Srini Nagarajan of CDC (Head of South Asia)