Dünya – Healthcare reforms being implemented on a national level and prospects of significant growth are driving foreign investors to Turkey’s medical sector. Enjoying a surge in interest from both hospital chains and investment funds alike, Turkey’s healthcare sector, including subsectors such as dentistry, optometry and home healthcare services, is in high demand for partnerships and acquisitions, particularly from the Far East, industry analysts say.
“We see a surge of interest towards Turkey’s healthcare industry with global healthcare groups demanding daily information on the performance of local hospital chains.”, stated Hilal Cura of the consultancy firm, Frost & Sullivan. “Globally, Far East-based investor groups seem to be most impressed by the sectors’ growth potential. Among these, Japanese and Singaporean healthcare providers are very keen to invest in Turkey.”, Cura said, adding that all healthcare-related services, even the medical device manufacturers, are catching investor interest.
“Turkey’s healthcare industry is projected to reach USD 160 billion in volume by 2023, from its current volume of USD 60 billion. Nobody wants to miss out on this boom. Besides, there are successful examples of foreign investors presently doing business in Turkey, encouraging others…”, said Mahir Turan, another industry analyst with an executive background.
Among the various factors increasing Turkey’s appeal for foreign healthcare providers, the most significant are the healthcare reforms being implemented by the government. Investing in the country’s healthcare sector became much easier with the recent passage of a law that emphasizes public-private partnership in proving healthcare services.
Another key reason is the high number of Turkey’s Joint Commission International (JCI) -accredited hospitals. A vital quality criterion in attracting medical tourists, Turkey currently has 47 JCI-accredited hospitals and is one of the highest ranking countries as regards the number of JCI-accredited healthcare facilities.
The healthcare tourism aspect is also playing a key role in attracting foreign investments into the sector, as Turkey’s hospitals welcomed 130,000 foreign nationals seeking medical care last year, creating a turnover of about USD 400 million. The figure is expected to double in 2016 as the government plans tax-free healthcare zones specifically tailored for foreign patients.