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Lupin forays into diagnostics

News: Lupin has launched Lupin Diagnostics in India with a state-of-the-art 45,000 sq ft national reference laboratory in Navi Mumbai. Lupin has started diagnostic business in east and west India with 11 regional laboratories and 200 collection centres, with 36 centres being in Mumbai itself. Lupin's target is to establish over 100 laboratories and 1,000 collection centres over the next three years by having 90-95% franchises for collection centres.

Views: According to industry reports, Indian diagnostics industry is valued at ~ Rs.70000 to Rs.73000 crore and is expected to grow at a CAGR of 14-16% over FY21-23E. Lupin is looking to foray into an adjacent business where it is likely to leverage its existing relationship with HCP's. However diagnostics is a highly fragmented industry and requires capacity building to truly leverage the volume focused structural opportunity. We remain watchful on the developments of Lupin Diagnostics.

Impact: Neutral