A Healthier Growth Wave

Cyprus tertiary educational system, qualified health care professionals, British standards legacy, EU fusion, and Mediterranean lifestyle serve as a solid infrastructure for one of the healthiest populations on earth. Health care system reforms led to universal coverage and improved overall efficiency, despite a pandemic. In fact, global statistics and benchmarks indicate that Cypriot residents enjoy very high health standards, despite universal behaviour risks such as obesity. Moreover, the reforms to the General Health System (GESY/ΓεΣΥ) along with financing mechanisms have facilitated capacity, accessibility and severely reduced waiting times.

Conversely, investment on health within the state remains historically below the EU average. In numbers, the average state spending on all components of the system is low at around €1100 per capita compared with €3500 for the median in the EU. As such, the primary goals of the recent health system holistic reforms is to further improve financial protection and reduce out-of-pocket spending. To achieve fast modernisation, there is a clear need to include domestic and foreign private initiatives to carry out projects. Therefore, the Cypriot national health service will involve European as well as international investors to carry out its well-being policy.

This state reinforced action plan, provides an unprecedented push for upgrading the health infrastructure and capabilities to a top tier EU (and therefore global) standard. Relevant government sources state that EU specialists recently auditing the Cypriot General Health System have found it to have been proven sustainable during the pandemic stress test, and that it has significant prospects for increasing local and Foreign Direct Investment (FDI). Technocrats indicated that the structure and the digitalised model adopted by GESY provides the essential dependability to entice investors to invest and work with a stable and transparent official framework.

See the list of vital GESY key aspects for investors:

  • International Cooperation
  • Adopting new tech solutions
  • Cross Border Medical Services
  • Enticing Global Medical Tourism
  • Balancing investment and expenses
  • Increasing Medical Research & Education
  • Sustaining a safe environment and lifestyle
  • Medical Blockchain Technology Incorporation

Investors are realising the opportunities and taking action. The latest investments include the acquisition of Apollonio and Areteion hospitals by Capital Partners group, the German Institute in Limassol, and the American Medical Centre. The eminent Israeli Hadassah hospital is also proceeding with the construction of a large healthcare complex in Nicosia with 280 patient rooms, 25 medical centres, an oncology clinic, physical therapy units, and a cardiology division. But to conclude, healthcare is an extensive and multifaceted organism that requires cooperation, skills and transparency to be sustainable. It is a critical business sector of the economy and a priceless social sign of progress, equality and prosperity. Cyprus is equipped with highly skilled medical professionals and top tier research institutions ready to up their game and offering to the society.

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