The construction work at the country’s first Medical Technology Park (MTP) coming up at Sriperumbudur near Chennai is scheduled to commence in July 2008.

The MTP will be set up by the Trivitron Group of companies in association with three foreign companies, Aloka, Japan, Biosystems, Spain and Brandon of UK with a total investment of Rs 250 crore of which Rs 170 crore would be invested by Trivitron.

Out of this amount, Rs 45 crore has been financed through HSBC Private Equity and venture capital firm ePlanet Ventures and the balance would be lifted through internal accruals. An amount of Rs 80 crore would be financed through different joint ventures.

Dr. GSK Velu, managing director of Trivitron stated that the park, which would cover up an area of 23 acres, was aimed to create high-class, cost effective medical technology products that will suit the requirements of developing nations.

The park would be constructed as per the international manufacturing standards, and the company (Trivitron) is waiting for the government's authorization to obtain 2 acre more to convert the MTP into Special Economic Zone (SEZ), Mr. Velu added.

Mr. Velu also said that the park would also boost the accessibility and affordability of medical instruments to the rural masses.

The MTP is likely to lessen the cost of medical equipment by 30 to 50 per cent.
 
Initially, the park would focus on domestic market and afterward on rising markets with particular emphasis on South Asia, West Asia and African markets. Production at the MTP is expected to start by January 2009.

About a decade ago, China was importing medical equipments and now it was one of the world’s biggest makers and exporters, Mr. Velu said and added that similar growth was expected in India also.