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)

Top Stories

164 new cases, one death announced on Tuesday

 The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 176,...

Where to get antigen rapid tests on Wednesday

The Health Ministry announced the following antigen rapid test sites for Wednesday, 20 January 2021:   LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Grigoris Afxentiou Square 08:30-16:30 Parking place...

Italy’s Mount Etna erupts at night time

Long streams of red-hot lava flowed down Mount Etna as Europe's tallest and most active volcano erupted again.   At 10,926 feet, Etna is the continent's...

Cyprus secures another 565,000 doses of Pfizer/BioNTech vaccines

Through additional procedures of the European Commission, Cyprus secured another 565,000 doses of Pfizer/BioNTech vaccines, increasing the number of orders from the specific company...

Everything ready for inoculations among enclaved Greek Cypriots and Maronites

All necessary arrangements have been made to start inoculating against COVID-19 the enclaved population and those who repatriated in the Karpas peninsula and the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...