‘Lived as a paying guest in Mumbai’: Here’s how Thyrocare founder Dr. Velumani chanced upon an idea that changed his life

Dr. A. Velumani’s story, who is the founder of the healthcare company Thyrocare, is not just about entrepreneurship; it’s a narrative of resilience, determination, and the relentless pursuit of excellence. Although born into humble beginnings, his journey from utter poverty to prosperity, is, in many ways, a story of an unyielding work ethic. 

Recently, on a podcast, the veteran entrepreneur spoke openly about how he became an entrepreneur. Starting as a researcher in the field of biochemistry, where he worked with the Bhabha Atomic Research Centre (BARC), a nuclear research facility based in Mumbai, he realised that what he was doing had larger implications.

“It’s a strange connection,” Dr. Velumani reflects, “Thyroid treatment is done by nuclear medicine, so thyroid and nuclear had a relationship because iodine isotope of iodine was common in nuclear.” This unique connection laid the groundwork for his academic pursuits. “The story is thyroid treatment is done by nuclear medicine, so thyroid and nuclear had a relationship because iodine isotope of iodine was common in nuclear gives isotope and thyroid is getting cured because of the iodine isotope so this was the strange connection,” he elaborates.

With this foundation, Dr. Velumani delved into the world of thyroid biochemistry, earning his MSE and later pursuing a PhD in the field. “I earned two more degrees” he acknowledges, “A PhD in thyroid biochemistry.”

Despite the challenges he faced in his government job, including long hours and minimal incentives, Dr. Velumani found fulfillment and purpose in his work. But what motivated him to work for 16 hours a day at a government job, without incentives or motivation? His response is simple yet profound: “What do you do if you love the job?” he counters, “That is all that matters.”

During his BARC years, he was living as a paying guest in Mumbai and here Dr. Velumani embraced discipline and dedication, seeing his long hours not just as a necessity but as a path to personal growth. “I used to feel that I am making my landlady happy,” he recalls, “I was learning, and I was growing.”

But it was his transition from employee to entrepreneur that truly defined Dr. Velumani’s legacy. “Not only I was earning, by the time I was married, and my wife was working with State Bank of India, and her salary was more than my salary,” he shares candidly. Despite the comfort of stability, Dr. Velumani was drawn to the thrill of risk-taking and entrepreneurship, according to him, involved taking huge risks. “Anything you want to do for thrill, you need to take risk,” he explains, “Otherwise, there is no thrill involved.”

With the support of his wife and family, Dr. Velumani took the leap into entrepreneurship, driven by a desire to innovate and make a difference. He explains: “While doing PhD, I was doing a project, and that project, in today’s terms, is an Atmanirbhar project.” 

Within three years, Dr. Velumani and his team achieved a breakthrough, reducing the cost of imported reagents from Rs 150 to a mere Rs 30 “That is how we made a breakthrough,” he explains, “and all my peers were busy in looking for increments, promotions, foreign trips, conferences and I was thinking my competitors are picking up raw material at 150 selling at 600 rupees raw material they’re picking up at 150 yes and they’re selling at 60000 rupees because you have to have manpower, resources, floor cost, everything at a profit and very fair price. Now my raw material cost is only Rs 30 so I can afford to sell at say Rs 12.”

Today, Thyrocare Technologies stands as a trusted provider of diagnostic services, operating across more than 2000 cities nationwide and extending its reach internationally. With a focus on delivering quality diagnostic solutions, it boasts of an extensive network of trained phlebotomists and advanced diagnostic laboratories, ensuring efficient and precise services.

In 2021, Thyrocare underwent a significant development as the pharma unicorn Pharmeasy acquired a majority stake of 66 per cent in the company for Rs 4,546 crore.