Local conglomerate First Myanmar Investment Co Ltd has formed a joint venture with Indonesia’s Lippo Group in a bid to provide international standard healthcare services at its Pun Hlaing Hospital.
The Lippo Group is the controlling shareholder of Siloam International Hospitals, Indonesia’s largest healthcare operator with currently 21 hospitals in operations.
FMI will change the name of its Pun Hlaing Hospital to Pun Hlaing Siloam Hospital (PHSH), according to the deal. FMI will own 60 percent share of the joint venture entity with the Lippo Group owning the rest.
Dr Gershu Paul has been appointed as the Chief Executive Officer of the new company. He was formerly the Group President Director of Siloam International Hospitals in Jakarta.
Dr James Riady, chief executive officer of the Lippo Group, said: “This represents a first step for us into the country and we will go beyond the city of Yangon to become a national network.
“Our commitment is to invest in a model similar to Siloam that has seen it become a national healthcare leader in Indonesia. This will also enable us to establish global standards and enhance the quality of healthcare in the Myanmar.”
Serge Pun, chairman of FMI, said the deal will help his company provide high quality healthcare at different price points to suit the needs of Myanmar people.
The Pun Hlaing Siloam Hospital is equipped with six operating theatres, 24×7 Emergency Services, a designated maternity ward, Intensive Care Unit and modern clinical laboratory. The hospital has recently expanded to 182 hospital beds; 38 of these beds are priced at K10,000 per night.
Paul said: “What differentiates PHSH is that it has a dedicated team of exclusive Myanmar specialists who have returned home from Hong Kong, Singapore, USA, Malaysia, UK and Australia.”
Aung Naing Oo, secretary of Myanmar Investment Commission (MIC), said the agreement will benefit the health care industry in Myanmar.
“Not only would the planned national network create employment, but it would also help the country make significant saving in outflow of money by helping patients seek care at home.”