Manipal Health Enterprise Pvt Ltd (“MHEPL”), the healthcare arm of Manipal Education and Medical Group, has announced an INR 1.45Bn equity commitment from Morgan Stanley India Infrastructure (“MSII”) in HealthMaP Diagnostics Pvt Ltd (“HealthMaP”), a wholly owned subsidiary of MHEPL. MSII will make an initial investment of INR 1Bn in HealthMaP. HealthMaP is a Public Private Partnership (“PPP”) initiative for diagnostic imaging in Indian healthcare.
HealthMaP is addressing an enormous shortage in affordable diagnostic imaging services throughout India by partnering with state-owned hospitals that serve over 500 million Indians. Set up in 2015, HealthMaP has concessions to operate 37 imaging centres across the states of Haryana and Jharkhand, of which 30 are already operational. The core of HealthMaP’s business is a “shop-in-shop” model in which the company owns and operates the diagnostic imaging units inside these hospitals through exclusive long-term contracts. The company proposes to expand its footprint to 75 centres in the next three years.
“Millions of our citizens are pushed deeper into poverty each year because of healthcare emergencies and costs. Very often, early diagnostic imaging can help them avoid such emergencies but the cost of the tests can be a deterrent. HealthMaP has been at the forefront of making quality diagnostic imaging available to the masses and we are proud to play a role in advancing affordable healthcare in India. With the introduction of universal healthcare in the country through the Ayushman Bharat programme, HealthMap is also exploring the opportunity to partner with private hospitals to set up facilities for diagnostics and treatment of cardiac ailments as well as cancer, and to increase access for patients especially in the underserved States,” said Dilip Jose, Managing Director and CEO of Manipal Health Enterprises.