The Islamabad Diagnostic Centre is going one step ahead, as leading private equity firm Abraaj Group has decided to join hands with IDC through funds. Abraaj Group is one of the leading investors in the global growth market.
Founders of IDC
IDC is a chain of 20 diagnostic centres spread across Islamabad. Founded in 2003 by the Uppal brothers: Dr. Rizwan Uppal, Dr. Imran Uppal, and Dr. Rehan Uppal, the diagnostic centre has main branches in Wah Cant, Islamabad, Rawalpindi, and Hasanabdal. The organization is now looking to extend its chain throughout Punjab by developing more than 50 centres in the next five years.
Since the initiation of IDC, it has built a name for itself and is well-known for its latest imaging technologies and the vast range of tests provided by the lab. Islamabad Diagnostic Centre has been remarkable in producing accurate and quick results as it possesses more than 350 staff members and has Pakistan’s largest group of qualified radiology experts on its side. It is the only diagnostic centre in Pakistan that provides lab services throughout the day, 365 days a year.
Being the sixth most populated country in the world, Pakistan possesses an underfunded healthcare system. This system is not able to meet the general needs of the public. Although the private departments have been trying to improve this system, 87% of healthcare finances are arranged from outside the funding.
The diagnostic market in Pakistan is highly shattered as there are only 10 organizations with as low as 20 centres across Pakistan. Besides the fact that Pakistan has as much as 200,000 locations where healthcare systems can be established, there are only 6,000 service providers to do so.
This investment in Pakistan by Abraaj will be its fourth global investment and its first investment in Pakistan. Furthermore, Abraaj will also provide services to IDC and help IDC to spread its chain across Pakistan while developing a good relationship with the government and private hospitals.
Advancement of Healthcare System
After partnering with IDC, Abraaj Group will support IDC in institutionalizing its management team and board of directors. This partnership will also assist IDC to take what is rightfully theirs and use it to extend the healthcare system in Pakistan by benefiting from its investment in the healthcare organization.
While discussing the investment, the Managing Director of the Abraaj Group, Hisham Moussa stated:
“Increased healthcare awareness and a growing requirement for detecting lifestyle diseases are increasing the demand for diagnostics services across Pakistan. IDC is clearly positioned to capitalize on this growth, through its world class infrastructure and diagnostics technology, and its competent management team. This partnership is an important step for us in building our presence in the diagnostics space across South Asia.”
The founder and Chief Executive of IDC, Dr. Rizwan Uppal said:
“14 years ago, IDC started as a concept offering full medical diagnostics services on a 24-hours basis under one roof, with state-of-the-art technologies. We have grown at an exponential rate since then and we have ambitious expansion plans for the years ahead to serve wider population groups, augment the healthcare needs of the community and create more job opportunities. We look forward to the partnership with The Abraaj Group which has an outstanding track record in healthcare and are jointly committed to delivering on the growth plans for IDC.”
Investing over $1.2 billion across the healthcare sector in the growth market, the Abraaj Group has a solid reputation of using its resources in the medicinal services. In 2015, the Group left its diagnostic platform in the Middle East, Integrated Diagnostics Holding, by means of an IPO on the London Stock Exchange.