NEWS REVIEW – BUSINESS

[This article was published in the December 2007 issue of the eHEALTH Magazine (https://www.ehealthonline.org)]

News Review

India’s policies hurting medical tourism boom

Tough immigration norms among other policies by the Indian government are proving to be major blocks in the path of India becomming a major medical tourism hub.

Rotary International and Gates Foundation commit USD 200 million to eradicate polio

Rotary International and the Bill and Melinda Gates Foundation (BMGF) on 26 November, 2007 announced a
partnership to provide USD 200 million for the intensified push to eradicate polio.

Citi Venture Capital picks up 30% in Unimark

US-based private equity fund Citi Venture Capital (CVC) has picked up nearly 30% stake in Mumbai-based bulk drug maker Unimark Remedies for INR 113 crore. The transaction, one of the largest investments in the pharma sector in 2007 and CVC

Cigna buys healthcare business of Great-West Lifeco for USD 1.5 Bln

Health insurer Cigna Corp. (CI) announced a definitive agreement to acquire Great-West Healthcare, the healthcare division of Great-West Life & Annuity Insurance Co., for USD 1.5 billion in cash. Great-West Life & Annuity Insurance is a subsidiary of Canada-based financial services holding company Great-West Lifeco Inc.

Norway grants World Bank USD 150 million for health care in poor countries

Norway on November 28, 2007 announced USD 105 million in grant funding for the World Bank to explore innovative ways to improve health-care systems in developing countries, especially for women and babies.

HSBC Private Equity (Asia) Fund and ePlanet together invest in Trivitron

Trivitron, India

Max New York Life to invest USD 609 million in India

While launching a unit-linked pension plan, Max New York Life Insurance disclosed plans to invest INR 24 billion (USD 609 million) in the country over the next four years.

Ranbaxy may dilute 60% in new R&D unit

Ranbaxy Laboratories may dilute up to 60% stake in its new research company, which will be formed by hiving off its R&D unit into a separate entity in 2008.

NPIL, Merck in research deal for cancer drugs

Nicholas Piramal (NPIL) has reportedly signed a research deal potentially worth a maximum revenue of USD 350 million with US pharmaceutical giant Merck & Co to carry out early discovery and development of two new cancer drugs, the two companies said on Monday.

Alaska Power & Telephone to provide telemedicine through wireless broadband

Both Alaska Power & Telephone (AP&T) and Organised Village of Kasaan (OVK) have announced the completion of the work and delivery of wireless broadband services to Kasaan, an Alaskan Native community located 25 miles west of Ketchikan on Prince of Wales Island.

Indian medical transcription provider acquired by CBay Systems

UK-listed healthcare services BPO firm CBaySystems has announced the acquisition of Nagpur-based medical transcription services provider Suyash Software in a cash and stock deal.

USD1 billion from India for Pan-African e-Network project

A number of countries are signing on to a plan for India to invest USD 1 billion in the Pan-African e-Network satellite project, a joint initiative with the Africa Union aimed at developing the region’s information and communication technology (ICT) infrastructure.