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May 9, 2001
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Money > Business Headlines > Report May 9, 2001 |
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Wockhardt Hospitals links with insurance firmsRajesh Unnikrishnan Wockhardt Hospitals Ltd, the wholly owned subsidiary of pharmaceutical major Wockhardt Ltd, has tied up with four international health insurance companies to offer medical cover to non-resident Indians. The four firms are Global Medical Management of the US, AEA International of Singapore, GESA of Singapore and Bupa of the UK. A senior Wockhardt Hospitals official said: "With increasing pressure on the healthcare industry, alliance with foreign medical insurance agencies will boost business volumes for the company. The new strategy will cover NRIs seeking treatment in India." The tie-up assumes significance as Wockhardt is exploring possibilities to expand its hospital business overseas. Though, the company is not yet taken any concrete decision in this direction, it may consider the possibilities to expand its hospital business into the Asian regions. Wockhardt Hospitals recently tied up with the US-based Harvard Medical International to focus on quality management and development of technology. Wockhardt Hospitals has two super speciality hospitals, one in Bangalore and other in Calcutta. The company has invested around Rs 2.50 billion in each of the ventures. Besides, the company is also planning to set up another hospital in Bombay. Officials said the company on May 10 will sign a pact with Maharashtra to convert an annexe building into a new super speciality hospital which will start functioning by the year-end. The Rs 450 million project will be run as a corporate venture. Wockhardt will hold 51 per cent in the new company and the state government will hold 49 per cent. Though Wockhardt will have full management control over the hospital, the managing committee will comprise company and government representatives. Powered by YOU MAY ALSO WANT TO READ:
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