On April 7 the Cayman Islands Government came to an agreement with Dr. Devi Shetty for the phased development of a major medical facility. The Cayman Narayana Medical Center will include a 2000+ bed hospital, a research facility, a teaching facility and an assisted living facility. Build out is estimated at 10-12 years and the first phase is scheduled to begin in January 2011 and take two years.
This Medical Center will be built on approximately 500 acres of a yet-to-be designated site in the Eastern area of Grand Cayman. The project is being phased to allow our infrastructure to keep pace with the needs of such a large project.
This Medical Center will be without question the finest in the Caribbean and one of the finest in the Americas. It will have full US accreditation Even in the US & Canada, which provide some of the best healthcare options, millions of patients travel for medical treatment annually. It is anticipated that both the cost and waiting time for procedures will be much less in the Cayman facility than either the US or Canada.
Benefits to Cayman over time will be significant in terms of employment and less expensive quality health care, as well the spin off effects of the spending of thousands of patients and their families who will come and stay for extended periods. Research shows spending by Medical Tourists dwarfs the per capita outlay of Vacation Tourists.
This will not be an immediate windfall or panacea for the budget difficulties which Cayman is currently experiencing, in that it will take several years to get the first phase built and on line. However, Medical Tourism has developed into a huge business worldwide. For example, in Costa Rica Medical Tourism accounts for $8 billion/year. It is expected to become the third leg of support for the Cayman Islands economy after Tourism and Offshore Finance.
A dependable long term revenue source which is unrelated to what we have now will pay large long term dividends here. The Private Sector was very supportive of the development of Medical Tourism, and is gratified to see that the Government has been proactive in reaching and agreement with someone like Dr. Shetty, who has a proven track record.
We will have more specific details about the project itself as they are released, meanwhile here is a short biographical sketch of the man behind the project.
Dr. Devi Prasad Shetty was born in India in 1953. Educated at Kasturba Medical College, Dr. Shetty received a Master of Surgery degree in 1982. He held senior positions in Cardiothoracic Surgery in England, including at Guys Hospital in London.
In 1989 he returned to India as Chief Cardiac Surgeon and Clinical Director at BM Birla Heart Research Center. In 1997, he became Chief Cardiac Surgeon and Vice Chairman of Manipal Heart Foundation in Bangalore where he proved the concept of large-scale heart surgery by performing approximately 12 heart surgeries a day, including the first heart transplant of Karnataka State. In his first six years after leaving the United Kingdom, Dr. Shetty completed more than 8,000 heart surgeries.
In 2001, Dr. Shetty founded the Narayana Hrudayalaya Group of Haspitals where he serves as Chairman and Senior Consultant Caridac Surgeon. Narayana Hrudayalaya performs more than 30 major heart surgeries a day and is one of the world's largest heart hospitals.
Among his medical achievements, Dr. Shetty performed India's first neonatal cardiac surgery on a 9 day-old baby. Notably, for several years Dr. Shetty served as the personal cardiologist for the blessed Mother Theresa.
Six years ago, Dr. Shetty launched a micro health insurance programme called Yeshaswini. With a premium of only 22 cents per month, Yeshaswini has now grown to cover more than 3 million poor Indian farmers.
Dr. Shetty's many awards and recognitions include the Social Entrepreneurship Award from the World Economic Forum in 2005. In 2003, Ernst & Young named Dr. Shetty 'Entrepreneur of the Year.'
Dr. Shetty is married and has four children.
This Medical Center will be built on approximately 500 acres of a yet-to-be designated site in the Eastern area of Grand Cayman. The project is being phased to allow our infrastructure to keep pace with the needs of such a large project.
This Medical Center will be without question the finest in the Caribbean and one of the finest in the Americas. It will have full US accreditation Even in the US & Canada, which provide some of the best healthcare options, millions of patients travel for medical treatment annually. It is anticipated that both the cost and waiting time for procedures will be much less in the Cayman facility than either the US or Canada.
Benefits to Cayman over time will be significant in terms of employment and less expensive quality health care, as well the spin off effects of the spending of thousands of patients and their families who will come and stay for extended periods. Research shows spending by Medical Tourists dwarfs the per capita outlay of Vacation Tourists.
This will not be an immediate windfall or panacea for the budget difficulties which Cayman is currently experiencing, in that it will take several years to get the first phase built and on line. However, Medical Tourism has developed into a huge business worldwide. For example, in Costa Rica Medical Tourism accounts for $8 billion/year. It is expected to become the third leg of support for the Cayman Islands economy after Tourism and Offshore Finance.
A dependable long term revenue source which is unrelated to what we have now will pay large long term dividends here. The Private Sector was very supportive of the development of Medical Tourism, and is gratified to see that the Government has been proactive in reaching and agreement with someone like Dr. Shetty, who has a proven track record.
We will have more specific details about the project itself as they are released, meanwhile here is a short biographical sketch of the man behind the project.
Dr. Devi Prasad Shetty was born in India in 1953. Educated at Kasturba Medical College, Dr. Shetty received a Master of Surgery degree in 1982. He held senior positions in Cardiothoracic Surgery in England, including at Guys Hospital in London.
In 1989 he returned to India as Chief Cardiac Surgeon and Clinical Director at BM Birla Heart Research Center. In 1997, he became Chief Cardiac Surgeon and Vice Chairman of Manipal Heart Foundation in Bangalore where he proved the concept of large-scale heart surgery by performing approximately 12 heart surgeries a day, including the first heart transplant of Karnataka State. In his first six years after leaving the United Kingdom, Dr. Shetty completed more than 8,000 heart surgeries.
In 2001, Dr. Shetty founded the Narayana Hrudayalaya Group of Haspitals where he serves as Chairman and Senior Consultant Caridac Surgeon. Narayana Hrudayalaya performs more than 30 major heart surgeries a day and is one of the world's largest heart hospitals.
Among his medical achievements, Dr. Shetty performed India's first neonatal cardiac surgery on a 9 day-old baby. Notably, for several years Dr. Shetty served as the personal cardiologist for the blessed Mother Theresa.
Six years ago, Dr. Shetty launched a micro health insurance programme called Yeshaswini. With a premium of only 22 cents per month, Yeshaswini has now grown to cover more than 3 million poor Indian farmers.
Dr. Shetty's many awards and recognitions include the Social Entrepreneurship Award from the World Economic Forum in 2005. In 2003, Ernst & Young named Dr. Shetty 'Entrepreneur of the Year.'
Dr. Shetty is married and has four children.