Panacea to enter healthcare sector

July 4th, 2008 - 9:11 pm ICT by IANS  

New Delhi, July 4 (IANS) Vaccine and drug maker Panacea Biotec Ltd has forayed into healthcare by setting up a 220-bed multi-specialty hospital in Gurgaon near Delhi. The company has collaborated with Umkal Group, promoted by a doctor, for the hospital.

The total cost of the hospital will be funded by a mix of debt and equity, it said in a regulatory statement Friday. It did not divulge the investment.

Panacea will concentrate on corporates, a segment the company reckons comprises 25-30 percent of the healthcare market, as well as medical tourism, its joint managing director Rajesh Jain said.

“We will target medical tourism especially patients from developing countries who want quality treatment at lower cost than their own countries. These segments constitute around 60 percent of medical tourists,” Jain said.

“In our country, the current healthcare market commands a formidable potential, which is close to Rs.800 billion,” he added.

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