Healthcare Sector: A promising source of revenue for Turkey
A few decades back many Turkish citizens used to fly abroad and USA in particular to get medical treatment as the belief at the time was that the country did not provide satisfactory prospects of medical treatment due to lack of up-to-date technology and equipment mainly.
Today however the picture has totally changed and the country has been receiving thousands of patients from abroad seeking cure and the opportunity of having certain operations to include aesthetic in the first row. This situation in return has been contributing to foreign revenues of the country, no doubt.
Moreover as the sector has grown and thanks to the healthcare reforms implemented on national level, foreign investors are now observed to be strongly attracted to the country in parallel to the significant growth prospects.
Experts report that healthcare sector in the country to include subsectors such as dentistry, optometry and home healthcare services, has been enjoying high demand for partnerships and acquisitions from both hospital chains and investment funds and particularly from the Far East.
No wonder the industry enjoys such high interest because “the industry is projected to reach to a substantial figure of USD 160 billion by 2023, from a humble current volume of USD 60 billion. The fact that some foreign investors have been successfully operating in the country for some time only triggers this huge interest and giant groups with funds to invest do not want to miss out on the boom.
To be even more interesting it is reported that not only healthcare-related services but also the medical device manufacturers, have been attracting attention from global healthcare groups. The experts emphasize that investor groups from Far East seem to be most impressed by the sectors’ growth potential among which, Japanese and Singaporean healthcare providers particularly keen in investing in Turkey.
Figures say hospitals in Turkey hosted 130,000 foreign nationals seeking medical care last year which in return contributed to the Turkish economy with a turnover of about USD 400 million. Experts forecast that this figure could easily double if the government’s plans to establish tax-free healthcare zones specifically tailored for foreign patients realize by 2016.
compiled by editor, BTT