Thyrocare Technologies Ltd.
TypePublic company
IndustryHealthcare
Founded1996
Founder
Headquarters
Navi Mumbai, Maharashtra
,
India
Number of locations
1,122 outlets[1] (2021)
Area served
India
Nepal
Bangladesh
Middle East
Key people
Hardik Kishor Dedhia
Dharmil Nirupam Sheth
Dhaval Rajesh Shah
RevenueIncrease ₹618 crore (US$77 million) (FY22)[2]
Increase ₹228 crore (US$29 million) (FY22)[2]
Increase ₹176 crore (US$22 million) (FY22)[2]
OwnerAPI Holdings (66.1%)
Number of employees
2,000+[3] (2021)
ParentAPI Holdings
Websitewww.thyrocare.com

Thyrocare Technologies Limited is an Indian multinational chain of diagnostic and preventive care laboratories, headquartered in Navi Mumbai, Maharashtra.[1] The company has a total of 1,122 outlets (As of 2021) and collection centers across India and parts of Nepal, Bangladesh and the Middle East.[1][4]

On 26 June 2021, Indian e-pharmacy and online healthcare aggregator PharmEasy's parent API Holdings acquired a 66.1% controlling stake in Thyrocare,[5] making Thyrocare the first Indian listed company to be acquired by a startup.[6][7][8]

History

Old logo of Thyrocare

Thyrocare was started in 1996, by A. Velumani, ex-scientist at Bhabha Atomic Research Centre (BARC), Mumbai, Maharashtra. The first laboratory was set up in Byculla, Mumbai, with an initial focus on thyroid testing considering a huge potential for thyroid testing in India.[4][9] The laboratory was later shifted to a larger set-up, its main headquarters and central processing laboratory at Navi Mumbai. The company introduced a franchisee model for procuring samples to be sent for testing at their central laboratory in Mumbai.[9]

Thyrocare initially started with thyroid testing but now has more than 350+ tests and packages to encourage effective testing and more than 83 odd profiles comprising different tests for preventive care and wellness under its brand Aarogyam. Thyrocare also played one of the biggest role in India during the COVID-19 surge, it carried out more than 8 Lacs test a month. [10] Thyrocare's 68% of business comes from the DSA model to promote its services.

In 2010, Thyrocare raised its first private equity funding with INR 188 crore from New Delhi-based CX Partners for a 30% stake.[11] It set up a subsidiary, Nuclear Healthcare Limited, which uses PET-CT to detect and locate cancerous cells.[10][12][13]

In 2014, Siemens Healthcare's Diagnostic Division installed its world's largest laboratory automation track – Aptio Automation – at its laboratory in Mumbai. Thyrocare became the first laboratory in India to install this automation by Siemens.[14]

In April 2016, Thyrocare made its initial public offering (IPO),[15] and became the second diagnostic firm in India to be listed on BSE and NSE.[12]

In 2021, PharmEasy parent API Holdings acquired a 66.1% stake in Thyrocare Technologies Ltd.[16]

In 2023, Thyrocare becomes first company to integrated AI-based devices in diagnostics. Thyrocare will automate manual microscopy across its network with SigTuple's AI100.This is expected to significantly reduce the turnaround time, standardize reporting quality and increase efficiency multi-fold.[17]

Controversies

In April 2020, Brihanmumbai Municipal Corporation issued a show cause notice to Thyrocare over lapses in its testing of Covid-19 samples and ordered the company to stop testing as "incomplete or wrong information about patients were found in the reports".[18] In May 2020, Panvel Municipal Corporation ordered Thyrocare to stop testing samples in Panvel city limits as the lab was producing false positive reports.[19] In June 2020, the Navi Mumbai Municipal Corporation demanded cancellation of Thyrocare's registration after discrepancies in the lab's report led to a patient's death,[20] while Thane Municipal Corporation banned Thyrocare in the city for producing false positive reports.[21] In July 2020, a Thyrocare lab in Pune was banned from conducting Covid-19 tests after producing false positive reports.[22]

References

  1. 1 2 3 "Thyrocare Technologies IPO today: 10 things to know before investing". The Financial Express. 27 April 2016. Retrieved 15 September 2016.
  2. 1 2 3 "Annual Report 2021-22" (PDF). Thyrocare. Retrieved 11 February 2023.
  3. ↑ "Owler Profile: Thyrocare". Owler. 30 June 2021. Retrieved 30 June 2021.
  4. 1 2 "Thyrocare Technologies profit, revenue, etc!". economictimes.indiatimes.com. The economic times India. 30 June 2021. Retrieved 30 June 2021.
  5. ↑ Dhanjal, Swaraj Singh (25 June 2021). "PharmEasy to acquire 66% stake in diagnostic chain Thyrocare for ₹4,500 cr". mint. Retrieved 1 September 2021.
  6. ↑ "PharmEasy opens up quicker public listing options with its acquisition of Thyrocare". Business Insider. Retrieved 3 July 2021.
  7. ↑ "PharmEasy To Acquire 66.1% Stake In Thyrocare For Rs 4,546 Crore". Moneycontrol. 25 June 2021. Retrieved 3 July 2021.
  8. ↑ Datta, PT Jyothi (25 June 2021). "PharmEasy buys out Thyrocare for ₹4,546 cr". @businessline. Retrieved 3 July 2021.
  9. 1 2 "Thyrocare Technologies: Testing new waters in medical diagnostics, Hidden Gems". forbesindia.com. 10 September 2015. Retrieved 24 September 2016.
  10. 1 2 "Thyrocare: Strong base, multiple new triggers". Business Standard. 25 April 2016. Retrieved 15 September 2016.
  11. ↑ "A panacea for the masses". thesmartceo.in. The Smart CEO. 1 December 2012. Retrieved 15 September 2016.
  12. 1 2 "Thyrocare: Strong base, multiple new triggers". SmartInvestor.in. SmartInvestor. 26 April 2016. Retrieved 16 September 2016.
  13. ↑ "Nueclear Healthcare Limited Secures INR 22 Crores From Norwest Venture Partners (NVP)". marketwired. 18 January 2013. Retrieved 16 September 2016.
  14. ↑ "Siemens installs 'Aptio automation solution' lab at Thyrocare, Diagnostics". Pharmabiz.com. 22 July 2014. Retrieved 16 September 2016.
  15. ↑ "Thyrocare Technologies IPO draws huge response, subscribed 73.24x". ET Markets. 30 April 2016. Retrieved 16 September 2016.
  16. ↑ "EXCLUSIVE | API Holdings' Acquisition Of Thyrocare Will Create One-stop Shop For Healthcare Solutions, Says PharmEasy's Siddharth Shah". Moneycontrol. 25 June 2021. Retrieved 9 December 2021.
  17. ↑ https://health.economictimes.indiatimes.com/news/diagnostics/thyrocare-to-automate-manual-microscopy-across-its-network-with-sigtuples-ai100/98170440
  18. ↑ "BMC Asks Thyrocare to Stop Testing for Coronavirus Over 'Serious' Lapses in Patients' Reports". News18. 28 April 2020. Retrieved 10 February 2023.
  19. ↑ Assainar, Raina (12 May 2020). "PMC orders Thyrocare not to test swab samples". The Hindu. Retrieved 10 February 2023.
  20. ↑ "NMMC: Scrap registration of lab for fiasco". The Times of India. 8 June 2020. Retrieved 10 February 2023.
  21. ↑ Pathak, Kalpana; Leo, Leroy (12 June 2020). "Mumbai's ban on two labs to hit covid-19 testing in the city". mint. Retrieved 10 February 2023.
  22. ↑ "Pvt lab botches result, banned from nCoV tests". The Times of India. 13 July 2020. Retrieved 10 February 2023.
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