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New Delhi, Aug. 22 Hindustan Latex (HLL), a mini-ratna Company under the Ministry of Health and Family Welfare, has signed a memorandum of understanding with Infrastructure Leasing and Financial Services (IL&FS) and NNE Pharmaplan for the development of its integrated medical devices and diagnostic manufacturing park and its Integrated Vaccine Complex.

The complex is to be set up at Chengleput near Chennai, Tamil Nadu.

With growing demand from pharmaceutical and healthcare sectors in India, the medical devices and equipment industry is witnessing a 15 per cent annual growth with an estimated market turnover of Rs 2,500 crore.

“The MediPark being set up by HLL will be a world class production facility for manufacture of medical devices, medical equipment and medical diagnostics, in over 330 acres and shall comprise modern infrastructure for the production of these devices, with a view to achieving self-reliance in the area of healthcare commodities,” said a press release.

The facility is conceived on a Public-Private-Partnership (PPP) and would have common facilities such as sterilisation centre, testing and quality control facilities, waste disposal facility, logistics hub, etc.

The project outlay for infrastructure development alone is expected to be around Rs 100 crore.

The Integrated Vaccine Complex will be set up in about 100 acresof land and will house a production facility for vaccines for the Universal Immunisation Programme and other New Generation Vaccines, and Vaccine R&D, in accordance with WHO-cGMP guidelines, to make safe and effective vaccines available at affordable prices.

More Stories on : Alliances & Joint Ventures | PSU | Pharmaceuticals

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