The majority of medical records are currently maintained in physical forms, lacking digital counterparts that could serve as comprehensive medical histories. Alarmingly, about 90% of diagnostic laboratories have not yet adopted digital upgrades, resulting in a deficiency of enhanced services. This gap in digital transformation within the medical field underscores the need for modernization and integration of advanced technologies to improve medical record-keeping and diagnostic services for better patient care and overall operational efficiency.
At the same time, many laboratories currently do employ Laboratory Information Management System (LIMS) software to generate patient reports; however, prevalent software options often offer only rudimentary functionalities. This limitation has prompted a desire for more advanced features that can better cater to the diverse and specific needs of different laboratories. Flabs' market capture and differentiation strategy revolves around two pillars: leveraging an advanced technology-driven platform and concurrently establishing an expansive distribution network. This approach positions Flabs distinctively among competitors, enabling them to stand out and effectively reach a wider audience within the market.
Flabs provides laboratories with a modern LIMS software that makes maintaining workflows, management, and operations of the lab much easier. With Flabs, labs can easily manage patient registration, automate lab analysis, and generate QR coded reports for seamless access and sharing. Flabs integrates with WhatsApp, enabling automated communication for report sharing and test bookings while reducing manual efforts. They can also integrate with third-party services through APIs and webhooks.
Flabs stands out for its user-friendly interface, making it accessible and intuitive for lab owners, technicians, and doctors.This ensures a seamless user experience and enables labs to maximise their productivity without extensive training or technical expertise. Flabs is designed to be accessible to labs of all sizes, from small labs to larger diagnostic centres, with different pricing plans to accommodate every size. It also allows labs to add collection centres and expand their operations as their lab grows. Flabs believes pathology reports are crucial for accurate diagnostics and patient care and hence, ensures clear communication by including key components in its reports. These include patient information, clinical history, specimen description, test results with reference ranges, interpretation and diagnosis, comments and recommendations, and signatures of authorised pathologists.
Flabs is the brainchild of four inquisitive IIT-Roorkee students who, driven by their passion for innovation, identified the critical gaps in medical record digitization and diagnostic laboratory operations. Their collective vision is to modernise and simplify these processes, leading to the creation of a user-friendly, technology-driven solution.
The contemporary market for laboratory information system (LIS) software exhibits a diverse composition comprising various laboratory sizes, each with distinct paying capacities. India boasts an extensive network of over 800,000 diagnostic labs. Among these, more than 500,000 are standalone labs, together generating over a 1Bn medical records each year. This indicates a significant demand for innovative solutions, presenting Flabs' business model a significant revenue opportunity. With the vast market in India, the potential to reach an annual revenue of $200 million is not only realistic but also highlights the scalability of the solution. The Compound Annual Growth Rate (CAGR) is 12%, reflecting the steady expansion of laboratories and their corresponding technological requirements.
Flabs help laboratories improve their operational efficiency by automating processes, reducing manual errors, and minimising the time spent on administrative tasks. This leads to significant cost savings for laboratories and Data Integrity and Compliance. We are confident of the sector and initial traction by the founders is indicative of the growing need in the diagnostic labs space.
Flabs represents a compelling investment opportunity by addressing the current gaps in medical record digitization and diagnostic laboratory management. Their innovative approach, centred around user-friendly technology, promises to streamline workflows, enhance patient care, and boost operational efficiency. The market potential is substantial, encompassing a diverse range of laboratories with varying needs. We at 100X.VC believe that Flabs is poised to drive transformative change in the laboratory information landscape, benefiting both the healthcare industry and patient care.