Dr Lal PathLabs, Metropolis, other diagnostic stocks fall up to 3% after Amazon launches home testing service
home diagnostics
services across six major cities.
Dr Lal PathLabs
and
Metropolis
fell up to 3% in early trade.
Krsnaa Diagnostics
slipped 2.2%,
Thyrocare Technologies
was down nearly 1%, and
Suraksha Diagnostic
dipped 0.5% on the BSE.
The pressure followed Amazon India's announcement on Sunday about the rollout of
Amazon Diagnostics
, an at-home
lab testing service
that allows users to book tests, schedule and track sample collection, and access digital reports via the Amazon app.
The service, in collaboration with
Orange Health
Labs, will be available in Bengaluru, Delhi, Gurgaon, Noida, Mumbai, and Hyderabad, covering over 450 PIN codes.
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Amazon has integrated this new offering with its existing health services — Amazon Pharmacy and Amazon Clinic — under the Amazon Medical banner.
"This expansion strengthens the foundation of Amazon Medical by building on the existing service of Pharmacy and Clinic. With Amazon Pharmacy, customers get access to a wide range of prescription medications and healthcare essentials, along with a free telemedicine consultation service and delivery benefits for Prime and non-Prime members. Amazon Clinic enables customers to consult licensed doctors for a range of primary healthcare needs through a seamless digital experience," Amazon said.
Amazon Diagnostics will offer over 800 diagnostic tests and doorstep sample collection within 60 minutes.
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The tech giant's entry into diagnostics adds competition for established players, triggering investor concerns and weighing on stock prices.
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11 Nifty mid & smallcap stocks that can rally 40-90% over the next 12 months
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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