How to Start a Thyrocare Franchise in India?

The Healthcare industry in India is categorised in two parts:

Public Healthcare

The Indian public healthcare is free and subsidised for people who are below the poverty line. Public health was basically developed to give healthcare access to people despite their socioeconomic status or caste.

Private Healthcare

The private healthcare sector includes 58% of hospitals and around 81% of doctors in India. This segment provides medications to patients through other entities other than the government.

The industry comprises of hospitals, clinical trials, medical equipment, health insurance and many more. The healthcare industry has been growing significantly due to three reasons, expanding its coverage, services provided and an increase in expenses by both private and public players.

The Healthcare industry in India is the 4th largest employer. As of 2017 the industry has employed over 3,19,780 people across the country and expects to reach a value of $372 billion by the end of 2022.

Thyrocare Technologies Limited

thyrocare franchise

Thyrocare is a chain of diagnostic and preventive care laboratories, headquartered in Navi Mumbai, Maharashtra. It is one of India’s first completely automated lab whose main focus is to provide high-quality services at economical price to other labs and hospitals worldwide.

Currently, Thyrocare has a strong foothold in around 2000 cities and towns serving almost 200 client brands by providing state-of-the-art technologies that ensure its client the best of science and technology at an affordable cost.

The company has its labs and collection centres across India, Nepal, Bangladesh and the Middle East.

I think as you are interested in Lab related franchises, you should also check out Dr Lal Pathlab & Apollo Diagnostics Franchise, before making your final decision.

History of Thyrocare Technologies Limited

Thyrocare Technologies Limited is a public company, founded by A.Velumani in 1996.

The first laboratory was established in Byculla, Mumbai. Which later relocated to a larger set up with its headquarters and Central Processing Laboratory (CPL) at Navi Mumbai. The lab majorly conducts thyroid tests along with tests for preventive and wellness care under the brand name, Aarogyam.

Thyrocare raised their very first private equity funding from a New Delhi based CX partners worth Rs.188 crore for a 30% stake. The company then set up a subsidiary called Nuclear Healthcare Limited, which was used to detect and locate cancerous cells by using PET-CT.

In 2014, Thyrocare became the first laboratory in India to install the world’s largest lab automation track by Siemens Healthcare Diagnostic Division in Mumbai.

In April 2016, Thyrocare launched its IPO on BSE: 539871 and NSE: THYROCARE making it the second diagnostic firm to be listed so far.

Thyrocare Technologies Limited has also awarded certifications like:

  • Grade A by CRISIL
  • ISO 9001:2008 certification
  • National Accreditation Board for Testing and Calibration Laboratories (NABL) certification
  • College of American Pathologists (CAP) certification
  • ISO 27001 certification
  • National Glycohemoglobin Standardization Program (NGSP) certification

USP of Thyrocare Franchise

Best quality services

Thyrocare has always believed that quality is the heart of successful management. Keeping this belief in the mind Thyrocare used best of brands, medical instruments, state-of-the-art technologies and IT systems along with well-trained and highly skilled pathologists, biochemists and scientists to provide the best quality with accuracy and efficiency in each delivery. This is why Thyrocare has been certified by both national and international certifications for its best quality services.

Affordable cost

Thyrocare – a fully automated, optimised and efficient automated system ensures seamless delivery of high-quality services to other brands at the most economical cost possible. This is one of the unique features of the company as it continuously puts in the effort to be innovative and to always remain at par with the global standards so that it can regularly provide high-quality services at the most affordable and cost-effective prices.

Enhanced speed

Thyrocare laboratory functions round the clock and is 95% air-cargo driven. Each of these functions is separately barcoded and are bi-directionally interfaced which further enhances its speed. This allows labs in every country to operate on the machines as if it is present with them on their floor resulting in reports being generated within 5 hours of flight touching the runway.

What are the benefits of owning a Thyrocare franchise in India?

Thyrocare Technologies Limited is known as an innovator and pioneer in the Indian Healthcare industry. A company with a coverage of 2000 cities across the country brings in a lot of benefits to those entrepreneurs who wish to join the Thyrocare franchise family.

  • It is a fast-growing company in the Indian Diagnostic industry by providing the best quality services to their clients at an affordable cost.
  • Thyrocare has a very unique air-cargo logistics. The company processes and reports the results within 5 hours of the flight touching the runway as the company’s business is 95% air-cargo driven. The samples are received by the lab every night before midnight.
  • Thyrocare is well-recognised and supported by around 100,000 doctors and approximately 40,000 hospitals and laboratories as they provide 24*7 laboratory operations by catering needs to every customer.
  • Every franchise owner will be assigned a dedicated officer who will be the outlet’s point of contact in case of any issues or queries.
  • Thyrocare will conduct an inductive training program for the franchises and also provide them with a comprehensive beginner manual to ensure that the guidelines are followed.
  • The parent company will continuously assist its franchise outlet until the lab has completed the threshold of first 1000 samples.
  • Thyrocare will also assist in email broadcasting and announcements of its new franchise at regular intervals.
  • Thyrocare has an uncompromised approach by meticulously monitoring systems and hiring well-trained and highly skilled professionals along with best global technologies to provide quality services to its customers and stakeholders in the diagnostic industry.

Requirements for setting up a Thyrocare franchise

Area

The minimum area required to set up a thyrocare franchise is 250 Sq.ft. the area can be either owned or can be taken on a lease as well.

Skills or experience required

  • The lab technicians should be highly qualified (Diploma or Bachelor’s degree in medical lab technology) and should have the knowledge to use medical lab equipment and tools.
  • Your franchise should also include professional and skilled biochemist, pathologist and also a microbiologist who can process accurate results efficiently.
  • The outlet will also require a medical representative who will be responsible for keeping the staff updating about the changes in the healthcare industry and how new innovative methods and techniques can help them to do necessary changes in the methods of finding accurate results.
  • The staff should possess great customer service attitude and should have a passion for learning management techniques quickly.

Regions of operations

Thyrocare Technologies Limited is operational is almost 2000 cities and towns across India with almost 1300 franchise outlets. They are operational in regions such as Mumbai, New Delhi, Bangalore, Navi Mumbai, Thane, Chennai, Coimbatore and many more.

Training

The parent company provides an exhaustive induction training program for the franchise owner and all its staff members to ensure that everyone has complete knowledge on how to run a diagnostic laboratory.

Minimum Staff requirement

The minimum number of employees required to start a Thyrocare franchise is around 15-20 people.

How much does it cost to start a Thyrocare Franchise in India?

Investment

  • The approximate amount required as an investment for setting up equipment at  Thyrocare franchise in your location is Rs.1 lakh.
  • Rs.25,000 is an additional amount that needs to be paid as a franchise fee to the parent company.
  • The expected breakeven period of getting your investment back is 6 months.

Profitability explained through a hypothetical example

Total investment for a diagnostic lab = Rs.1,00,000

Expenses incurred in a month

Rent paid for a 300 Sq.ft of area = Rs.40,000

Salaries paid to 15 employees (Rs.10,000*15) = Rs.1,50,000

Miscellaneous expenses = Rs.10,000

Expenses incurred in a month = Rs.2,00,000

Income earned in a month

Average no.of patients that walk-in at the lab for tests in a day = 20 people

Average amount one person spends on a test = Rs.1,000

Total income earned in a day (Rs.1,000*20) = Rs.20,000

Total income earned in a month (Rs.20,000*30) = Rs.6,00,000

Gross profit earned in a month (35% of Rs.6,00,000) = Rs.2,10,000

Total profit earned in a month (Rs.2,10,000 – Rs.2,00,000) = Rs.10,000

You can earn your entire investment back within 10 months of setting up a diagnostic laboratory.

Conclusion

Entrepreneurs who are trying to get into the healthcare sector have difficulty in getting their brand or product noticed in the market. So it is always better if the person starts their business with an established brands franchise to earn more profit and also a chance to be affiliated with a well-recognised brand name that has a stronghold in the medical sector.

This article clearly has all the key points that suggest Thyrocare Technologies is a high-potential business in the healthcare industry. The company’s main focus in on providing the best quality of services to customers and other labs and hospitals at the best affordable price by using modern technological medical equipment and upgraded IT systems along with a highly trained and skilled set of professionals in the medical sector.

Thyrocare has started to create a stronger presence in more cities and countries which is backed by their cost-effective laboratory. The company is known to provide a more dedicated focus on preventive and wellness care rather than sick care. Headquartered in Navi Mumbai, Thyrocare lab stays 24*7 open and processes over 40,000 samples in a single day with a turnaround of about 4-5 hours.

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