Cytecare to raise $75 million to build cancer care hospital chain

Cytecare, which runs a Cancer care hospital in Bangalore, is planning to expand its footprint by entering other major metros across the country according to Dr Ferzaan Engineer, co-founder and Chairman of Cytecare Cancer Hospitals. Cytecare has raised $30 million primarily from HNI’s (high networth individuals) for its Bangalore hospital and is now looking to raise an additional $75 million from private equity players to fund its expansion. The 150 -bed Bangalore-based hospital, which was launched a year back, will break even soon according to Engineer, and is now in the process of identifying the second city in the country to launch its hospital.

“Cytecare is an organ-based hospital. The entire hospital is running according to protocols, with every case discussed by the Tumor Board. This allows us to customise and optimise care for each individual patient. There is also a lot of attention given to the non-clinical aspects of cancer care. Cancer can be a life-changing event, which deeply impacts both the patient and the family. Hence, Cytecare places a lot of emphasis on holistic treatment. We want to take the same standard of care that we provide here to patients across the country and thus a hospital chain,” says Engineer.

“India’s huge burden of disease, growing middle class and health insurance at an inflection point make(s) the hospital sector an attractive investment option. The Cytecare hospital project combines social impact with clinical excellence. The team’s background in global clinical research should enable the creation of a world-class institution in India. Cancer care is undergoing a transformation worldwide due to advances in genetic sciences, immunotherapy and AI. Cytecare is led by individuals with deep expertise in clinical sciences, research and technology,” Prof Oppel BW Greeff,  one of the investors in Cytecare, explains why he chose to invest in the company.

Engineer says that with India emerging as a popular health tourism destination, Cytecare already attracts about 15 per cent of its clientele from international markets. The company caters to patients from the Maldives, Bangladesh, Middle East, Eastern Europe and several African countries. “Cytecare is about treating cancer the right way and we want to ensure that the latest and best treatment is available to patients across the country.”

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Business Today: http://www.businesstoday.in/current/policy/cytecare-cancer-care-hospital-chain-ferzaan-engineer-cytecare-cancer-hospitals/story/264854.html