Singapore-based private health care group, Parkway Pantai is marking its footprint in frontier market Myanmar with its first 250-bed hospital, to be set up at an investment of $70 million in Yangon.
Parkway Pantai, a wholly-owned subsidiary of IHH Healthcare, is among Asia’s largest healthcare groups with a network of 31 hospitals. Parent company IHH Healthcare Berhad is the second largest healthcare group in the world by market capitalisation and is dually listed on the Main Market of Bursa Malaysia and Main Board of SGX-ST.
The Yangon hospital project will be developed by a joint venture consortium comprising Parkway Pantai subsidiary Parkway Healthcare Indo-China Pte Ltd which will hold majority stake at 52 per cent.
Other partners include Singapore-based Macondray Holdings Pte Ltd with 10.5 per cent, Myanmar-based AMMK Medicare Company Limited with 21.5 per cent, and Myanmar-incorporated Global Star Company Limited holding the remaining 16per cent. The hospital project is expected to be completed by 2020.
“We believe this hospital will greatly support Myanmar’s national health policy, Health Vision 2030, which aims to deliver world-class healthcare outcomes, research and services, and improve the health of the citizens of Myanmar,” said Dr Tan See Leng, managing director & chief executive officer of IHH and group chief executive officer & Managing Director of Parkway Pantai.
Myanmar Investment Commission has approved the hospital project which will be located at downtown Yangon, on a 4.3-acres patch of land.
IHH currently operates 49 hospitals across nine countries, providing an integrated healthcare services from primary to quaternary care as well as imaging, laboratory and rehabilitation services and medical education, stated in the release.
“It will also boost the Myanmar economy, as it will bring about huge investments in infrastructure and technology. Our people will have access to a standard of care comparable to international hospitals in the region without leaving the country,” said U Aung Moe Kyaw, director of AMMK Medicare Company Limited.
Parkway Yangon will also look at training of healthcare professionals such as nurses and allied healthcare practitioners and also create more jobs
Parkway Pantai believes that the new hospital will boost medical services to world-class standards and be an alternative for locals who travel out for healthcare.
According to the Ministry of Health, the government’s health expenditure increased from K7688 million (about $7.6 million) in 2000-01 to K652,745 million (about $652.7 million) by 2014-15.
Myanmar continues to see locals travelling to neighbouring countries for quality healthcare. Some of the representative offices of foreign hospitals located in Myanmar are Vichaivej International Hospital, Bumrungrad, Bangkok Hospital and Praram 9 Hospital from Thailand and Apollo Hospitals from India. Singapore’s Parkway Hospital representative office is also located in Yangon and Mandalay cities, to enable the local population to access healthcare services abroad.