Barbados Health Service Investments
The Barbados Pharmaceutical, Health Devices and Supplies Manufacturing and Health Services (including the Health Tourism and Wellness Sectors) are ripe for investors seeking to expand their business in the Caribbean.
The Barbados tourism industry is thriving with almost half a million visitors each year, the majority of which hail from the UK, Canada and the United States.
Due to its mild tropical climate, warm Caribbean waters and soft sandy beaches and spectacular seascapes, Barbados has long been known as a premium tourism destination for international visitors many of which being ‘repeat visitors’ making up nearly 50 percent of yearly entrants.
However, with chronic non-communicable diseases on the rise and an aging population, the Government of Barbados is eager to increase investment opportunities and incentives to the pharmaceutical and health sector.
Coined the ‘amputation capital of the planet‘ – predominantly due to the country’s dangerously high diabetes rates – Barbados is an emerging market where health services and supply provision have the potential to expand massively.
Regular direct flights to and from international destinations such as London, Toronto and New York, English speaking and well educated medical practitioners as well as modern and well equipped medical services make Barbados a logical investment location for international Health Tourism enterprises.
Barbados boasts two major hospitals (one public and one private), several polyclinics and private medical centers, laboratories, an excellent fertility center as well as a haemodialysis center. The increasing demand for wellness services has led to a surge of upscale hotels offering spa and recreational health activities and facilities within the country.
Investment opportunities abound in the Health Tourism & Wellness sector in particular areas such as:
» Short & Long Term Nursing Care
» Research and Diagnostic Services
» Alternative Medicine
» Spa & Retreat Services
Pharmaceuticals, health devices and supply manufacturers will find Barbados a prime location in which to base their production facilities.
Barbados boasts a modern infrastructure with:
» Well maintained highways and side roads
» Country-wide internet services
» Modern telecommunications system (including up-to-date digital technology and fibre optic systems, direct international dialling and satellite telecommunications)
» A reliable 15/230 volts 50Hz electricity supply in most major residential areas and all newly developed locations
Invest Barbados (IB) – established by the Government of Barbados in 2007 – is the agency responsible for attracting and maintaining foreign investment in the country.
Invest Barbados provides advice and assistance to investors seeking profitable options and ventures. IB’s head office is located in the national capital Bridgetown with extension offices in London, Toronto, Miami and New York.
Contact Invest Barbados for information on Government of Barbados investment incentive programs including:
» Low Tax Rates
» Duty-free Import of Materials (components, raw materials, production equipment)
» Training Grants
» Affordable Rental Space
» Tax Holidays
» Export Allowances (through the Fiscal Incentives Act)
In investment and business news, recent global ratings place Barbados as forerunner within the Caribbean Community (CARICOM). The Wall St. Journal and The Heritage Foundation ranked Barbados the 4th freest economy in the Americas in their 2009 Index of Economic Freedom. Scores are based on: business, trade, government size as well as monetary, fiscal, investment and financial freedom, property rights, corruption and labour.
Further boosting Barbados` reputation on the global investment market, the World Economic Forum’s 2008-2009 Global Competitive Report slotted Barbados in 5th place within the western hemisphere following the USA, Canada, Chile and Puerto Rico.
In making the decision, considerations included: institutions, infrastructure, macroeconomic stability, higher education and training, goods and labour market efficiency, financial market and business sophistication, technological readiness and innovation.
For serious investors interested in Pharmaceutical, Health Devices & Supplies Manufacturing, Health and Wellness Services sectors, Barbados is the opportunity you’ve been waiting for.