India's first Medipark will be set up in Tamil Nadu
India’s first Medipark (Medical Park) will be set up in Tamil Nadu at Chengalpet near Chennai, Tamil Nadu. It will boast of the first medical devices manufacturing park in the country.
In this regard, the Union Cabinet has allowed HLL Lifecare, a miniratna public sector company to sub-lease over 300 acres of land for the purpose.
How it will be formed?
- The Medipark will be funded through a Special Purpose Vehicle (SPV) with HLL being a 50% shareholder.
- HLL will sublease 330.10 acres of land to investors, through a transparent bidding process to investors desirous to set up manufacturing units for medical equipment and devices.
- It will be developed in phases with completion period of seven years. In the first phase, physical infrastructure will be developed.
Importance
- First manufacturing cluster in the medical technology sector in the country envisaged to boost local manufacturing of hi-end products at a significantly lower cost.
- Play a significant role in the development of medical devices and technology industry and allied disciplines under the Make in India initiative
- Help in providing in affordable healthcare delivery, particularly in diagnostic services to a large section of people.
Significance
The first of its kind Medipark project will lay roadmap to reduce the dependence on imports of medical equipment and devices. It will create a strong base for the growth of indigenous and domestic industry by providing access to state-of-the-art infrastructure and technology.
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Month: Current Affairs - October, 2016