Arunima Patel, Siddharth Patodia, and Homer Paneri: Pioneers Transforming Medical Diagnostics in India

Three former investment bankers started a revolutionary enterprise to transform medical testing in India, driven by their desire for superior diagnostics equivalent to the fictitious Princeton-Plainsboro Teaching Hospital in House. The founders of iGenetic Diagnostics, Arunima Patel, Siddharth Patodia, and Homer Paneri, are revolutionising the healthcare industry with their expertise in molecular diagnostics.

Founded in 2013 by this dynamic trio, iGenetic officially commenced operations in 2015 with a mission to bring quicker and more accurate results to medical testing. Arunima Patel, serving as the Managing Director, focuses on organic growth, while Homer Paneri engages with pharmaceutical companies for potential collaborations in drug research. Siddharth Patodia, handling mergers and acquisitions, completes the strategic trinity.

Backed by a seed capital of ₹10 crore and subsequent funding rounds, including a significant investment of around ₹130 crore from a healthcare-specific private equity fund jointly constituted by CDC Group and the Manipal Education and Medical Group (MEMG), iGenetic is making significant strides in the realm of molecular diagnostics.

The company operates across three pivotal verticals – infections, infertility, and oncology. iGenetic stands out by offering specialized diagnostic facilities that are not readily available in conventional pathology labs. They have even filed for patents for some of their groundbreaking tests, such as those for early detection of septicemia and tuberculosis. The early detection of septicemia, with potential life-threatening consequences, within 24 hours is a game-changer in the medical landscape.

iGenetic’s portfolio includes next-generation sequencing for personalized cancer medicine, genetic diagnosis and screening for assessing genetic risks in unborn children, and an array of other high-end diagnostic services.

While routine tests currently constitute a significant portion of iGenetic’s turnover, the company is strategically positioning itself in the nascent yet promising market for molecular diagnostics in India. The overall market for medical diagnostic services in the country is estimated to be around ₹30,000 crore, with high-end services accounting for just 9 percent.

The founders are not merely chasing immediate returns but envision the future impact of their venture. Their strategy involves proactive engagement with doctors and hospitals through seminars, workshops, and research papers. iGenetic aims to build relationships and trust with institutions and medical practitioners to fortify its position in the evolving healthcare landscape.

What sets iGenetic apart is not just the wide range of tests it offers but also its unique protocols and dedicated focus on molecular diagnostic services. The company has a separate marketing team dedicated to high-end services, a departure from conventional diagnostics chains that bundle routine and specialized tests for marketing.

Having signed over 100 memoranda of understanding with leading hospital chains in India, including Apollo, Rainbow, KIMS, Jupiter, and SL Raheja, iGenetic is poised for further expansion. The founders envision a future where specialized services contribute significantly to the company’s revenues, targeting a share of 40 percent within the next three years.

Ranjan Pai, chairman of MEMG, recognizes iGenetic’s unique and scalable business model, emphasizing its focus on life-saving, complex medical investigations. The collaboration between iGenetic and MEMG extends beyond funding, with plans to explore joint diagnostic products in genomics.

With an infusion of funds from CDC-MEMG, iGenetic is strategically positioning itself for growth through acquisitions. The funds will primarily be used to acquire pathology labs across the country, with a focus on gaining geographical footprint and building relationships with doctors.

As iGenetic scales up its cutting-edge medical diagnostic technology, it not only promises timely disease diagnosis but also envisions making these services more affordable. Siddharth Patodia, armed with an MBA from Harvard Business School, affirms that the associated costs of tests can decrease with the growing volume of business.

Arunima Patel, Siddharth Patodia, and Homer Paneri are not just entrepreneurs; they are visionaries steering iGenetic towards a future where advanced diagnostics are not a luxury but a fundamental aspect of accessible and efficient healthcare in India.