Panacea Medical Technologies will locate its first U.S. operations in central Indiana, with the goal of creating up to 65 new, high-wage jobs by the end of 2023. The Bengaluru, India-based medical equipment manufacturer will invest more than $11.7 million to construct a state-of-the-art engineering and manufacturing facility on a greenfield site in Noblesville.
“We’re so grateful Panacea has chosen to establish its first U.S. facility in Indiana and are excited Hoosiers will be working with this innovative, cancer-curing equipment to improve the lives of patients right here and all across the world,” said Governor Eric J. Holcomb. “I had the pleasure of connecting with Panacea at an event during our economic development trip to India in October and couldn’t be happier to welcome them just four months later.”
Once complete, Panacea’s new space will house production of its Hexatron LINAC Radiation Therapy machines, engineering, and research and development teams, enabling the company to increase production and better serve its customers located in North, Central and South America, the Caribbean and Western Europe. The company expects to be operational in its new space by 2021.
“After meeting the Governor and Secretary of Commerce in New Delhi, India in October, it was an easy decision for Managing Director and Co-Founder G.V. Subramanyam of Panacea Medical Technologies India to include Indiana in the location search for U.S. operations,” said Raghu Padmanabhan, CEO of Panacea Medical Technologies U.S. “The IEDC team, an exciting Noblesville Mayor Jensen and his team, and a visit to the city of Noblesville convinced us we had found the best place for attracting a youthful workforce. Panacea is fueled by ideas and innovations, and we’re excited to tap into the talented Indiana workforce to ensure every cancer patient has access to the best radiotherapy treatment. We’re thankful for the support from the state of Indiana and the city of Noblesville.”
Panacea, which employs 250 associates at its headquarters, plans to hire for marketing, sales, engineering, operations, manufacturing and service positions in Indiana beginning in 2021. Panacea works to improve global access to cancer care by providing high quality and affordable medical equipment to clinicians across the world. The company currently has a line of six cancer cure products and solutions.
“We are excited that Panacea chose Noblesville as its headquarters to expand into North America and grow the life science and medical technology industry in our city,” said Noblesville Mayor Chris Jensen. “This state-of the-art facility creates high-quality, high-wage jobs for engineers and scientists. These are meaningful jobs, and the work that will be done in Noblesville is going to make people healthier across the globe.”
The Indiana Economic Development Corporation (IEDC) offered Panacea Medical Technologies Inc. up to $600,000 in conditional tax credits based on the company’s job creation plans and up to $500,000 in conditional tax credits from the Hoosier Business Investment (HBI) tax credit program based on the company’s planned capital investment in Indiana. These tax credits are performance-based, so the company is eligible to claim incentives once employees are hired. The City of Noblesville offered a donation of eight acres of city-owned real estate and will consider additional incentives.
Panacea joins a growing list of India-based companies with operations in Indiana, including AXISCADES, Appirio, a Wipro Company, Birlasoft, Infosys, Novelis Corp. and more. Together, India-based companies in Indiana support more than 1,000 jobs. In 2019, the IEDC secured 43 commitments (up 60% from 2018) from life sciences companies to locate or expand in Indiana. Together, these businesses plan to invest more than $968 million (up 89% from 2018) and create up to 3,631 new jobs (up 94% from 2018) in Indiana.
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