Pandit Raghunath Murmu Medical College at Baripada in Mayurbhanj district, scheduled to be inaugurated on Wednesday, would be the fifth such institute run by the state government.
The state has some private medical colleges too.
"It gives me immense pleasure to dedicate this medical college to the people of Odisha," the chief minister said.
Mr Patnaik described it as another stepping stone towards his government's resolve to ensure inclusive, equitable and sustainable development in the state.
"My government is working earnestly towards promoting healthcare through strengthening of medical education and tertiary care by bringing it closer to community," he said.
Altogether 22 professors and 28 assistant professors have been recruited at the institute, named after tribal freedom fighter of the district Sahid Laxman Nayak.
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