Government of Maharashtra, IFC Collaborate to Strengthen Medical Education, Boost Access to Quality and Affordable Healthcare

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Mumbai, India, April 26, 2022 - A collaborative initiative will help improve access to affordable and quality health care for people in Maharashtra while developing skilled workforce in the sector. The Medical Education and Drugs Department (MEDD) and International Finance Corporation (IFC) have joined forces to prioritize health care projects with emphasis on Medical Education under the public-private partnership (PPP) model in Maharashtra.

Marking the collaboration, and deliberating on the roadmap, MEDD and IFC today organized an investor Conference themed around strengthening medical education and tertiary healthcare in Mumbai. Shri Subhash Desai, Hon'ble Minister, Industries, Mines and Marathi Language Department and Shri Amit Vilasrao Deshmukh Hon'ble Minister, Medical Education and Cultural Affairs Department, inaugurated the event, where they emphasized the Government of Maharashtra's strategic focus on health care projects, including the recently notified health PPP policy.

Given the government priority to expand health care services to ensure equitable access in its Vision 2021-2030 Strategy, PPP projects can help the state leverage the expertise and efficiency of the private sector, raise capital, and spur development in the health and medical education sector.

"As part of the state's Vision 2021-2030 Strategy, we are delighted to partner with IFC. The State Government has approved setting up of super-specialty hospitals and government medical colleges through the recently launched health PPP policy framework of Maharashtra," said Hon'ble Minister, Medical Education and Cultural Affairs Department, Shri Amit Vilasrao Deshmukh. "Building on this momentum, we look forward to collaborating with the private sector through meaningful partnerships to create a robust infrastructure that is well-positioned to offer affordable and quality health services to millions of people in the state. Working together, we can not only transform lives, but also develop Maharashtra as the top destination for medical education and healthcare," he added. 

Speaking at the event, Chief Guest Shri Subhash Desai, Hon'ble Minister, Industries, Mines and Marathi Language Department said, "The pandemic sharpened our focus on the urgent need for affordable and cutting-edge healthcare facilities, and quality manpower to manage them. Through the PPP approach, we can achieve both, and upgrade critical healthcare services across Maharashtra. In my capacity as Industries Minister, I invite industry captains to join this journey and make the vision for quality healthcare for all a reality. I congratulate the Medical Education and Drugs Department and IFC on this endeavor and wish the initiative huge success."

IFC will be the transaction advisor for the PPPs to develop super-specialty hospitals and medical education facilities across the state. IFC's support will help drive private sector-led growth, strengthening the state's health infrastructure and increasing the number of specialist health care personnel in the state.

Wendy Werner, India Country Head at IFC said, "Access to health care is core to development, contributing to economic growth by reducing poverty, raising incomes, and increasing productivity. In this context, well-structured PPPs can help deliver new health infrastructure and improve access to quality health care services. We are confident IFC's support will contribute to a stronger health care ecosystem in Maharashtra, playing a catalytic role and deepening private sector engagement."

IFC has already assisted MEDD in terms of providing inputs to the health PPP policy framework. It will also assist the department with structuring and bidding the PPP transactions. The aim is to attract private sector investment in the area of tertiary health care services and medical education in cities including Nagpur, Latur, and Aurangabad.

IFC has over 30 years' experience structuring and implementing PPPs and restructuring state-owned enterprises in emerging markets. Since 2004, IFC has advised and closed 164 PPP projects that will lead to an expected $40.2 billion in private financing being invested in developing countries, and over 147 million people who will directly benefit through better access to electricity, water, sanitation, and healthcare.

About IFC

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.

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About MEDD

MEDD is the governing and regulatory department responsible for medical education, healthcare & research in the field of medicine in Maharashtra. MEDD aims to provide universal, affordable, and accessible tertiary healthcare and improve and build human capacity and capabilities in the Maharashtra health care sector.

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