Manipal, CDC announce maiden investment in iGenetic Diagnostics

Mumbai, March 1 (IANS) India's Manipal Education and Medical Group (MEMG), in partnership with Britain's CDC Group Plc on Wednesday announced its maiden investment in iGenetic Diagnostics Private Limited -- a healthcare diagnostics firm -- to establish alternate formats to deliver "health care beyond hospitals".

"iGenetic is focussed on developing pioneering investigation techniques in the areas of fertility, cancer and infectious diseases -- the prime objective being to make the cost affordable, deliver authentic investigations and create a new benchmark in turn-around times," Arunima Patel, founder and CEO, said in a statement.

The MEMG CDC partnership's initial investment will be used by iGenetic to create a pan-India footprint with a focus on deepening its presence in Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh and Telangana and expand into central India over time.

iGenetic will also become the preferred investigation partner for pharmaceutical companies and clinical research organisations.

"We need to make significant changes in some of the business practices in the diagnostic space. Highest standards of quality, participation in cutting edge research and fair pricing -- Manipal's core principles will govern the manner in which this business will be managed," added Ranjan Pai, CEO at MEMG.

"We need to create a cost-efficient access network for advanced diagnostics, so that people in smaller towns and cities, who are currently deprived of such capability or cannot access it in time, can benefit," said Srini Nagarajan of CDC (Head of South Asia).

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