Bumrungrad is poised to become one of the first foreign medical providers in Myanmar after striking a deal to open a clinic in Yangon next year.
The company has received a business permit from the Myanmar Investment Commission to operate a primary care and diagnostic clinic close to the Thai embassy in Yangon.
Bumrungrad International Hospital will own 80% of the new subsidiary, Bumrungrad Myanmar Co, with the remaining share to be held by local partner Yangon International Medical Services.
Bumrungrad has long had a contact office in Yangon, benefiting from wealthy Myanmar citizens seeking medical care outside the country. But the establishment of a clinic marks the company’s first overseas investment in Asean. It follows the acquisition last year of a top private hospital in Mongolia.
The 550 square metre standalone facility in Yangon will be operational from the middle of next year, said Sudi Narasimhan, corporate director of marketing and business development, without disclosing the investment value.
Mr Narasimhan expressed confidence in Myanmar’s economic growth prospects and said he hoped next weekend’s elections would be good for the country. In recent years, the GDP growth rate in Myanmar has been around 7%. The Asian Development Bank forecasts further annual growth of 8% over the next two years.
“I think there are signs of economic growth, and that’s encouraging for investors,” said Mr Narasimhan. “Personally I’m optimistic about the elections but I’ll have to wait and see how it plays out.”
International patients make up 66% of Bumrungrad’s total revenue, with Myanmar the largest contributor among non-Thai patients. The new clinic will initially have two or three non-local doctors, trained at Bumrungrad Hospital in Bangkok, treating non-complicated diseases and providing diagnostic services.