Multimillion boost to UK economy as healthcare trade deals with China sealed
The British economy is set to be boosted by more than £120 million thanks to a package of UK/Chinese healthcare deals, Prime Minister David Cameron announced today.
The Prime Minister and Health Secretary, Jeremy Hunt witnessed the final agreements being sealed in China, during the Prime Minister's three day visit to the country.
The deals include:
· Sinophi Healthcare signed contracts for hospital management and hospital investment worth £120 million. These include a joint venture with Huai'an First People's Hospital, one of the biggest hospitals in Jiangsu Province (population 80 million people) in East China, and an agreement to build a 1,000 bed oncology hospital
· Heythorp Healthcare signed a Memorandum of Understanding with Jiangsu Far East (Yadong). This is for a joint venture to develop a flagship, mixed use healthcare facility which will include elderly nursing, specialist dementia services and care training outside Jiangsu
· Healthcare UK signed a Memorandum of Understanding with the CITIC Trust and Circle Partnership to unlock commercial deals for UK companies in areas such as primary care services, integrated care and education and training
· IXICO signed a Memorandum of Understanding with the Beijing Union Medical and Pharmaceutical General Corporation. They will work together to support dementia diagnosis, advance public understanding of dementia and evaluate new treatments.
On the Sinophi deal, Prime Minister David Cameron said:
"This deal highlights the enormous opportunity that the Chinese healthcare market presents for British healthcare firms - set to grow by $400 billion by 2017. I hope we will see many more partnerships and deals like this for British businesses in this market.”
Health Secretary Jeremy Hunt said:
"These agreements will see UK firms exporting their expertise to China – building their businesses and investing in Chinese healthcare. Both countries will benefit from these new relationships and better trade links.”
Estimates are that the OECD and BRIC nations will increase spending on healthcare by 50% between 2010 and 2020 to $7.5 trillion. This demonstrates the size of the opportunity for UK firms.
Alongside this effort to improve trade with China, Jeremy Hunt also announced that the UK will embark on a new stream of work with China on Anti-Microbial Resistance (AMR).
Jeremy Hunt said:
"Drug resistant infections are a huge threat to global health and can only be dealt with by collaboration across all borders. Working with China and other countries is crucial in fighting AMR, and I am pleased that the UK will be exchanging expertise and developing new areas for action as part of a global partnership.”
Furthermore, Jeremy Hunt also outlined a new partnership with China on care of older people, with a focus on dementia. This is due to be finalised tomorrow.
"Both the UK and China face similar challenges in caring for ageing populations. There is a great deal that we can learn from each other in this field, and we believe UK companies have much to offer in the Chinese elderly care market.”