New Delhi, May 26
GE and Dr Naresh Trehan today announced a memorandum of understanding for collaboration in a number of initiatives, in a bid to set up a medical institute of world standard, called MediCity.
The $250-million institute will be spread over 43 acres in Gurgaon and clinically modelled after global centres of excellence such as the John Hopkins and Mayo Clinic of the US. It is expected to become operational by 2007.
While GE has not pledged any monetary investment in MediCity, it will provide high-end diagnostic tools, clinical research and development and utility services such as power generation and distribution, lighting and water treatment to MediCity.
Speaking to presspersons after the announcement, the Chairman and CEO of GE Worldwide, Mr Jeffrey Immelt, said, "GE is not investing in cash in MediCity. We will provide world-class technology for high-end diagnostic tools, clinical research and development and eco-friendly solutions."
He added that GE does not rule out equity partnership in MediCity at a later date.
GE's participation in MediCity is a part of the company's global strategy of positioning itself as a leader in diagnostics. Globally, GE has a healthcare business of $15 billion.
Asked about the funding details needed to set up MediCity, Dr Trehan said, "We have a number of equity partners and there is no problem in raising the required funds."
Speaking on the occasion, the Minister of Science and Technology, Mr Kapil Sibal said, "We are with this project. Once completed we would like to see a world-class R&D facility which would come up with low-cost medical solutions for the masses too."