Sector Watch

Panacea Biotec Forays into Healthcare

Panacea Biotec, a research based pharma company, is now expanding its portfolio by entering into the fast growing healthcare delivery sector. Panacea Biotec aims at providing the best treatment facilities with state-of-the-art equipment handled by skilled professionals. For delivering the same, the company has entered into collaboration with Dr Umesh Gupta, MD, Umkal Group to set-up a multi super-specialty hospital at Gurgaon.

Umkal group is presently running multi-specialty health care institutions at Gurgaon and New Delhi with over 150 beds. The company has signed a shareholders' agreement with the existing shareholders of UMI and has agreed to make an investment towards its equity contribution. With Panacea Biotec's leadership in providing innovative medical therapies, and Umkal's long-term experience in providing specialised healthcare, this collaboration would be unique and one-of-its-kind. The total project cost would be funded by a mix of debt and equity. The hospital is proposed to be a 220 bed super-specialty Hospital. Rajesh Jain, Joint Managing Director-Panacea Biotec emphasised, "Entering into private healthcare is an integral part of our long-term strategy that would take us closer to our vision of becoming a leading health management company. The potential market for a corporate hospital will comprise of the very rich, consuming class and a part of climbers which would be close to 25-30 per cent of the market. We would also target medical tourism."

EH News Bureau