UAE-based healthcare services provider Aster DM Healthcare is reportedly planning to open its first hospital in Cayman Island, as part of a larger strategy to expand across the Caribbean region and the Americas.
Aster will set up a clinical excellence hub in the area as part of an agreement signed with the Cayman Islands government. It will invest around $100 million to set up the hospital on the island.
A 150-bed tertiary and quaternary care hospital will initially be built by Aster, with the potential to extend it further depending on need. It also intends to launch an assisted living facility and a healthcare university in the long term.
With this project, Aster aims to replicate the flagship concept of ‘MedCity’ established in Kochi, India. Aster is one of the largest integrated healthcare service providers in the GCC, which currently operates a network of 26 hospitals, 115 clinics, and 224 pharmacies worldwide.
Alden McLaughlin, Premier for the Cayman Islands said that Aster would invest hundreds of millions of dollars in the Cayman Islands’ economy with this project. “This project will not only help to diversify our economy, but it will also provide employment and new opportunities for our people during the construction phase and for decades to come,” he added.
“Aster is in the process of expanding to other regions. Apart from catering to the requirements of the local population for tertiary and quaternary care, the Cayman Islands in the Caribbean has the potential for attracting patients from the US, Canada, and the Caribbean countries for holistic healthcare experience due to its proximity. We see this also as an opportunity to de-risk and diversify our portfolio by adding another geography.”
“Once Aster Medcity is completed it will help to further diversify our healthcare tourism product by adding to the availability of medical services for those patients coming from overseas, as well providing needed services within our domestic healthcare market,” said Mr. McLaughlin.
Alisha Moopen, Deputy managing director of Aster DM Healthcare said, “The Caribbean region is a developing market with tremendous potential which is yet to be fully tapped.”
“While the Cayman Islands is best suited in terms of location, government support and healthcare spends, the region is looking for right-cost, best quality alternatives to the exorbitant costs that locals have to pay for seeking quaternary care abroad. Moreover, there is a significant opportunity to tap into the American medical value tourism market which sees almost 350,000 patients choosing the Caribbean region annually,” she further added.