In the mid-1990s, Thyrocare disrupted the Indian medical diagnostic industry and steadily gained market share over the next two decades to become one of the top five competitors in India. Thyrocare built and sustained a competitive advantage and entered closely-related businesses. By 2017, the diagnostic industry had become extremely dynamic and competitors were attempting to replicate the unique operating model of Thyrocare. Stand-alone companies were scaling, online and digital aggregators were growing, substitutes such as self-test kits were emerging, and regulations were being tightened, resulting in severe margin pressures. How could Thyrocare preserve its unique model and competitive advantage in such a dynamic industry setting?
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