Hyderabad doctor pledges 70% wealth in medical research
Global Hospitals group founder Ravindranath Kancherla, a doctor and philanthropist on Wednesday pledged ₹350 crores, 70% of his wealth, to build a not-for-profit medical education, research and innovation institute in the city.
He has christened the project Global HealthTech University & Innovation Hub (GHUIH) .
According to a statement, GHUIH will be a not-for-profit company with significant investment which will democratise medical care through health-tech innovation. It will help secure a leading place for Hyderabad and India on the global innovation map, the statement added
Elaborating on the project, Dr Kancherla said, “GHUIH is being established in Hyderabad to provide a new model for sustainable development of medical infrastructure, which helps the global population by building infrastructure on a philanthropic model. It also contributes in reducing the load on the governments, reducing the cost of intervention through innovation thus striving towards providing health security for all.”
“This institution is the first-of-its-kind in India, and there are very few across the world. I have pledged 70 per cent of my wealth for this cause and have appointed executors for my registered will to ensure the project goes on stream without any eventuality,” the 65-year-old gastroenterologist added.
Work on the building is expected to commence by the end of this year.
The medical university, which will include a 750-1,000 bed and a health-tech innovation hub, may need at least $100 million of capital over the next seven years towards medical technology infrastructure and human resources. While Dr Kancherla has pledged 70% his wealth to establish the Global Health Foundation, the remainder is expected to come from other philanthropists.
Explaining the need for the project, Dr . Kancherla said, “According to a leading analyst firm report, the United States has 2.672 doctors per 1,000 people and 3.1 hospital beds per 1,000 people. As against this, India has a mere 0.599 doctors and 0.9 hospital beds per 1,000 people. Going by these numbers, India would need almost 2.4 million new doctors and over 2 million additional hospital beds to reach the global standards. To achieve world-class and affordable healthcare, the focus needs to be on talent creation through quality medical education by building a world-class medical university to train doctors, nurses, and technical staff in future technologies.”