Business
The Bahamas promoting medical tourism: $5 million stem cell clinic approved
“The Bahamas doesn’t go by EU standards, but they recognize EU approvals,” he added.
Ian Fair, the chairman of the Grand Bahama Port Authority (GBPA), confirmed the clinic’s approval by the Ministry of Health and threw his weight behind the clinic. The matter has now gone to the central government for final business licence approval.
“This would be a very encouraging new business development in the Bahamas, with some good employment opportunities,” Fair said.
The Bahamas is an English-speaking country, it recognizes EU standards, and it’s conveniently located close to the US,” Feshbach said. “We don’t, however, consider ourselves to be in the medical tourism business. We are now offering a cheaper version of US health care. We are offering a new standard for people who have no other option.”
The clinic will spend US$3 million on equipment, and a further US$2 million on construction and other related costs.
The construction phase will employ 40 Bahamas citizens, and after Okyanos is complete, Feshbach said up to 30 people should find full-time jobs as receptionists, medical and administrative staff, and patient coordinators. Okyanos plans to attract high-net-worth individuals, so the idea is to provide top-notch service in a tropical atmosphere.
The clinic will have seven in-patient rooms, although the procedure does not require an overnight stay, according to Feshbach. That said, foreigners coming for this niche care are typically long-term guests in the country, and bring their families.
