Insider Business Health Minister outlines opportunities for investment in the sector

Health Minister outlines opportunities for investment in the sector

Health Minister Constantinos Ioannou has outlined the opportunities for potential investors in Cyprus’ health sector.

Addressing the Nicosia Economic Congress Ioannou said that after the introduction of the National Health System, known as GeSY there will be no duplication of resources, adding that using the data collected by the system there will be improved capacity planning.

Health care professionals, he noted, will be in a position “to identify and forecast potential needs.”

In a unified market there will be an equilibrium in terms of supply and demand, he said, adding that “with the introduction of GeSY a dramatic shift of demand from public to private sector” will take place.

“Full implementation of NHIS will fundamentally change the health care system of Cyprus,” he added.

The Health Minister also spoke of the government`s goal to turn Cyprus into a regional research and innovation hub, by among other actions, fostering university hospitals and clinics.

Referring to recently approved legislation on the licensing for the cultivation and export of medical cannabis he said that it is estimated that Cyprus’ annual export potential is in excess of 100 million euros. The legislation provides for three licenses for producers to cover the Cyprus market.

Ioannou further pointed out that the global demand is relatively untapped. While demand is increasing exponentially, only a handful of countries have licensed production, he said. In the EU those countries include the Netherlands the Czech Republic, Denmark and Germany.

Referring to medical tourism, he said that today the industry is worth as much as 40 billion US dollars.  “Medical tourism is definitely an important and viable sector to be developed in Cyprus,” he noted. Advantages of Cyprus include an excellent medical infrastructure, medical services which are affordable and accessible and highly educated health care professionals.

The island’s ideal weather conditions and its proximity to important markets “make Cyprus an attractive destination whereby patients can combine treatment with a holiday, recovery and relaxation,” he noted.

According to the Health Minister “there is no doubt that the implementation of the health system reforms will address effectively and decisively most of the problems and challenges faced together in the health sector.”

It will contribute, he pointed out, “significantly to the improvement of our citizens’ standard of living while at the same time providing ample investment opportunities.”

(Cyprus News Agency)

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