NOBLESVILLE, Ind. (Feb. 19, 2020) – Panacea Medical Technologies (Panacea), an innovative medical equipment manufacturer that pioneers solutions for the diagnosis and treatment of cancer, announced plans today to 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.
“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.”
The Bengaluru, India-based company will invest more than $11.7 million to construct a state-of-the-art engineering and manufacturing facility on a greenfield site located at 141st Street and Olio Road in Noblesville. Once complete, the new space will house production of Panacea’s 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. Interested applicants may apply online.
Founded in 1999, Panacea aims 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. Panacea’s radiation therapy machines have helped hospitals treat more than 150,000 cancer patients. To ensure every cancer patient has access to high-quality radiotherapy treatment, the company has installed more than 120 machines at hospitals around the world.
“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.”
In 2019, the Indiana Economic Development Corporation (IEDC) secured 43 commitments (+60% from 2018) from life sciences companies to locate or expand in Indiana. Together, these businesses plan to invest more than $968 million (+89% from 2018) and create up to 3,631 new jobs (+94% from 2018) in Indiana. 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 Hoosier jobs.
The 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, meaning the company is eligible to claim incentives once Hoosiers are hired. The City of Noblesville offered a donation of eight acres of city-owned real estate and will consider additional incentives, which will be presented to the Common Council for approval at a future meeting.
About Panacea Medical Technologies
Panacea Medical Technologies Pvt. Ltd. is a technology-centric company that strives to manufacture top-notch medical equipment to meet the needs of today’s radiotherapy and radiology centers. With an insight to provide complete and comprehensive solutions for cancer care, Panacea has a multi-faceted team of talented and dedicated engineers working to design and develop products in compliance with international standards. Panacea’s equipment is manufactured and produced to meet global standards, in a state-of-the-art manufacturing facility. For more information, visit www.panaceamedical.com.
About IEDC
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.
