New York Presbyterian to Start Negotiations for International Hospital

New York-Presbyterian Hospital (NYP) has been selected as the preferred bidder for the managing partner at the international hospital to be built in Songdo in the Incheon Free Economic Zone (IFEZ).

Philadelphia International Medicine (PIM), a group of nine partner hospitals based in Philadelphia, was competing with NYP but failed. It is expected that it will create a stir as PIM is taking issue with the selection result and process.

A 10-member committee consisting of the representatives of the Ministry of Finance and the Economy, the Ministry of Health, the IFEZ, and private experts reviewed the business proposals submitted by NYP and PIM. On November 3, the Ministry of Finance and Economy (MOFE) stated that the committee had selected NYP as the preferred bidder.

Cho Seong-ik, head of the FEZ planning committee, explained, “NYP was selected for its widespread recognition and quality medical staff. We will monitor the implementation of the business proposal and plan to conclude a legally-binding contract next February or March.”

The MOFE revealed that NYP said in its proposal to invest 600 million dollars to build a general hospital with 600 beds by late 2008.

Also over 10% of the medical staff will be physicians from NYP and Cornell Medical School professors, and the rest will be from Korean partner hospitals.

New York Hospital and Presbyterian Hospital merged in 1998 to become NYP. NYP has the official partnership with the University Hospital of Columbia and Cornell universities. U.S. News & World Report rated NYP as the seventh best hospital in the United States this year.

Meanwhile, PIM stated, “PIM received as many as four votes out of the seven civil committee members, but NYP was selected because the three government votes were all for NYP. There seem to be problems with the selection process and we will deal with this legally.”

To this allegation, the MOFE responded, “The selection process was done fairly and transparently. The decision was made in the interests of the country.”

Joong-Hyun Park sanjuck@donga.com