Platform services company Lytus Technologies has launched its telemedicine business in India, along with a network of local health centres to provide more services beyond virtual care.

WHY IT MATTERS

Lytus entered the telemedicine scene after acquiring a majority stake in US-based health tech solutions provider Global Health Sciences, Inc. (GHSI), which operates an AI-driven telemedicine platform. GHSI's proprietary platform runs on digital communication technologies, including medical monitoring devices, video capabilities and data capture methodologies. It is currently being used in some states in the US, such as New Jersey, Illinois, Florida and Texas.

Aside from bringing the health platform to India, Lytus has also set up its local health centre network after repurposing its existing local cable operator network infrastructure. It plans to have one local health centre per 5,000 customers.

In a press release, the company said the local health centres will provide services that cannot be remotely provided through telemedicine, such as electrocardiograms, blood and urine testing, and ultrasound scans.

Lytus will also leverage its health centre network for pharmaceutical delivery.

According to the company, it has engaged leading global suppliers of telemedicine equipment and remote patient management devices and entered into long-term supply deals to support its telemedicine businesses in both the US and India.

THE LARGER TREND

Lytus, a company that offers content streaming or telecasting, is planning to go public in the US with a target to raise over $30 million. In a corporate filing in late March, the company said it intends to list at the NASDAQ Capital Market and sell 2.72 million common shares priced between $10-$12 apiece.

Meanwhile, its entry into India's telemedicine space comes as the country is battling a huge second wave of COVID-19 infections which started in April. Presently, the number of COVID-19 cases in the country rose to beyond 27 million with 315,000 deaths, according to data from Johns Hopkins Coronavirus Research Center.

"The current and dire COVID-19 situation in India has highlighted the importance and need for telemedicine services for patients. The demand for this type of virtual medical diagnosis and treatment is growing rapidly in India," Lytus Founder and CEO Dharmesh Pandya said in a statement.

ON THE RECORD

"Amid the current global pandemic, Lytus has worked diligently in both the US and India to help meet the needs of patients by bringing them closer to their physicians to receive the care they need in the safest and most efficient manner possible," Pandya said.

"[I]t is very clear there will be substantial changes in the provisioning and delivery of health care in our target markets for telemedicine services. This has led to a more favourable environment for Lytus to leverage the breakthrough technological applications available to us. We intend to be well-positioned to take advantage of these opportunities quickly, through the assistance of our business partners and our network of technology vendors with whom we have built long-term working relationships," he added.