India is on the verge of another outsourcing wave: high-end laboratory and diagnostic testing! Indian labs offer a comprehensive test menu - over 1,500 tests under one roof.
A number of hospitals in the US and UK are outsourcing laboratory and diagnostic tests to India as it costs about 70 to 80 per cent less to conduct them here. At the moment, this is generally limited to highly-specialised tests but experts say outsourcing of laboratory testing and diagnostic services is set to become big business in India.
According to industry estimates, the Indian diagnostics and pathology laboratory business is around 864 million dollar and is growing at a rate of 20 per cent annually.
Those in the business say big Indian lab companies are either in talks with or already are partnering with hospital chains overseas for long-term outsourcing contracts. Some Indian lab companies have secured contracts with a few hospitals from the Middle East.
"Diagnostics and lab testing is certainly the next area of thrust. Already hospitals from the US and UK have started shorlisting diagnostic centres here. Pathology labs are also being automated to receive the bulk of tests," says Dr Bharat Aggarwal of Diwan Chand Imaging Research Centre.