New Delhi, May 26, 2005 -- The President and CEO of GE India, Mr. Scott R. Bayman announced the signing of a Memorandum of Understanding (MoU) with Dr. Naresh Trehan, Chairman, MediCity in New Delhi today. The MoU between GE and Dr. Trehan's MediCity -- a $250 million world-class Integrated Healthcare Facility, was announced in the presence of Mr. Jeffrey R. Immelt, Chairman and CEO, GE and Mr. Kapil Sibal, Honourable Minister of Science and Technology, Government of India.
Under the MoU, GE India and MediCity will collaborate in a number of initiatives to create a medical institute of world standards specifically in the areas of high-end medical diagnostics, clinical research and development, utility services like power generation & distribution, lighting, water treatment and other environmentally friendly solutions. This is GE's first such collaborative venture worldwide and is also the first instance in Asia, where a leading technology provider has entered into a partnership with a center of excellence in healthcare services and research.
MediCity, which has been envisioned as a multi-disciplinary high-tech medical institute spread over 43 acres in Gurgaon, and clinically modeled after global centers of excellence such as Johns Hopkins and Mayo Clinic in the US, is expected to be operational by 2007.
Speaking on the occasion, Mr. Jeffrey Immelt said, "Our vision at GE Healthcare is to bring the latest healthcare technologies to India. Today, we've taken a giant leap in that direction by partnering with Dr Naresh Trehan and MediCity. GE has had a long and mutually successful relationship with Dr. Trehan and Escorts Hospital going back many years. Dr Trehan is, in my opinion, one of the finest cardiac surgeons in the world and his visionary project promises to change the future course of global medicine".
He added, "At GE, we are increasing our focus on India. As India grows and flourishes on the world stage, I am enthused about India's growth potential and the exciting opportunities ahead for us. GE's commitment to India is unwavering, and we are here for the long-term."
Dr. Naresh Trehan, said, "The vision for MediCity is of a campus that is the epicenter for cutting edge medical research and innovation in Asia. MediCity will also be a strong demonstration of India's tremendous strengths in medical sciences to a global audience. With the state-of-the-art facilities we have planned and the coming together of the finest medical intelligentsia, we will bring to the people of India global healthcare delivery standards at affordable prices."
Scott Bayman, President & CEO, GE India, said, "The best opportunity for both India and GE lies in what we call One GE, a platform to realize the power and value of several GE businesses and technologies in a single value proposition. The MediCity project is a good example of One GE providing customized products and solutions. As India looks to fulfill its many demands, there will be One GE with the answers".
"I am excited that GE is partnering us in this collaborative science and technology initiative. The partnership will enable our doctors and researchers access GE Healthcare's cutting edge products and technologies in diagnostics, life sciences and environment protection. The partnership will also enable GE Healthcare to showcase this collaborative venture as a global center of excellence and their commitment to advancing India's reputation as a premier destination for both healthcare services and medical research. Furthermore our vision is to make this a green hospital. Therefore our partnering with GE makes it even more exciting as we will use GE's advanced eco-friendly technologies for power generation, water treatment and lighting," said Dr. Trehan.
According to Mr. Immelt, "The MediCity venture will showcase our recently launched Ecomagination, a GE initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges. Ecomagination is about the future. The initiative builds on GE's demonstrated commitment to environmental, health and safety excellence in all of its operations. Ecomagination will produce products that help customers find the right solutions to the challenges they face. That's good for the environment and good for business."
Mr. Kapil Sibal, Minister of Science and Technology said, "With MediCity, India can lay a strong claim as one of the foremost destinations for healthcare services and medical research in the world. The collaboration with GE in the form of a knowledge-based exchange is a reaffirmation of our prowess in medical sciences. The center will firmly place India on the international roadmap of cutting edge research and development that has a bearing on medical science worldwide."
* * *
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Corporate Communications
[email protected]
business unit
tags