In a significant move, ICICI Bank has pledged Rs 1,200 crore to support the expansion of cancer treatment facilities at the renowned Tata Memorial Centre (TMC). The ICICI Foundation, as part of its commitment, will oversee the construction of three new facilities located in Navi Mumbai's Kharghar, Mullanpur in Punjab, and Visakhapatnam in Andhra Pradesh.
The chairman of ICICI Bank, Girish Chandra Chaturvedi, announced that these state-of-the-art facilities will be operational by 2027, significantly enhancing TMC's capacity to provide comprehensive cancer care. The expanded facilities are expected to accommodate an additional 25,000 cancer patients annually, addressing the growing demand for advanced cancer therapies across different regions of India.
Chaturvedi emphasized the bank's dedication to promoting healthcare and its proactive efforts to tackle the impending challenges posed by urbanization. He revealed that ICICI Bank has already allocated Rs 500 crore from its Corporate Social Responsibility (CSR) corpus for the three facilities, with plans to augment the corpus in the coming years.
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| To expand the Tata Memorial Centre for Cancer Treatment, ICICI Bank has committed Rs 1,200 billion. |
The chairman projected that the overall CSR corpus would reach Rs 2,500 crore by the end of the spending cycle. This indicates that ICICI Bank will contribute 50 per cent of its total CSR budget to this partnership, highlighting the bank's unwavering commitment to healthcare initiatives. Chaturvedi further noted that the bank currently allocates approximately 25 per cent of its CSR budget to healthcare, a figure that may fluctuate depending on evolving needs.
The announcement was made following the signing of three Memorandums of Understanding between ICICI Bank and TMC at the latter's flagship hospital. This significant collaboration aims to bridge the gap in cancer care accessibility and ensure advanced treatments reach more patients in need.
Rajendra Badwe, the director of Tata Memorial Centre, highlighted the higher prevalence of cancer in urban areas and the anticipated rise in cases due to increasing urbanization. The funds received from ICICI Bank will be channeled into expanding existing infrastructure in Kharghar, Mullanpur, and Visakhapatnam. Notably, the Department of Atomic Energy will bear the operational expenses of these expanded facilities.
Tata Memorial Centre has adopted a hub and spoke model, with larger facilities acting as hubs in key locations such as Varanasi, Punjab, and Guwahati. These hubs provide dedicated services for both common and uncommon cancers, while the smaller spokes offer treatment for common cancers.
As part of the collaboration, ICICI Foundation will set up two paediatric and haematological oncology blocks at TMC's Homi Bhabha Cancer Hospital and Research Centre in Mullanpur, Punjab, and Visakhapatnam, while TMC's advanced centre in Navi Mumbai will receive a radiation oncology block.
TMC currently offers free treatment to about two-thirds of its patients, with an additional 20 per cent receiving treatment at a nominal markup. The remaining patients pay over 60 per cent more for their treatment. The shortfall between revenue collections and costs incurred is supplemented by the government and corporate donors, ensuring that no patient is denied essential care.
ICICI Bank's substantial commitment to Tata Memorial Centre reflects its dedication to addressing critical healthcare needs and bolstering cancer treatment services across India. This collaborative effort will undoubtedly make a profound impact on the lives of countless individuals battling cancer.
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