The global economy is puttering. When the world sneezes we get a cold. Without a doubt our country is impacted by what is taking place and going on in Europe and the United States. Time and time again we have seen this, and the last impact and influence on our economic growth has been the financial collapse of the markets in late 2008 with the fallout hitting us in the latter half of 2009.
The current European debt crisis is having a negative impact on the U.S. economy; the world’s largest, suggesting that it is facing a mid-year slump similar to episodes in 2010 and 2011. Prolonged weakness in the U.S. economy according to economists could worsen slowdowns in European and Asian countries that depend on doing business with U.S. consumers. Economists have already noticed slowdowns in China, India and Brazil.
The global recession ended for Asia and South American countries in 2009, but today things are different, and changing.
However, despite the gloom and doom, medical tourism is still on track within the Caribbean region. Investors see the potential and continue to develop their plans for Caribbean communities including Sint Maarten.
In the Cayman Islands, work continues to develop the vision of Dr. Devi Shetty’s medical facility on a 600 acre plot comprising of a 2000-bed hospital, a medical educational facility, and assisted living homes for seniors. The 15-year project starts off with a 140-bed hospital, the "Narayana Cayman University Medical Centre."
Dr. Shetty is the founder of the Bangalore, India-based Narayana Hrudayalaya Group of Hospitals (14 hospitals in 11 cities, with close to 5,600 beds).
The hospital is expected to cater to 120 patients per day in its first year of operation. Patients would stay on island approximately 10 days. The hospital will eventually offer open heart/bypass surgery, angioplasty, heart-valve replacement, cancer treatment, bone-marrow transplant, organ transplant and orthopaedics.
Cayman Premier McKeeva Bush said in 2010 that in 2013 some 87,000+ patients and accompanying family members would arrive on Grand Cayman because of the medical facility, and by 2025 the number of stay-over medical tourists would increase to over one million per year (2010, stay-over Cayman air arrivals were 288,000). According to Bush’s projections, the medical facility would lead to a 30 per cent increase in tourist air arrivals in 2013.
The aforementioned figures give an insight into the potential of the medical tourism facility to be established on Sint Maarten within the coming years.
Dr. Shetty’s group back in April signed a document of public commitment with Ascension Healthcare Alliance to manage the Cayman medical facility besides handling group purchasing, facilities management and biomedical engineering services, another indication that the project here is moving forward. Ground breaking is expected in August and the 140-bed facility is expected to be open for business sometime in 2013.
Last week we were greeted with news that the Florida-based Advanced Orthopaedic Center, one of two groups interested in developing medical tourism on the island, met with Government to give them an update on their plans and how things are progressing.
The project will be an investment of US$250 million and will be developed in two phases. The group hopes to break ground in a few months and completing the entire project in two to three years.
The benefits of medical tourism will be tremendous, besides being an impetus for tourism; diversification of the type of tourist – medical; the medical care to be offered and also available to residents will enhance the health care of the Sint Maarten people.
At the end of every dark cloud there is a silver lining, and in our case, medical tourism is the key for the future development and enhancement of our tourism product and as a tourism destination.
Roddy Heyliger