MedGenome Expands Footprint in East India with the Acquisition of stake in GenX Diagnostics

MedGenome Expands Footprint in East India with the Acquisition of stake in GenX Diagnostics

Hyderabad, India, 11th July, 2024 – MedGenome, a leading global genomics-driven diagnostics and research services company, today announced that it has acquired a stake in GenX Diagnostics, a leading diagnostic lab chain in Odisha.

Founded in 2017, GenX Diagnostics has established a robust regional presence in Odisha, with seven diagnostic centers and 60 collection centers across the state, including a flagship laboratory in Saheed Nagar, Bhubaneshwar, accredited by both NABL and NABH. The founding members of GenX Diagnostics are healthcare veterans, with Dr. Biswajit Mohanty and Dr. Bikash Agarwal being renowned lab medicine and radiology consultants, respectively, with more than 2-3 decades of clinical experience, and GenX’s strong network of clinicians in this part of the country presents significant growth opportunities to further drive genetic and molecular testing penetration in the region. MedGenome’s, state-of-the-art advanced science and technological capabilities, combined with GenX’s diagnostics leadership in the East, will empower the clinicians in Odisha with actionable insights from genetic data and enable them to prescribe targeted treatment for patients, improving healthcare outcomes.

GenX Diagnostics has been recognized for its unwavering commitment to healthcare excellence. The company’s dedication is reflected in prestigious accolades such as being consistently awarded the Best Diagnostic Center by Times Health Icons in 2023 and 2024 and the Best Productivity Excellence Award by the Odisha State Productivity Council in 2024. MedGenome is a market leader in the Indian genetic diagnostics market, and through this partnership, GenX Diagnostics and MedGenome will leverage their combined expertise to deliver superior healthcare services, ensuring the people of Odisha have access to the best diagnostic and genomic solutions available.

Commenting on the acquisition, Dr. Vedam Ramprasad, PhD, CEO, MedGenome, said, “With the acquisition of a stake in GenX Diagnostics, MedGenome will expand its market presence and product portfolio of over 1300 tests in order to cater to a wider population base more effectively. GenX Diagnostics sits perfectly with our vision and mission to leverage genomics to address the unmet healthcare need in the country. Their mission to provide quality, reliable, and innovative diagnostic solutions align with our focus on improving access to broader omics solutions. This acquisition further aims to expand our network in Tier 2 and Tier 3 cities in India by driving deeper penetration, new market development, and bringing new tests to the market. With a focus on positioning Indian genomics globally, we develop solutions that cater to diverse markets worldwide.”

“We are thrilled to announce the expansion of our advanced healthcare solutions in Odisha through our partnership with MedGenome. This strategic collaboration aims to enhance healthcare services in the region, providing comprehensive and cutting-edge diagnostic solutions. We are committed to bringing sophisticated and advanced healthcare solutions to the people of Odisha. By combining our extensive product portfolio with MedGenome’s omics solutions, we will empower clinicians and consumers in Eastern India with the best diagnostic tools available,” said Dr. Biswajit Mohanty, GenX Diagnostics, Bhubaneswar.

Rabindra

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